Business leaders, like you, will agree that robotic process automation (RPA) is no longer just a buzzword. Organizations are adopting RPA at a faster pace and reaping its benefits. This is further reinforced by Forrester’s prediction that the industry will grow from $250 million in 2016 to $2.9 billion in 2021. However, the question is how to achieve a significant return on investment (ROI) with RPA?
In this blog series – How to get the most out of your RPA investment, let’s explore ways that can help you to effectively measure ROI.
How Do You Measure the ROI of RPA?
First things first, you must have a clear picture of what you are expecting to achieve with RPA- better customer experience, innovation, enhanced productivity, improved quality, reduced costs, or even compliance.
Once you have clarity on the desired outcome, the next step is to calculate the difference in effort needed to accomplish tasks, from your employees versus bots. Below are a few parameters that are useful in drawing this comparison:
Process Execution Speed
You can start by recording the time it takes your employees to complete a particular process and compare it with the time taken by bots. This will give you a fair estimate of the time you can save to perform a task.
Resource Versus Bot Productivity
Typically, your employees work for 8 hours a day. So, you can keep tabs on the number of transactions that your employees complete in a day versus the amount completed by bots. However, bots offer an advantage here as they can operate 24/7, thereby enhancing overall productivity.
We cannot ignore the fact that humans can make errors during data entry or can miss a business rule while performing rule-based calculations. Alternatively, with bots, you can ensure data accuracy as they are trained to run business logic per the execution script.
To calculate the return, you should measure process accuracy before and after RPA deployment for a quality comparison.
Ensuring compliance with various regulatory requirements is a top priority for organizations, like yours. With RPA, you can maintain 100% compliance. And so, you must track compliance issues post-RPA deployment and compare your results with earlier records in order to calculate ROI.
Overall Process Cost
Finally, you need to deep dive into the cost required to manage and execute a process and compare it with the overall cost involved in your RPA deployment, including the recurring costs. Try to compare and estimate ROI values for the next five years to understand how beneficial the RPA deployment will be for your organization in the coming years.
To get positive results from your RPA implementation, you need to be focused on measuring the ROI and identifying process candidates for automation. For this, it is recommended to have an in-house centre of excellence (COE) team that can perform in-depth research and help you identify the right business processes for successful RPA implementation.
In my next blog, I will share how a COE team can guide you throughout the RPA implementation process and ensure that you get the most out of your investment.
You’ve likely heard the common catchphrase ‘end-to-end’ many times in our little eDiscovery world. It’s a buzzword that has helped to serve many of us in the investigations, eDiscovery, and compliance communities. Even Gartner uses it, stating “By 2023, more than 70% of enterprise IT leaders will upgrade to end-to-end e-discovery software to reduce time and legal spend, up from 10% in 2019.”
In recent years, there has been an undeniable uptick in enterprise customers leveraging a combination of software and eDiscovery consultants helping to build their own end-to-end in-house eDiscovery and information governance program. In helping to architect many of these, it occurred to me that the very phrase itself can be quite misleading.
FROM LEFT TO RIGHT
The left ‘end’ is rather straightforward. The duty to preserve electronically stored information (ESI) gets triggered when litigation is reasonably anticipated. From there, we know the rest—preservation, collection, processing, and review of discoverable ESI ensues. Makes sense.
The right ‘end’ is where it gets a little foggy and some logical questions begin to surface:
Does it truly end with a production / presentation?
If so, is it safe to presume that each end-to-end process is an isolated, matter-by-matter task that has a defined beginning and a defined end?
Wait, are you telling me that we are also going to have to re-collect, re-process, and re-review everything again the next time a new matter pops up, even if the same custodian’s data is required again?
Why not create a principal data inventory of your frequent flier custodians’ ESI?
Why can’t we leverage modernized scalable architecture to be able to search, analyze, and cull even the largest and most voluminous data sets?
If data makes it to review, do you want to be clever with those coding decisions and bolt them back onto your ESI warehouse, ensuring that these costly coding decisions get reused to help guide attorneys for future matters?
If redactions are being made for PII, PHI, trade secrets, etc., would it be helpful to carry those coding decisions and redactions forward for each new matter containing that identical record?
For data that has been processed and is no longer responsive to legal hold, wouldn’t it help to be able to safely and easily release the data from your ESI warehouse and where it lives in the wild?
