Just How Much Money Can Be Saved with Workflow Automation Software?
You don’t have to be a large enterprise to make use of workflow automation software. Yes, there are large automation platforms that big businesses invest in for major automation initiatives, but smaller businesses shouldn’t feel left out of the automation trend. Think of all the consumer-oriented automations you take advantage of every day, like automatic updates, reminders, and status reports on things like your bank account or credit card balance.
Savings can be significant when you deploy automation software for business, and return on investment can be rapid. Numbers, of course, will vary with each situation, but well thought-out automation is one of the smartest ways to increase productivity and lower costs. Here’s how you can gauge potential savings from workflow automation software.
Calculate Your Return on Investment
Return on investment (ROI) is a ratio of net benefits to costs and is reported as a percentage. The basic formula is:
• ROI = [(Monetary Gains – Cost of Implementation) / Cost of Implementation] x 100
Suppose after one year your company saves an extra $5,000 because of the $1,000 automation software you deployed. Your ROI would be:
• [($5,000 – $1,000) / $1,000] x 100 = 4 x 100 = 400%
That would mean for every $1 you spent on the automation software, you realized a $4 return.
A Composite Study of Workflow Automation Savings
Forrester recently conducted an economic impact study on workflow automation for process automation platform provider Nintex. They created a fictitious composite company based on average answers provided by several Nintex customers. Return on investment was calculated over a period of three years and was determined to be 176%. They also calculated a payback period of 10.5 months.
Keep in mind that a strong ROI also results in less tangible improvements, such as development of best practices, better regulation compliance, and the potential to use automation software to develop new revenue-producing projects. The Nintex automation platform is expensive, costing tens of thousands of dollars per year, plus training and installation costs. Could your small business get great ROI from a much less expensive automation solution? Absolutely.
How a School District Saves $10,000 Annually With PerfectForms
The Visalia Unified School District in California supports nearly 30,000 K-12 students plus 2,500 employees across 44 educational sites. The school district identified over 100 paper-based processes to automate using custom online forms created with PerfectForms software. They calculated the cost of their paper forms and found that they were spending from $0.20 to over $1.00 apiece in some cases.
One particular form accumulated more than $10,000 per year in printing costs alone, and automation with PerfectForms eliminated that cost. But that’s just a baseline savings. Workflow Automation also saves the district the costs associated with manually submitting and processing forms, making form processing significantly less labor-intensive.
In fact, the school district chose PerfectForms because of its affordability, powerful features, and intuitive user interface. With PerfectForms, the Visalia school district was able to automate accident reports, transportation requests, and requests for substitute teachers, and made their electronic forms look exactly like their paper counterparts, for an easier transition and short learning curve.
Handling paper forms is expensive, cumbersome, and prone to errors. Smart businesses of all sizes are creating electronic forms and putting them together in electronic workflows that speed things up considerably while cutting down on errors. And when forms are submitted electronically, they aren’t lost or damaged en route.
PerfectForms offers an easy-to-use interface that lets you Create Forms Online with drag-and-drop convenience and then easily connect them into workflows. You can even include automated alerts so that people receiving completed forms are notified immediately. PerfectForms is affordable, powerful, and user friendly, and it allows you to Automate Business Processes without major upheaval or IT initiatives. If you would like to know more, contact PerfectForms at any time with your questions. Or try out PerfectForms for free and see for yourself how straightforward and easy it can be to automate workflows.
Tags: workflow automation