{"id":2133,"date":"2019-09-06T07:54:34","date_gmt":"2019-09-06T07:54:34","guid":{"rendered":"http:\/\/svam.reinventmedia.in\/?p=2133"},"modified":"2023-12-06T12:21:53","modified_gmt":"2023-12-06T12:21:53","slug":"payback-time-improving-roi-from-digital-labor-in-financial-services","status":"publish","type":"post","link":"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/","title":{"rendered":"Payback time: Improving ROI from digital labor in financial services"},"content":{"rendered":"It\u2019s not hard to develop a business case for digital labor and robotic process automation (RPA) that shows attractive returns. But will it be accurate? Often, many financial institutions don\u2019t see the results they expect. Without knowing their true pain points or support requirements, companies will miss out on ways to scale the benefits, and they\u2019ll leave money on the table. With a realistic roadmap, you won\u2019t be surprised by hidden costs, and you\u2019ll apply digital labor where it can have the greatest effect.\r\n\r\nWhile financial institutions are attracted to appeals of digital labor from software providers and business process outsourcers, many financial institutions are facing an unpleasant reality: the savings they\u2019re seeing are nowhere near the savings they\u2019ve budgeted for.\r\n\r\nThere are two complementary factors at work here:\r\n<ul>\r\n \t<li>Budgets were unrealistic, because financial institutions didn\u2019t adequately address digital labor\u2019s cost drivers<\/li>\r\n \t<li>The value from digital labor inevitably comes from applying it strategically and consistently, rather than rushing into a narrowly defined technology implementation<\/li>\r\n<\/ul>\r\n<strong>Know your costs<\/strong>\r\n\r\nDigital labor projects are likely to face a variety of contingencies. They\u2019re all solvable, but they all involve additional cost and overhead. Digital labor projects include a mixture of costs whether you own the tools or you outsource the operation. By setting appropriate expectations at the start of your digital labor projects and having a clear-eyed assessment of what your costs will be, you are in the best position to make better decisions as the project proceeds.\r\n\r\n<strong>Getting the most value from digital labor<\/strong>\r\n\r\nBased on our experience, you can use a general ratio of 2-2.5 full-time equivalent (FTE) per robot, depending on scale. This being said, you won\u2019t see an adequate return on investment if you merely free up a few hours in a person\u2019s week. If you can restack some activities across roles so they can be automated more consistently, you\u2019ll be more likely to free up the FTEs you budgeted for. Furthermore, to scale a digital labor program you need to look at it in the context of your overall operational strategy. Otherwise, you can get stuck with antiquated processes or systems that you\u2019ve intended to phase out, which can kill your ROI.\r\n\r\n<strong>Developing the business case<\/strong>\r\n\r\nMost large financial institutions we know have implemented one or more small proof-of-concept projects, but they typically haven\u2019t made the jump to broader adoption. So how do you develop a realistic business case? By understanding the reasons why companies don\u2019t see full savings from digital labor and implementing a realistic roadmap, you\u2019ll be able to apply the technology where it can have the greatest effect.\r\n","protected":false},"excerpt":{"rendered":"It\u2019s not hard to develop a business case for digital labor and robotic process automation (RPA) that shows attractive returns. But will it be accurate? Often, many financial institutions don\u2019t see the results they expect. Without knowing their true pain points or support requirements, companies will miss out on ways to scale the benefits, and &hellip; <p class=\"link-more\"><a href=\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Payback time: Improving ROI from digital labor in financial services&#8221;<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":2134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[120,4],"tags":[],"class_list":["post-2133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-rpa","category-blogs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payback Time: Improving ROI from Digital Labor in Financial Services<\/title>\n<meta name=\"description\" content=\"Improving ROI from digital labor in financial services. It&#039;s not hard to develop a business case for digital labor and robotic process automation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payback Time: Improving ROI from Digital Labor in Financial Services\" \/>\n<meta property=\"og:description\" content=\"Improving ROI from digital labor in financial services. It&#039;s not hard to develop a business case for digital labor and robotic process automation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\" \/>\n<meta property=\"og:site_name\" content=\"SVAM INTERNATIONAL INC\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-06T07:54:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-06T12:21:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/svam.com\/wp-content\/uploads\/2021\/04\/5-min.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"845\" \/>\n\t<meta property=\"og:image:height\" content=\"434\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"echo_master25\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"echo_master25\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\"},\"author\":{\"name\":\"echo_master25\",\"@id\":\"https:\/\/svam.com\/#\/schema\/person\/6fa2745396d0df8679655eb4c31035fe\"},\"headline\":\"Payback time: Improving ROI from digital labor in financial services\",\"datePublished\":\"2019-09-06T07:54:34+00:00\",\"dateModified\":\"2023-12-06T12:21:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\"},\"wordCount\":459,\"publisher\":{\"@id\":\"https:\/\/svam.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/svam.com\/wp-content\/uploads\/2021\/04\/5-min.jpg\",\"articleSection\":[\"AI &amp; RPA\",\"Blog\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\",\"url\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/\",\"name\":\"Payback Time: Improving ROI from Digital Labor in Financial Services\",\"isPartOf\":{\"@id\":\"https:\/\/svam.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/svam.com\/blogs\/payback-time-improving-roi-from-digital-labor-in-financial-services\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/svam.com\/wp-content\/uploads\/2021\/04\/5-min.jpg\",\"datePublished\":\"2019-09-06T07:54:34+00:00\",\"dateModified\":\"2023-12-06T12:21:53+00:00\",\"description\":\"Improving ROI from digital labor in financial services. 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