AN ANSWER TO YOUR QUESTIONS
These questions have led us to create a 360° approach to the litigation lifecycle that saves millions of dollars and thousands of hours of time previously spent in collection, processing, and review. Perhaps even more important, it delivers consistency across future reviews and productions. As the intelligence layer grows over time, your ESI warehouse becomes smarter, more agile, and exponentially more valuable.
Combining enterprise-grade collection, processing, and review technology with knowledgeable experts can help you build a defensible, repeatable, and future-proof eDiscovery and information governance program. In short, putting an end to ‘end-to-end.’
How Long Does It Actually Take to Find a Document?
Let’s track the timeline of responses over the last twenty years…
IDC reports that workers who manage, create, or edit documents for a company were spending up to 2.5 hours per day searching for what they needed.
IDC published Moving Beyond Search: Advanced Data Gathering in the Enterprise, which includes the comment:
“Nearly 70% of respondents (knowledge workers) to IDC’s KMWorld Conference search survey indicated that they spend five or more hours per week doing online information searches, with 16% indicating that they spend 12 hours a week or more doing searches.”
Gartner says that professionals spend 50% of their time searching for information, and on average, take 18 minutes to locate each document.
So, what do we know?
It seems like through the past few decades, the time it takes to find information has decreased. That checks out. In 2001, we didn’t have near the technology aptitude we have now. It’s worth mentioning that the above statistics are nowhere near homogenous in their methodology, a point made very poignantly by Martin White in his LinkedIn Pulse article “Time spent searching”? – a chronology of the myth and some recent research.
Anecdotally, I know that I used to spend a bit of time trying to find information before I was introduced to M-Files. Whether it was 2.5 hours a day or 18 minutes per document is irrelevant, because I can tell you that it was way more time than it needed to be — switching between my laptop folders, Salesforce and other systems trying to find the right version.
For argument’s sake, let’s assume that it took less than the 18 minutes Gartner suggests it takes to find a document. Let’s assume less than 15 minutes… less than 12… less than 10. Let’s just say, on average, it takes 8 minutes to find a document.
I can tell you emphatically and unequivocally…
It now takes me all of 15 seconds to find any piece of information I need with the help of M-Files — maybe 30 seconds tops if it’s down the search results a bit.
That’s a far cry from 8 minutes or even 5 minutes. Imagine how much time you could recover for more productive work if literally every document you needed — created by you or someone else, for this project or that client — was available in one location in just a couple clicks.
The Power of Federated Search and Google-Like Results
As we’ve mentioned before, federated search describes a search technology that can scan multiple sources for information at the same time. Arguably one of M-Files’ most compelling features is the enablement of true federated search.
Connecting to All of the Systems and Nooks and Crannies Where Information Hides
M-Files vaults are themselves a repository where users can store files, documents and other information.
But M-Files also connects to existing systems to present information no matter where it lives. Imagine a world where it doesn’t matter if the information you need is in your CRM, SharePoint, ERP, network folders, wherever. It means that you can deploy M-Files without disturbing existing systems that certain business units or departments prefer. You can institute an overarching, scalable information management strategy without massive data migration.
A Single Keyword is All You Need to Find Information
Simply type in a keyword and find what you need. Let’s talk about that.
Metadata. That’s what underpins the entire M-Files intelligent information management platform. It’s what enables you to find what you need with just a keyword. It’s what effectively decouples business information from file location and places the emphasis where it needs to be — the content of the file.
The result is simple, yet profound: files are super easy to find.
Finding information on Google is second nature for us. Type in a word or phrase and boom… page after page of results. The results are presented by relevance and can easily be filtered by date, website and other parameters.
Now imagine you had the same experience when searching for business information — where you simply enter a keyword (and a filter or two, if you want), and the system returned a search window with the most relevant results at the top.
This is what happens in M-Files. Again, no matter where your information is stored, M-Files reaches across your entire information ecosystem to present the most relevant search results.
Between you and me, M-Files has a ton of incredible features that turn your operation into a well-oiled machine. But when friends and family ask what my company does, this is my go-to. I explain this concept of federated search and the lightbulbs start to go off.
Making resolutions for the year ahead is a time-honored tradition. Whether you are a goal-chaser who religiously checks off each resolution, or the one who just likes to follow the tradition, there’s no better time to reflect on the past year and plan for the next.
Here are seven resolutions you should make (and keep) to ensure business success in 2021:
Modernize, digitize, and optimize!
