ROM2 Operations : Benefits Realization and Validation
<ROM2 Benefits>
Main Value Categories
Increas Revenue _ Implementing intelligent automation can lead to increased revenue streams by streamlining sales processes, enhancing customer experiences, and enabling quicker response times to market demands. This can result in higher sales conversions and customer retention rates.
Cost Reduction_Intelligent automation can significantly reduce operational costs by automating repetitive tasks, leading to a reduction in manual labor expenses and operational overheads. This can result in a more efficient and cost-effective operation.
Return on Investment_ By optimizing processes through intelligent automation, businesses can achieve higher returns on investments. This is achieved by leveraging automation to increase operational efficiency, reduce costs, and generate higher profits.
Risk Mitigation_Implementing intelligent automation helps in mitigating various operational risks. For instance, by automating compliance checks and error-prone manual tasks, businesses can reduce the likelihood of costly errors or non-compliance with regulations.
Extended Value Categories
Efficiency
Risk and Compliance_ Automation plays a critical role in ensuring regulatory compliance. By automating compliance checks, businesses can minimize the risk of regulatory penalties and reputational damage.
Staff
Customer
Agility_ Intelligent automation enables businesses to adapt quickly to changing market conditions.
By automating adaptable processes, organizations can respond promptly to new opportunities
or challenges.
Waste_Through process optimization and automation, businesses can significantly reduce resource wastage. This includes minimizing excess inventory, reducing energy consumption, and optimizing resource allocation.
Enviromental_Intelligent automation can contribute to environmental sustainability by reducing paper usage, energy consumption, and waste production. This aligns with eco-friendly initiatives and corporate social responsibility efforts.
Projects_ Automation can optimize project management processes, leading to improved project delivery timelines, resource utilization, and overall project success rates.
<Benefits Realization Strategy>
<Validation of Benefits>
Validation is the process of establishing and documenting evidence that the specified requirements and deliverables of the Intelligent Automation solution are fulfilled consistently.
<Communicating Success and Benefits>
Ensure you have a regular feature in your chosen communication channel aimed at the whole organization, to keep them educated and informed about your automation projects and the benefits realized to date. Document the impact that intelligent automation has had on the organization, customers and employees and advertise it as a benefit.
Key Takeaways
- Implementing a project benefit validation process is crucial for accurately measuring ROI. It defines tracking and reporting in alignment with organizational goals, ensuring all benefits, tangible and intangible, are realized
- Benefits extend beyond FTE cost reduction. They encompass increased revenue, cost reduction, return on equity, risk mitigation, efficiency, risk & compliance, staff satisfaction, customer satisfaction, agility, waste reduction, environmental impact, and enhanced project management
- Establishing a benefits realization strategy involves defining objectives, identifying KPIs, setting success criteria, monitoring performance, tracking live data, incorporating lessons learned, and effective communication
- Selecting relevant KPIs, focusing on economic value, and using SMART principles ensure accurate benefit calculation. Regular measurement, both ongoing and at set intervals, along with evidence-based reporting and validation, is crucial
- Engage automation advocates to champion benefits within the organization. Regular, comprehensive communication helps educate stakeholders about the positive impact of intelligent automation on the organization, customers, and employees. It reinforces the overall vision and objectives of the intelligent automation program