In the first blog of this series, I had shared five ways to help you effectively measure the ROI of your robotic process automation (RPA) implementation.
In this blog, let’s explore how a center of excellence (COE) team can guide you through the RPA implementation process and ensure that you get the most out of your investment.
- Accelerating Your Digital Initiatives
Organizations globally are undertaking digital transformation initiatives. However, you need the right support and guidance for the best results.
COEs can help you identify the prospects for automation and also present ideas and solutions to showcase how bots and employees can communicate on the same platform.
- Selecting the Right RPA Candidate
How do you identify which process qualifies for automation? Any process that is variable, and requires one or more employees for execution, is not eligible for RPA, given that you wouldn’t be able to justify the implementation and recurrent costs.
This is where a COE team comes into the picture, as they help you improve your ROI by identifying operational activities that have high work volumes, are standardized in nature, and require more resources.
- Devising the Implementation Strategy
Next, you must decide whether to opt for an in-house or vendor-assisted RPA implementation to ensure faster deployment.
Here, the implementation cost plays an important role in calculating your returns. To help you make the right decision, your COE team assesses the capabilities and experience of your in-house team and then recommends the best implementation approach.
Your COE team plays a key role in justifying your automation projects and estimating their ROI. For this, the team utilizes historical data from select RPA use cases, compares human and bot processing, and then, presents the expected return figures, based on the reduced manual labor, increased productivity, and improved quality. Ultimately, the COE team assists you in finalizing an ROI-focused RPA roadmap.
- Empowering Citizen Developers
In most cases, within an organization, multiple teams want to leverage RPA solutions for faster processing. However, this often results in silos. To bridge this gap, COEs perform in-depth research, propose enterprise-wide automation, guide and assist citizen developers in creating the solution, and address integration challenges across the various lines of businesses.
Ensuring seamless integration across various automation tools, providing a centralized automation architecture, and delivering positive results are some of the key responsibilities of the COE team.
At Newgen, our COE teams perform all of these activities to ensure that the automation project plans we present to our customers are always strong and lucrative. We analyze how RPA will help each organization over time, identify the right use cases, and ensure impressive returns.
We also stay abreast of advancements in RPA and the latest trends in automation, including artificial intelligence and machine learning, in order to meet and exceed our customers’ expectations and help them stay current and competitive.
In this two-part blog series, I have tried to address some of the common concerns related to the return on an RPA investment. If you have further questions and/or suggestions, please leave a comment and we would be happy to connect with you.
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.
- Output Quality
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.
When we were chalking out business plans in the board rooms, COVID-19 struck, affecting businesses globally and disrupting manual or partially automated processes. By now, we have learned to live with the pandemic around us. We’ve embraced the new normal of remote working. But are we as effective as before? Are manual processes hurting our business operations and customer service?
Thanks to technologies like robotic process automation (RPA) that came to our rescue during these testing times when survival meant the rapid adoption of digital. Automation of routine, mundane, and template-based processes with bots acted as a quick-fix in enabling smooth remote operations and maintaining business continuity.
RPA: A savior for businesses
RPA has made it easier for organizations to go digital and deliver uninterrupted services without compromising their speed and quality. Bots can work round the clock tirelessly and accurately, freeing up our valuable resources to take charge and talk strategy.
Further, RPA is enhancing business resilience by:
- automating back-office activities
- auto-generating responses to customer queries
- reducing dependency on individual employees
- scaling operations based on varying supply chain demands
- and more
Let’s take a look at three industry-specific use cases where RPA is helping organizations survive and thrive in the new normal.
- Faster loan disbursement
Financial institutions are leveraging bots to automate their loan qualification and validation processes, making disbursements more efficient. This is also helping them streamline their inbound loan processing and existing underwriting approvals.
- Streamlined employee health screening
Government agencies and private organizations alike are deploying bots to send out periodic surveys through multiple channels with questions about their employees’ health and travel history, among others. Based on the responses, the bot creates a risk score to assess whether a person is fit to physically attend the office or not.
- Intelligent resource allocation
Hospitals are setting up bots to maintain a log with details about healthcare workers who are in good health, need quarantine, or have been exposed to or infected with COVID-19. This helps them allocate resources efficiently and ensure timely support for both the medical staff as well as the patients.
This is just a glimpse of how RPA has been enabling a secure, touchless environment to help businesses stay afloat through this crisis. RPA is the clear choice for organizations to stay current and gear up for the digital-only world.