While enterprises worldwide are embracing robotic process automation (RPA) and process discovery in their digital transformations, many organizations are challenged to quantify the value of their investments. To determine the potential ROI of Kryon’s Full-Cycle Automation Suite—the only enterprise solution encompassing both proprietary AI-driven Process Discovery and RPA— Kryon commissioned a Total Economic Impact™ (TEI) study from Forrester Consulting. The results speak for themselves.
You can listen to the webinar with Forrester Vice President and Principal Analyst Craig Le Clair, Forrester consultant Josphine Phua, and Kryon Corporate Intelligence Lead Vita Zlotova talk about how the pandemic is affecting the market, the study findings, and what they mean for enterprises.
Though the pandemic has significantly stressed many sectors of the global economy, it’s accelerating RPA planning and strategies. Digital transformation has been discussed for years now, but in reality, progress has been slow. Then the pandemic hit, and suddenly everyone was working from home, using collaboration platforms, and scrambling to conduct remote business. There was a tremendous surge in digital transformation to help workers stay productive, which is positively affecting the RPA market.
At the same time, current events have caused a shift in roadmaps. Rather than transformational initiatives, the focus will be on producing more at lower costs, which is one of RPA’s “sweet spots.” Smaller banks want the ability to handle mobile deposits; companies want to onboard customers remotely. While discretionary IT (information technology) spending will dip as a result of the pandemic, there is a surge of interest in RPA and intelligent automation.
The Scale Conundrum
As our experts discussed in the webinar, interest in RPA is high but scale remains a challenge. In fact, according to Forrester’s Q2 2019 Global Robotic Process Automation Services Forrester Wave™ Online Survey, only 52% of firms using RPA have grown their digital workforce to more than 10 bots, illustrating the apparent difficulty of scaling.
Scale problems result from organizational issues, center of excellence challenges, and lack of defined process to identify processes to automate. While automation professionals surely recognize the “Rule of 5” and the need for a pipeline of opportunity, many enterprises lack a specific approach to identify and vet processes to automate and consequently develop robots. This is where Kryon’s Full-Cycle Automation Solution, which includes proprietary Process Discovery and RPA, has changed the field of play.
Read the Total Economic Impact™ (TEI) study
Solving scalability with Kryon Process DiscoveryTM
Using proprietary machine learning technology, Kryon Process Discovery automatically uncovers the processes to automate. The technology learns from user behavior on the desktop to identify processes, visualize them, and evaluate their suitability for automation. It also generates workflows. This provides companies with complete visibility into their processes, which is often lacking at even the largest enterprises.
The critical discovery and mapping stage used to be done by consultants; a timely and costly endeavor involving countless hours of interviews and observations. In fact, research has shown that it takes about 80 hours to identify just one process, another 80 hours to develop the script to automate the process, then 60 hours per year to maintain the bot. Kryon Process Discovery does it all remotely for you, from your employees’ desktops.
Wyndham, LTCG, and Kryon
The Forrester TEI Report involved in-depth interviews and analysis—including benefits and costs—of two Kryon customers for an unbiased understanding of their experience with Kryon automation technology. Forrester experts spoke with two of our customers: Wyndham Hotels and Long Term Care Group (LTCG). Wyndham Hotels and Resorts is a US-based international hospitality chain with 30,000 employees that uses Attended Automation to provide just-in-time guidance for its frontline staff. LTCG is a leading third-party insurance administrator with 1,300 employees, currently deploying Unattended Automation to augment its workforce and improve operational efficiencies.
Rather than address major pain points, both companies looked to rectify minor inefficiencies across their organizations and workflows – inefficiencies that add up over time and significantly impact productivity and profitability. Overall, they were seeking to optimize workflows and business practices, reduce time spent on tasks, and lessen employee workload. To create a financial model that was applicable to both organizations, Forrester blended several characteristics of both companies had to be blended to form a representative composite organization.
In addition to higher efficiencies (bots were able to complete tasks 50-75% faster than humans), improved service, and higher employee morale from reduced workloads, interviews with both companies highlighted three key benefits:
In total over a three-year period, these three benefits add up to $12.9 million in benefits, which represents an ROI of 352%. Wow, that tells a story.
Both Wyndham and LTCG used Kryon RPA alone before deciding to implement full-cycle automation, providing enough insights and data to assess the difference between the two automation solutions. Forrester estimates that Kryon Full-Cycle Automation saves 60% of RPA developers’ time for every process that is automated and identifies up to 75% more processes than with just RPA alone. And because it shortens the time to deploy RPA, total benefits from an RPA program with Full-Cycle Automation in place are estimated at 37% higher.
We invite you to read the full study to learn more about how Wyndham virtually onboards new hires, cutting costs and training time for an estimated savings of $1.5 million annually. Or how it has transformed its frontline operations for seamless onsite guidance, fewer support calls, and enhanced customer experience. LTCG’s case study can be found here
If you missed it, view the webinar on demand and hear research and automation experts bring RPA’s economic impacts to life. Forrester’s Total Economic Impact Study of Kryon’s Full-Cycle Automation can help you evaluate the ROI your organization can expect from an investment in full-cycle automation. As the only one of its kind on the market, this total automation solution combines Process Discovery™, RPA and analytics in a single, unified platform. Get in touch to learn how Kryon Full-Cycle Automation can benefit your business.