Enterprises with robust digitization initiatives were able to adapt quickly to the unexpected in 2020. The same companies will stand out in 2021, as they are able to work more productively, and from remote locations, seize opportunities faster, and exceed customer expectations by finding new ways to personalize engagement.
After a year of instability and uncertainty, companies are also looking for ways to optimize expenses. Automating your processes, empowering your employees to build applications in-house, and migrating your operations to the cloud are just some of the ways to reduce costs and improve efficiency.
Tap into blockchain capabilities to encrypt your data and stay vigilant to avoid security breaches.
Increase engagement with your customers
This goes beyond soliciting feedback from your customers after a transaction. Leverage social media and modern technologies to be where your customers are and to monitor their sentiments, needs, and complaints. Ensure meaningful responses and anytime-anywhere engagement with your customers in channels of their choice.
Use data to your advantage
It is easy to become overwhelmed by the amount of data available to your enterprise. Data can prove to be your best friend if you leverage analytical tools to glean meaning from the available information and foster a culture of data-driven decision making across your organization. The time is now to use modern technologies, including artificial intelligence and machine learning to further simplify and optimize your day-to=day operations .
Keep the learning going
Whether you choose to learn something business-related or pick up a completely unrelated skill, be intentional about enhancing your capabilities (and that of your employees!). Invite industry experts to talk about relevant issues, take a cooking class with your team, or introduce gamification—by trying something new, you can build team camaraderie and add value to your organization.
Take stock of your operations
Don’t just make do with broken processes—identify what’s working and what’s not. Use reporting and analytical tools to assess vulnerabilities, optimize processes, and eliminate inefficiencies. Remember, disjointed processes end up hurting your employee productivity and customer experience.
Give back to your community
Your company is inherently driven by its core values, so tap into those sentiments and find meaningful ways to give back to your community. Search for mentorship, volunteering, or donation opportunities that reflect your company’s mission!
So, tackle the projects you’ve been putting off, patch up those pesky business gaps, and keep your resolutions to make this year the best yet for your enterprise!
Most people in our industry know Nuix has powerful and scalable tools for solving eDiscovery, investigation, information governance, and other problems. What some may not know if that most of this technology can be run remotely, meaning work can continue and people can stay busy and safe all at the same time. Explore with us some of the scenarios and solutions we have at hand to keep the lights on while we navigate through a global pandemic.
Several remote workforce scenarios exist today using Nuix. Some of these use cases exist because of the COVID-19 pandemic, while others were in place well before. Some of these scenarios and solutions include:
The eDiscovery meat/data grinder. The process must keep moving forward; litigants will demand it.
Forensic investigation. Collect remotely and safely in a repeatable fashion.
Insolvency, bankruptcy, and accounting. Who is owed, by whom? How much is left? What contracts are valid or invalid? How will you sort out the mess? The hospitality and retail industries, along with others, have been hit hard. Fair distribution of assets and wealth is required considering the situation.
Fraud. During recovery, it’s an unfortunate reality that investigations into misappropriation of funds from the federal government will be necessary. The old adage “follow the money” holds true here; there’s a lot of money involved, hence a proportionate amount of fraud.
REAL SITUATIONS IN A CHANGED WORLD
We continue to hear about incredible applications of our software from customers faced with significant challenges.
Getting Ahead Of Insolvency And Bankruptcy
One large global customer had over 12 TB of data already collected and placed into the Nuix Discover® SaaS environment as they started to sort through insolvency materials. These materials will allow the firm to properly assign asset ownership and distribution for companies that have unfortunately had to shut down a result of COVID-19.
It will take years of discovery work to properly dispose of assets for thousands of companies affected by the pandemic. Using Nuix Discover in the cloud, the firm can start ranking assets and creditors using the software’s analytics capabilities and continuous active learning (CAL).
Field Work Using A Mobile Forensic Lab
It’s not uncommon for a mobile forensic lab to be “wheeled in” to a location to collect data for a forensic investigation. It is possible however to use the Nuix Portable Collector to make forensically sound images. It’s ideal especially for larger data quantities that can’t be reliably collected over the network in a timely manner and have them shipped to a static forensic lab. Just as clean rooms are often used for forensic investigations, you can adapt similar procedures allowing forensic examiners to ensure their safety while processing and investigation commence via the cloud or the web-based review and analytics interfaces.
