Shoba Mallik, Director – Strategic RPA, Emory University
AutomationInformation TechnologyRPA

Don’t Miss Out on the RPA Revolution: Here’s How to Secure Funding

cxomagazine

By Shoba Mallik, Director – Strategic RPA, Emory University

Robotic Process Automation (RPA) is revolutionizing organizations worldwide, automating repetitive, rule-based tasks and freeing up employees to focus on more strategic initiatives. A report published by The Brainy Insights shows that the global RPA market is projected to reach $66 billion by 2032, making RPA a key driver of productivity and profitability for businesses of all sizes.

Yet, despite its clear benefits, many businesses struggle to secure funding for RPA initiatives. This is often because they don’t have a clear understanding of the ROI of RPA or how to build a compelling business case.

Once your RPA program is up and running, it’s critical to track its ROI and demonstrate the value it delivers to the organization. This will help you secure future funding for the program and expand it to other areas of the organization, unlocking even greater benefits.

Here are five things you can do to secure funding for your RPA initiative:

  1. Reveal the Hidden Goldmine:

To identify the business value of RPA, start by deeply understanding your current business practices and processes. Once you have a firm grasp of your current state, pinpoint opportunities to automate repetitive, rule-based tasks with RPA. Consider the significant time and money savings your organization will achieve by automating these tasks, as well as the potential improvements to customer satisfaction and employee productivity. With a clear understanding of RPA’s business value, you can start building a compelling case for funding the program.

  1. Craft a Rock-Solid Business Case for RPA:

The business case for RPA should be a comprehensive blueprint that articulates the program’s vision, specific benefits, implementation and operational costs, timeline, and success measurement plan. Proof-of-concept (POC) projects, pilot projects, or capstone programs can validate the stated business value of RPA. These small-scale initiatives can help you collect data on the cost of manual processes, the potential time and cost savings achievable with RPA, and the impact of RPA on customer satisfaction and employee productivity.

The business case should also identify and assess the potential challenges of RPA implementation, such as technical, change management, and security challenges. Develop mitigation strategies to address these risks and ensure the success of your RPA program.

  1. Ignite the RPA Revolution:

Now, it’s time to secure the funding and ignite the RPA revolution. Once you have a robust business case for RPA, highlight its strategic importance and potential benefits for the entire organization when presenting to senior leadership. Start by getting buy-in from key stakeholders, such as department heads and IT managers. This demonstrates the broad support for RPA within the organization and enlists their help in reducing resistance to change and ensuring a smooth and effective implementation. Highlighting your proof-of-concept (POC) and/or pilot project will allow you to demonstrate the benefits of RPA on a smaller scale before investing in a larger implementation. Be sure to emphasize the potential benefits of RPA for the entire organization, not just for individual departments or teams.

  1. Unlock the Full Power of RPA:

Once you have secured funding, it’s time to establish a budget for your RPA program and assemble a world-class team to bring your vision to life. Consider all aspects of your program, including software licensing, implementation, training, maintenance, and support costs. The number and complexity of the processes you automate will determine how to license and implement the RPA program.

To ensure a successful implementation, train your current employees on the RPA software and how to develop and manage RPA bots. If you lack the in-house expertise, hire new employees who are already experts in developing RPA bots. As with any project, budget for maintaining and supporting your RPA solution, including software updates, technical support, and ongoing process improvements.

By investing in the right people and resources, you can unlock the full power of RPA and transform your organization.

  1. Measure the Impact, Maximize the Value:

Once your RPA program is up and running, it’s critical to track its ROI and demonstrate the value it delivers to the organization. This will help you secure future funding for the program and expand it to other areas of the organization, unlocking even greater benefits.

Here are some key metrics to track and measure ROI:

  • Money saved: Track the cost of manual processes that have been automated and subtract the cost of the RPA program to calculate this metric.
  • Time saved: Track the time it takes to complete manual processes before and after automation to calculate this metric.
  • Improved accuracy: Track the error rate before and after automation to measure this metric.
  • Improved compliance: Track the number of compliance violations before and after automation to measure this metric.
  • Productivity gains: Track the time that employees spend on manual processes before and after automation to measure this metric.

By tracking these metrics, you can quantify the business value of RPA and demonstrate its transformative impact on your organization. This will help you build a strong case for continued investment in RPA and accelerate your digital transformation journey.

Imagine your organization freed from the burden of repetitive tasks and able to focus on more strategic and creative work. Increase your chances of securing funding for your RPA program and reaping the benefits of this powerful technology by following these tips.