ROI in RPA is a way for businesses to quantify their expected and actual returns on investment in Robotic Process Automation. Understanding the ROI of RPA is critical to the long-term success of adopting the technology.
Developing RPA ROI indicators is crucial for any deployment plan, building support for the project, as well as validating any preconceptions surrounding how well the technology will work in your business. Quantifying RPA investment returns helps companies make better decisions, optimize solutions, and avoid problems. Because of this, businesses need to know what data to collect, which metrics to track, and how to use this information.
The Importance of RPA ROI
Providing the ROI is at a comfortable level, you can justify almost any commercial project. The same is true for RPA, where showing great ROI in different areas of the business can have a huge impact on getting it over the line. Leaders can boost buy-in across the company by demonstrating how RPA will improve customer experience, innovation, productivity, and cost reductions.
Ultimately, any project you undertake in a business needs to have a better ROI than other competing ideas if it is going to get off the ground. RPA comes with a variety of benefits above just financial incentives, but to make a strong case for the technology you need to be able to quantify any positives that it can bring your company.
How to Measure RPA ROI
If you want to measure RPA ROI effectively you need to do so right from the beginning of an RPA project. That actually means understanding the data you need, where to find it, and what to do with it, before you’ve begun to implement anything. Here are just a few metrics that a business like yours might track to see how valuable its RPA is.
RPA is a great way to take away the boring, repetitive, and manual processes that employees enjoy the least. Therefore, removing these from their workload results in happier and more productive people. Since this is a soft ROI, measuring it might be challenging. However, you might still see it in reductions in staff churn as well as through employee satisfaction surveys.
Full Time Equivalent
Full Time Equivalent (FTE) is the number of hours an employee works in a month, year, or any defined period. Because automation can save time, a great metric to track is how many FTE hours are saved as a result of a process being automated. This can have a direct link to cost but also can show how much more time a member of staff can dedicate to more valuable activities.
RPA Cost Savings
Cost savings don’t only come in the form of time saved not carrying out a task but also from having to check for mistakes and correct them. Because automation guarantees how a task will be carried out there is no room for error. The cost savings that stem from improving quality can be time-based but also measured by things like customer satisfaction.
Increasing RPA ROI
If you want to get the most out of RPA then you need to have a plan. That plan should start by engaging the key stakeholders in your business as well as external experts to ensure that all bases are covered and you make the most of this brilliant technology.
At PAteam we work with customers from a wide variety of industries including banking, public sector, retail, and logistics, and have helped our customers get more from RPA than they could have on their own. Whether it’s dedicated developers, working with one of our technology partners, or just providing a guiding hand – we’re proud to say we are the difference maker.
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