Updated: Jun 2
The comparison of before vs. after is always amusing even if it’s all about business. The critical focus for RPA in before vs. after comparison is the efforts taken, time consumption, and the cost involved. Fortunately, RPA results in cost reduction, where ‘cost’ covers both financial and human-centered costs, reduced manual efforts, and increased operational efficiency.
Here are few ways to measure your ROI from RPA implementation:
It takes humans to err, and automation to make it better. RPA eliminates the errors that are unavoidable in the case of manual performance, due to tediousness, exhaustion, lack of attentiveness, etc. If the firms could compare the amount of work that needs to be done to compensate for errors before and after RPA implementation, they can realize the reduction in tasks involved. The focus is to lessen the need to redo the work due to errors that will result in more efficient processing, in less time, and for less money.
Operational and Business Insights:
The firms can learn about what happened in the RPA deployment (operational) to how it has benefitted the company (business). It can help firms to rely on data for business decisions and insights.
Robotic process automation can be influential in managing the compliance hassles faced by organizations. The organizations have to ensure the automatic compliance check-ups in the workflow so that all the compliance & regulation criteria can be easily handled. Moreover, the bots can handle the task of generating regulatory reports, thus improving the speed as well as the accuracy of the processes.
Effective deployment of Resources:
Instead of spending your resource’s productivity time in doing mundane tasks, it can be focused on improving your customer success and retention rate. The employees can contribute to operational efficiency.
Everyone is happier is the productivity hits skyrocketing. Bots don’t have time for coffee or rest; all they need is a few patches, upgrades, and maintenance. Bots consume less time for the process and complete it effectively without human error.
What more do you want?
It has become a global acceptance that RPA solutions will offer the advantage of efficient processes and significant cost-savings to companies. Though, businesses looking to adopt robotic process automation services need to realize the critical performance metrics to measure the ROI of RPA to make effective decisions about automation technology and to justify the investments to the stakeholders.