ROI of Robotic Process Automation
Many companies are experiencing post-pandemic challenges and are looking for ways to ensure stability and business continuity to help keep them afloat. As organizations adjust to the new normal, the rate of robotic process automation deployment keeps increasing. RPA is being widely adopted at a rapid pace across all industries because it is speeding up ROI for many organizations — all without overhauling existing legacy systems, which is a huge plus for those seeking a cost-effective digital transformation.
Businesses want to quickly maximize the return on their investment in order to achieve productivity gains and new wins that will help get their company back on track. As companies adjust to the new challenges arising from Covid-19, it is more important than ever for them to keep up to speed with the latest technologies that can help them advance.
Making sure to choose the right processes to automate is part of successfully obtaining a fast and significant increase in ROI. Therefore, it is important to consider which tasks are most repetitive, which are tedious and waste valuable employee time, and which tasks are more likely to be error-prone. When tasks are delegated to bots, can certainly impact ROI; A company can accurately measure ROI by comparing robot activity to human productivity, thus revealing if bot efficiency is saving the company from costly human errors and speeding up the rate at which tasks are completed. Moreover, implementing an RPA tool allows employees to focus their skills on higher-value tasks. Consequently, the ROI of RPA deployment can also maximize the possibility of achieving business goals. Because implementing RPA can also improve the quality of work, it is likely to have a ripple effect and improve customer experiences which in turn can lead to increased sales.
Things to Consider
- 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 on how to use the new technology. Moreover, if RPA teams are inexperienced, they may lack the understanding it takes to manage the complexities of automations or may overlook process exceptions — both of which impact a bots productivity, and therefore impact the ROI.
- 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.
- 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.
Financial Justifications for RPA
Sometimes companies have a false impression that when using RPA for EBS, the complexities involved in setting it up as well as maintaining it may not justify the return. However, implementing RPA is not always associated with significant costs. In actual fact, the cost may be relatively minimal compared to the rapid rate at which a positive ROI is achieved. In many instances, the development and implementation of an RPA solution can be done within a matter of just weeks, allowing businesses to see results faster than expected. For obvious reasons, RPA solutions can vary greatly for different enterprises and their specific needs. Nevertheless, understanding the business value and benefits that automation can bring to any company helps justify the financial costs of the digital transformation.
RPA is the key to helping businesses prosper in the post-pandemic workplace — especially as they adjust to the ‘new normal.’ Ultimately, the benefits of ROI will almost certainly exceed the costs of deploying RPA. RPA can provide great value and deliver a positive ROI. Beyond that, RPA can help companies accomplish business goals and help justify investments in automations.
If you are ready to get started on your RPA journey today and are excited to maximize your ROI, AuraPlayer is here to help. Here are some resources you may find useful:
As always, if you have any comments or questions, we’d love to hear from you, so please feel free to get in touch.
AuraPlayer is a unique, patented technology that automatically generates mobile applications and automations from existing back-office desktop applications, allowing customers to begin their digital transformations while leveraging existing investments. AuraPlayer eliminates the need for system integrators or rigid packaged solutions. The technology brings a new level of agility to legacy systems, with their low-risk, flexible, affordable, and automated solutions without redevelopment.