The digital economies of today coerce organizations to deliver business agility. The difference between a thriving business and struggling with legacy systems is the scale of technological implementation.
The latest component that is key to Industry 4.0 is Robotic Process Automation (RPA). Though RPA may be unchartered territory for many businesses, for now, these three words will soon redefine operations systems all across the world.
RPA has already generated revenue savings for businesses that is worth US$50 million recovered in 2017 alone. This market size of this disruptive technology is projected to reach US$7.2 billion by 2025.
The right metrics to track the ROI on RPA implementations is dependent on the strategic goals of the organization, and the Industry vertical they are into.
The most common quantifiable metrics measured fall in the following categories:
- Process Efficiencies
- Stakeholder Delight
However, there are other metrics categories that help in building a good business case for scaling, and that helps in thinking beyond the first Robot implementation.
Business Value Delivered: A combination of Aggregated Process Efficiencies, Throughput, improvement in accuracy, and compliance.
Positive Impact on Employees: Reduction in laborious tasks that can be handled with robots + Employee Satisfaction + Rightsizing for your operations.
Overall Financial Impact: Cost Savings (short term & long term) + Payback period + New Revenue Opportunities
While the first set of metrics are at the tactical level measuring for each process, the latter is more at the strategic level aligning automation projects to the holistic digital transformation strategy.