How to Calculate the Actual Cost of Robotic Process Automation Project

The robotic process automation (RPA) is a significant step to digitizing needed processes. It is a software service to enable automation and assists in handling recurring tasks. It can be utilized with IT applications by training the bots to execute the required functions with a rule book for success. The robotic process automation services help organizations to reduce manual intervention, physical efforts and time invested in different tasks. It supports businesses to become competent and enables to deliver more with fewer resources saving the required costs; however, is that really factual?

As per Deloitte Global RPA Survey in the year 2018, 53% of respondents have already initiated their robotic process automation journey. This is likely to amplify to 72% in the subsequent 2 years. If this prolong at it’s in progress level, RPA will have attain worldwide adoption within the subsequent 5 years.

The technology consultants recommend that the overall cost of building an RPA is lower than investing in an artificially intelligent software solution for automating jobs within an organization. However, businesses after involving with robotic process automation solutions come to know that its correct implementation needs an investment of high-end resources and time prior to the organization harvests its precise benefits. The overall cost of having a robotic process automation solution is more often than not divided into three vital parts which involve the price of RPA development, the cost of transformation, and the costing of managing it. Let’s explore it more with details.

The RPA solutions are built to automate jobs in relation to new-age solutions and custom-built software packages, requiring high-end scripting and bespoke development. They can be implemented by tailored scripting or a vendor will offer you with the integration to put up the automation openly.

Taking an example, you need automation in your HR tasks, attached to your HR software. If your HR software is one that is extensively accessible in the market and fairly used in the industry, there are more chances that you obtain it with the integration to construct the automation rightly from your technology partner or vendor. However, if your HR software is built with customizations concerning your individual business operations, it’s not likely that your RPA vendor will have a ready-to-go script. Hence, custom scripting will be unavoidable in this scenario.

As a consequence, organizations that work on tailored and legacy software solutions will find that the preliminary costs of deploying robotic process automation services are quite higher than what is typically marketed. On the other hand, cost efficiencies frequently prevail in the industry over the high-end product costing in the longer run.

Business transformations are needed especially where innovative technologies are continuously distracting the marketplaces, however, generating fresh revenue-based opportunities.

Every business in this present setting must make sure that they are exploring the new technologies obtainable to them and matching their client expectations. Each alteration they make will customarily impact the current processes that are linked to that alteration. So, the robotic process automation solution must be personalized accordingly.

For a project involving integration, this shouldn’t be a high-priced proposal. However, if your business needs tailored applications, then this will be another way around. Even this will require re-scripting of all the present automation you have built and deployed in the past. Businesses are required to involve these transformation costs into their project pricing and even consider that these types of alterations might remain persistent in the coming time.

The cost of handling your RPA project scripts isn’t a massive expenditure, especially not in the beginning. But with a boost in the portfolio of your automation and in managing your operational scalability, you will become conscious that you have got quite a lot of scripts executing concurrently.

At this phase, in particular, when diverse departments like HR, operations, accounting and more would involve deployments with their individual RPA scripts, you will require additional resources, professionals and a management team to handle the increasing tasks.

The key functionalities of this team will comprise overall management, generating essential reports, analysis and tracking of RPA scripts. The role will also include evaluating the sustained requisite of every RPA script and the likelihood of merging numerous RPA scripts. This high-end merging of scripts will be demanded from diverse departments to augment productivity and enhance efficiencies along with required cost savings.

The robotic process automation solutions provide noteworthy costs savings, superior quality procedures as well as enables better knowledge management processes. However, the organizations looking forward to robotic process automation services require taking care of all these associated indirect and working costs before starting or deploying the project, in particular for those that want to extend their RPA library and mechanize as many tasks as feasible.

RPA is one of the most gaining ways to automate and generally delivers on return on investment (ROI) predictions quite swiftly. By considering all the costs on paper will make sure that all the realistic prospects are set correctly. And will be met successfully within the concerned business units and between the project teams on a timely basis.