Virtual Settlement Conferences
We have a partner that’s processing data centrally and distributing it using Nuix Investigate® to help its clients facilitate virtual legal settlement conferences.
To begin, unstructured data is being downloaded from networked drives at the rate of around 200 GB a day in batches. This data is sometimes custodian-based and sometimes based on matter or data type.
The partner then processes the data with Nuix Workstation and presents it online via a secure login to Nuix Investigate. The end customers—in this case, law firms—can then run various searches; tag, annotate, and redact; and then inform the partner that the data is ready for production. At this point, the partner produces a load file in Nuix Workstation and uploads it to a network drive securely via virtual private network.
Most litigation is settled outside of a courtroom. This fact, and the current environment, lends itself to a virtual remote working process. Many parties are likely to take the attitude of “Let’s just settle quickly rather than take our chances waiting for courts to reopen.”
The recent trend of law firms moving to e-signatures for official documents specifically to meet the needs of this unusual time further pressures the legal services community and legal software companies to ensure a safe and uninterrupted workflow.
Centralization Of Data
Because Nuix tools allow you to work via the web creating a data lake, serving many stakeholders (Legal/Compliance/Risk/Governance/Investigation) makes a ton of sense. Even the inverse sounds better and transparent to users—leave the data where it is, process it where it lives, and form a virtual data lake and manage the data via the web using Nuix Investigate and the functionality to promote data to Nuix Discover to keep the party going.
Running Nuix Workstation In The Cloud? Yes You Can!
A little-known fact, Nuix Workstation and Nuix Investigate both run well in Azure, Google Cloud, or AWS virtual environments. Using the Aspera utility for uploading data quickly to the SaaS environment of your choice, it’s easy to process and enrich data, getting it ready for review and analytics quickly. You can use the same licenses you already have and install the products on cloud-based servers anywhere in the world while pulling licenses for servers in traditionally architected locations behind the firewall or in the cloud for no additional cost.
Nuix Discover SaaS
Nuix Discover SaaS has been available for years, putting linear review, advanced analytics, and so much more at legal teams’ fingertips. With a long, storied tradition of cloud support and continuous performance updates, look no further for your eDiscovery review needs.
The Nuix investigate user and group permissioning allows for incredibly granular separation of duties. Not only can you set up users within groups to have unique logins and access to only specific cases, you can even set specific permissions to operate within a given case. Restrictions to downloading, redacting, printing, and other operations exist for each user and group.
You can also change or elevate permissions at any time as well as changing or deleting logins for temporary users to further ensuring chain of custody. Separation of responsibility is now more important than ever since we can’t easily physically audit data or even the process used to produce it. Being able to demonstrate that a series of people were involved in the virtual chain of custody is increasingly important.
Licensing In The Cloud
Nuix’s Cloud Licensing Server allows high speed expansion to processing capability with no risk and makes burst licensing for when the big jobs land in your lap a reality.
Because Nuix Workstation and Nuix Investigate are now licensed by the Cloud Licensing Server, licenses are distributed via AWS instead of a physical license dongle, removing one more physical obstacle and, incidentally, keeping staff safe. As I mentioned above, if a matter increases in size, we can distribute “burst” licenses for specific timeframes to meet the challenge of unexpected or uncommonly large data sets.
With expectations that litigation will rise steadily in the coming months due to COVID recovery efforts, burst licensing could come in very handy.
Collect From Anywhere
With Nuix Enterprise Collection Center you can push the two flavors of Nuix agents to endpoints easily, drastically expanding your network collection capabilities. You can create collections for forensic as well as eDiscovery use cases and pull the data over the network.
Great news! It’s already sanitized—no hand sanitizer needed! The data (and devices housing it) never need to physically change hands. All this work collecting, processing, and reviewing the data can be “done from home” and work can continue with a highly defensible chain of custody built in.
MORE FLEXIBILITY WITH EVERY RELEASE
We didn’t start down the path toward flexibility through some prescient expectation of a global pandemic. Products like Nuix Discover and Nuix Investigate, along with our cloud licensing and endpoint software, just happen to meet the needs of a distributed workforce.
Let’s face it; modern organizations demand more options and employ more remote workers today than ever in history. I don’t have a statistic for that, but just look around and you can see it for yourself. While this pandemic will pass and many of you will go back to work in an office in the hopefully near future, the need still exists for options in your enterprise software solutions.