Robotic Process Automation (RPA) offers abundant of benefits to a business. It enhances data accuracy, speed up monotonous tasks, and reduces operational costs straight away. However, to know how successful RPA is for your business then you need to calculate Return on Investment.

If you are new to RPA Implementation, then you need to carefully think for first task you need to automate. Go for tasks that have high value and low complexity 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 many other.

  • 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 analyse, redesign, and automate the process or processes that takes lot of manual efforts.
  • The cost of ongoing maintenance which includes the time of personnel needed to monitor and maintain the RPA software 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.

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Now, avail the advisory service for your RPA project from the experts!

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