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Maximizing ROI with RPA: Tips and Strategies
Maximizing ROI with RPA: Tips and Strategies

March 8, 2023

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Today, business enterprises are expected to move at lightning speed in developing, testing, and delivering software solutions to a tech-savvy but demanding clientele. Technology has taken a huge leap in transforming the business landscape, powering innovations, and driving operational efficiencies. The emergence of Robotic Process Automation services or RPA automation services has helped businesses of any size deliver a superior experience to customers.

By using tools to measure the impact of RPA solutions, enterprises can learn how to implement them comprehensively and effectively. It is thus important for enterprises to develop ROI metrics for any RPA framework, thereby enabling them to optimize solutions, make better decisions, and learn from pitfalls.

To do so, enterprises need to know the data to collect, the benchmarks to follow, and how to make use of the information gathered.

 

 

Why Are ROI Metrics Important?

Return on Investment, or ROI, justifies for any business to continue. It allows enterprises to increase buy-in among stakeholders regarding the success of their automation initiatives. It highlights how RPA can offer a string of benefits to the end customer, increase productivity, foster innovation, and minimize costs for everyone across the value chain.

 

 

How to Maximize ROI with RPA

The global market for RPA is expected to reach $2.32 billion in 2023. It is likely to grow at a CAGR of 38.2% from 2023 and touch $3.85 billion by 2030 (Source: webinarcare.com). In fact, RPA automation services have helped reduce the time-to-value gap for digital transformation projects. The following steps show how to maximize ROI with RPA.

1. Set realistic ROI goals and expectations: It is critical to focus on the value delivered at each step of the automation process to deliver a positive ROI. This means businesses need to set timelines, goals, and strategies for RPA implementation. Besides, define the intended benefits of the automation process to the business with respect to processes, resources, technology, and end customers and inform stakeholders about the same.

2. Make a Realistic Beginning: To garner a greater value out of RPA implementation, it is important to understand its nature and a realistic time frame for completion. Here, an important aspect to consider is mapping out robot tasks versus human tasks. For instance, a 15-step process for a human can take up to 50 steps for a robot. So, any workflow with more than 30 steps would need a longer time frame to get the desired outcomes. Thus, selecting shorter processes can help establish momentum for the automation journey.

3. Create a center of excellence (CoE): Any operating framework must ensure the RPA process delivers a continuous return. The first step to formulating and regulating any RPA testing approach is to build a centralized repository containing all resources related to processing automation. Also, a well-trained team can help enhance value realization and sustainability by designing, executing, and reporting on steps related to digital process automation. This can build a strong framework to scale up process automation and support key changes in the business.

4. Identify low-hanging fruits: It is important to achieve a positive ROI early in the RPA journey to get buy-in for future projects. The first step in achieving the same is identifying structured processes with triggers and well-framed SOPs. Automating such processes can help businesses derive insights for improving future iterations and seeing benefits sooner.

5. Define metrics for measurability: It is essential to establish a set of metrics, followed by tracking and reporting the performance of process automation. The metrics may include time savings, the volume of automation, and others. Further, the robotic process automation company should have an onsite lab mirroring actual production while being reviewed by the IT team.

6. Create ROI-focused estimates: At the planning stage for ROI-focused process automation, elements such as efficiency benefits, capital and operational expenses, and saving potential should be enumerated. This will help the team draw a map for the success of the RPA initiative.

 

Conclusion

Digital process automation using technologies such as RPA can deliver business value in a number of ways. However, businesses need to understand the ROI of RPA implementation to justify investments and make effective decisions regarding technology. To derive the maximum benefits from RPA, businesses should focus on ROI during stages such as planning, implementation, and governance. It is only after analyzing the business impact of robotic process automation solutions that enterprises can get buy-in for additional implementation and maximize ROI.


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