How do you compare and prioritize different process automation opportunities based on their ROI potential?

2 Estimate the costs and benefits of automation

The next step is to estimate the costs and benefits of automation for each process. The costs include the initial investment, such as software licenses, hardware, training, and implementation, as well as the ongoing maintenance and support costs. The benefits include the savings and gains from automation, such as reduced labor costs, increased productivity, improved quality, and enhanced customer experience. You can use a formula or a calculator to estimate the ROI of automation for each process, based on the costs and benefits over a certain period of time.

3 Compare and rank your automation opportunities

The final step is to compare and rank your automation opportunities based on their ROI potential. You can use a simple scoring system or a matrix to assign a value to each process, based on its ROI and other factors, such as feasibility, urgency, or strategic alignment. You can then sort the processes by their score or plot them on a chart to visualize their relative value and priority. You can also use a dashboard or a report to communicate your findings and recommendations to your stakeholders.

5 Start small and iterate

Process automation is not a one-time project, but a continuous journey. You don't have to automate everything at once, or stick to your initial plan. Instead, you can start small and iterate. You can select one or a few processes that have a high ROI potential and low complexity or risk, and test them in a pilot or a proof of concept. You can then measure the results, collect feedback, and make improvements. You can also learn from your successes and failures, and apply your insights and best practices to other processes. By doing so, you can maximize your ROI and value from process automation.