Economic realities are forcing many companies to seek stability and business continuity to help keep them afloat. An analysis of current business trends shows that enterprises are achieving stability – and even experiencing growth – by deploying robotic process automation (RPA).
For many, RPA presents a low-risk innovation investment since it can be adopted at a rapid pace, is proven to increase productivity, can be implemented piece-meal and scaled up, and doesn’t require an overhaul of existing mission-critical backend systems.
Rapid ROI
Businesses want to quickly maximize the return on their investment in order to achieve productivity gains and new wins that will keep their company on track. As companies adjust to new challenges, flexibility, resiliency and digital transformation are more important than ever.
Measuring ROI
Selecting the right processes to automate is key to securing a rapid and significant increase in ROI. Tasks that are ripe for automation are those that are repetitive, manual, error-prone, and – when automated – can free up employees to engage in higher level tasks. When tasks are delegated to RPA robots, or “bots”, there is a meaningful impact on ROI.
ROI is measured by comparing bot activity to human productivity to determine if the bot saves the company from costly human errors and speeds up the rate of task completion. ROI should take into account RPA’s impact on the overarching goals of the business. Automation releases employees from repetitive manual tasks, creating opportunities for professional development through tasks requiring higher-order decision-making and planning, which lead to greater employee investment in overall operations. And, the improved quality of work and services produces ripple effects that are reflected in a better customer experience and ultimately, an increase in sales.
Key Considerations
1. While it may seem like a good idea to have an in-house team handle an RPA implementation, it may not be the most cost-effective. Instead, hiring a third-party provider helps companies actually cut costs by eliminating the need to recruit and train a team to use the new technology. Moreover, inexperienced RPA teams are less familiar with managing complex automations or may overlook process exceptions – which can impact a bot’s productivity and impact ROI.
2. Choosing the right platform can affect the rate of ROI for your organization. Scalability and accessibility are key factors in accelerating the ROI of your RPA deployment. You want an RPA software that can easily scale and can also be integrated into a wide array of systems to ensure compatibility.
3. Having the support structure you need will help you gain long-term success. Unbeknownst to many companies, bots need maintenance and adjustments on a regular basis. Companies can rely on a consistent ROI when bots are monitored to always run smoothly.
Ensure that you ask prospective RPA vendors and consultants the right questions to find the best automation platform for your business. Use our checklist as a guide.
→ Checklist: Questions to Ask RPA Vendors
Investing in RPA
Businesses using complex systems such as EBS sometimes question whether or not an investment in RPA is worth it. Obviously, it is fiscally responsible to account for all resources needed in the implementation of any any business innovation. But, automating EBS and similar systems can, in fact, be very cost-effective. Plus, the first automated workflows are launched at a rapid rate – sometimes within weeks – leading to a quick turnaround and a greater ROI. Naturally, RPA solutions can vary greatly, so it’s worth investing in researching your options and interviewing different providers to determine which solution meets your needs. Ultimately, the value and benefits that automation can bring usually justify the investment in digital transformation.
Conclusion
Implementing a solid RPA strategy is one way to rise above a challenging and uncertain economic climate. While the ROI far exceeds its costs, RPA also brings value to broader business goals and to the entire organization.
If you’re beginning your RPA journey, here are some resources you may find useful:
- RPA Whitepaper
- Watch an RPA demo video
- Get a live AuraPlayer demo
- Try AuraPlayer for free
- Contact us for a free consultation
