Robotic Process Automation (RPA) offers abundant benefits to a business. It enhances data accuracy, speeds up monotonous tasks, and reduces operational costs straight away. However, to know how successful RPA is for your business, you need to calculate Return on Investment.
If you are new to RPA Implementation, you need to carefully think about the first task you need to automate. Go for high-value and low-complexity tasks first, as it helps you get the quickest possible ROIs.
Calculating ROI for Robotic Process Automation
ROI has a simple formula; subtract the initial value of your investment from the final value of the investment. This is called the net return; then divide the net return by the cost of the investment and multiply by 100.
However, people get confused while implementing ROI formula to RPA. Making it simple; take the total value you received from your investment in RPA and divide it by the total cost of implementing RPA.
Aspects you need to look for the Measurement of Costs?
The cost of the RPA solution includes licensing, subscription, maintenance, and a few others, such as the cost of extra infrastructure like hardware, software, and networking infrastructure to support the RPA solution.
The cost of development tools, developers’ time, business analysts, and users to analyze, redesign, and automate the process/processes that take a lot of manual efforts.
The cost of ongoing maintenance which includes the time of personnel needed to monitor and maintain the RPA software is multiplied by their fully loaded cost to your business.
Aspects you need to look for the Measurement of Return?
Measuring the return is more difficult because of the intangible benefits RPA offers.
For instance, by automating a business process, you can save almost equal to one full-time employee’s (FTE’s) time for a year. After that calculate the dollar value of that return by finding out the “fully loaded” annual cost of an FTE (fully loaded means including benefits, taxes, retirement plans, and all other costs). This is how you can calculate it: $50,000, $100,000, or anything.
Moreover, after getting rid of tedious tasks your employees will be happier and happier employees lead to more efficiency.
Get in Touch with Experts
So, make the most of the benefits of the advisory service for your RPA projects from the experts.
AG Technologies is a one stop destination to all your IT & digital transformational requirements. With 22+ years of experience in the industry, we tend to deliver the best services to our customers. Moreover, professionals in our team offers the best advice to the customers based on their requirements.
