Many members of our community are looking to understand how to calculate the ROI of an RPA deployment. Is it based on cost reduction, revenue impact, compliance, experience enhancement for employees and/or customers, or something else?
What's the best way to measure the success of RPA?
Here's what we've found:
Evaluating top RPA tools, our members shared their insights into the cost benefit analysis and success measurements they believe are worthwhile to anyone evaluating using RPA for their business. Undoubtedly, there are many benefits of RPA, ROI and cost savings being the main factors. We've summarized our members points on how to calculate ROI and success.
Shrippad Mhaddalkar provides a itemizes potential elements needed to calculate ROI, which includes items such as effort saved, improvement of the output quality, gain in productivity, etc.
Return (i.e. savings)
A Program Manager at Yokogawa, an Industrial Automation firm, adds that there are also qualitative returns as well - customer satisfaction, data quality, and increase in task volume completion.
Gabriel Bold talks about measuring success by measuring the "benefits you are looking for", which one could infer more quantitatively matches the metrics that were used in calculating your savings and investment (as shown above). For example, if you think you should see efficiency or productivity gains, you should measure those areas to ensure the RPA implementation and processes are yielding the benefits you're expecting.
Sabrina Mahmood mentions measuring success at a much higher level - cost savings and efficiency savings.