The Total Economic Impact™ of WEBCON BPS is a commissioned study conducted by Forrester Consulting on behalf of WEBCON in June 2020, which examines the potential financial impact of implementing WEBCON BPS in an organization. Forrester interviewed one of WEBCON’s customers in the financial services industry, a subsidiary of a global conglomerate with more than 300,000 employees globally, with years of experience using WEBCON BPS. Through data collection and subsequent financial analysis, the Forrester’s study concludes that WEBCON BPS can provide companies with a 113% return on investment over three years, and enable up to 87% improvement in process handling time.
Does business process automation pay off? Can WEBCON BPS help your company work faster, more efficiently, and as a result generate some serious savings? Yes, it can and we’ve got the numbers to prove it!
To help companies evaluate potential business benefits and cost savings enabled by implementing our process digitalization and automation platform WEBCON BPS, Forrester Consulting conducted a Total Economic Impact™ study. The purpose of the study is to provide a framework to evaluate the potential financial impact of the WEBCON BPS platform for the organization.
The TEI study explores the prospective return on investment (ROI) enterprises may realize by deploying the platform and provides a comprehensive analysis of the benefits, costs, and risks associated with implementing WEBCON BPS.
Among the key findings, Forrester points out such benefits:
- 113% ROI over three years
- Business benefits derived from improving processes equaling $605,230
- 87% improvement in internal process handling time
- 67% improvement in complex external process handling time
The implementation of WEBCON BPS has enabled us to avoid spending an estimated $1.17M in purchasing, implementing and maintaining alternative ready-to-use solutions in the market.
CIO, financial services
Total Economic Impact™ is a methodology developed by Forrester Consulting that enhances a company’s technology decision-making processes. The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision.
Forrester interviewed one of WEBCON’s customers in the financial services industry with years of experience using WEBCON BPS. The company is a subsidiary of a global conglomerate with more than 300,000 employees globally. The financial impact of using WEBCON BPS was assessed over a three-year period.
The interviewed organization experienced the following key challenges before deploying WEBCON BPS:
- Cumbersome and manual processes that lengthened the process handling time, impacting both employee and customer experiences
- Poor visibility and control over business processes that resulted in potential missed deadlines, compliance risks, and inefficient access to information
- High cost of ready-made solutions and time-consuming evaluation that may result in prioritization of certain business use cases over others
Prior to adopting WEBCON BPS, this organization did not have a BPM solution. Many internally and externally facing business processes were carried out using pen and paper, spreadsheets, and email exchanges. As a result, the organization was both inundated with manual and tedious processes and unable to offer digital solutions to its clients.
With WEBCON BPS, the organization was able to reduce time spent on internal manual processes (e.g., vacation application, employee onboarding) and implement new solutions (e.g., customer risk assessment) to delight its clients. This was achieved all while standardizing its processes, providing a modern user-friendly interface, and quickly adapting to process changes.
In the study, Forrester highlights such quantified customer benefits:
- Improved internal process productivity ($115,255)
Processes that were once paper-based have been transformed to a digital form. Coupled with the use of optical character recognition (OCR) and AI, the organization achieved an average 87% improvement in internal process handling time. This allowed the employees to put the time saved into higher value work.
- Improved complex external process productivity ($107,450)
This benefit focuses on time saved by employees due to digitization of complex processes that are often customer-facing in nature. Through the use of WEBCON BPS, the company is empowered to build new products, such as automated credit decisioning, which achieved a reduction of four FTEs required to support the process.
- Improved non-complex external process productivity ($382,525)
WEBCON BPS process automation resulted in a 67% improvement in employee-handling time of non-complex processes that are either customer-facing or non-customer-facing (e.g., procurement of office supplies or IT equipment) in nature.
Source: The Total Economic Impact™ of WEBCON BPS by Forrester
The interviewed company also experienced such additional substantial unquantified benefits:
- Rapid prototyping capability that empowered the organization to prototype new solutions iteratively and to test them out in practice with minimal obstruction to ongoing processes, significantly reducing the time-to-market for new products and services offered.
- Improved cross-team collaboration - WEBCON BPS enabled the IT and business teams to work together in a way previously not possible. Developers and business users are able to work together in an iterative way to design the ideal process flow, and the quick and easy implementation of process modifications suggested by business users, improves not just communication but also helps to make sure the process works as desired.
- Increased transparency and visibility of business processes. WEBCON compiles audit trails for all processes. This holds users accountable for any changes, and it thereby makes business continuity and maintenance of the system a breeze in the long run.
In many cases, developing new applications internally with the use of WEBCON BPS was much faster that what other external vendors offered.
IT team leader, financial services
Read the full study to learn more about how WEBCON BPS delivers over $603K in economic benefits or contact us to discover what value we can bring to your business!