The third RPA blog in a series of three.
Digging Into ROI After Go-Live
There are eight main categories to measure return on investment. Your organization may only choose to measure several of these, or all of them, depending on your overall goals of the project. Understanding your Key Performance Indicators (KPIs) will help you discover whether, for example, you need to measure cost savings in terms of headcount or perhaps what happened when you didn’t pay an invoice on time, resulting in fines. Or, do you need to survey your employees on if they prefer doing higher level, problem-solving and more creative work without doing mundane manual tasks. What is the cost of an audit and the preparation time versus a robot running a report and printing out all documentation within minutes or hours? Typically, as mentioned before, labor costs and time savings are the easiest to quantify.
Top drivers to measure ROI in RPA initiatives:
- Labor Efficiency
- Time Efficiency
- Accuracy
- Compliance
- Risk Avoidance
- Cost Avoidance
- Creativity of Work
- Employee Satisfaction
Create a Long-term Project Plan for the Future
The result of your first implementation of Robotic Process Automation was a success. Now what? It is time to take the data you have gathered on the benefits of RPA tools and apply them to a comprehensive plan for the future of your business.
Your team should be ready to endorse:
- The results of your prototype implementation, including lessons learned for all future transitions.
- A roll-out schedule for additional processes to benefit from RPA including dates and business units.
- Resources needed for the ramp-up of RPA transformation.
- Ongoing metrics, data, monitoring and tracking mechanisms for cost-savings realized enterprise-wide.
- Finally, don’t forget that a change management strategy is necessary for employees to embrace and welcome new technology. Incorporating innovation and technology changes into your culture takes time and understanding.
If you are interested in learning more about pairing intelligent content capture and Robotic Process Automation with the leading RPA organizations or how to leverage digital transformation processes, visit RPA Solutions.
