What are Cost Savings metrics? Finding the right Cost Savings metrics can be daunting, especially when you're busy working on your day-to-day tasks. This is why we've curated a list of examples for your inspiration.
Copy these examples into your preferred tool, or adopt Tability to ensure you remain accountable.
Find Cost Savings metrics with AI While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI metrics generator below to generate your own strategies.
Examples of Cost Savings metrics and KPIs 1. Process Time Reduction Measures the reduction in time taken to complete the billing process after automation compared to before.
What good looks like for this metric: 30% reduction in process time
Ideas to improve this metric Use programmable robotic process automation tools Integrate with existing accounting software Utilise cloud computing for scalability Streamline data entry with OCR technology Implement a database for template management 2. Error Rate in Billing Assesses the percentage of billing errors post-automation compared to manual processes.
What good looks like for this metric: Under 2% error rate
Ideas to improve this metric Implement validation checks Conduct regular training for software use Use automated reconciliation methods Regularly update software for accuracy Use real-time data error alerts 3. Cost Savings Calculates the reduction in costs due to automating the billing process.
What good looks like for this metric: 20% cost reduction
Ideas to improve this metric Optimise software licenses Reduce paper and printing expenses Automate repetitive tasks to reduce overtime Conduct a cost-benefit analysis regularly Invest in preventive maintenance 4. Employee Productivity Measures the increase in productivity of employees as a result of reducing manual billing tasks.
What good looks like for this metric: 15% increase in productivity
Ideas to improve this metric Reallocate time savings to skill development Schedule regular feedback sessions Use productivity tracking tools Encourage a culture of continuous improvement Provide resources for professional growth 5. Billing Accuracy Rate Monitors the percentage of bills processed accurately after automation.
What good looks like for this metric: 98% accuracy rate
Ideas to improve this metric Ensure comprehensive testing before full deployment Regular data audits Use machine learning for pattern recognition Integrate feedback loops for corrective action Keep detailed records of errors for analysis
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1. Process Automation Rate Percentage of business processes currently automated compared to the total processes possible
What good looks like for this metric: 20-30%
Ideas to improve this metric Conduct a thorough process audit Identify repetitive manual tasks Leverage robotic process automation tools Invest in staff training for technology adoption Establish clear automation goals 2. Time Saved Through Automation Amount of time saved as a result of implementing automation in business processes
What good looks like for this metric: 10-50% time reduction
Ideas to improve this metric Analyse current process time expenditures Prioritise automation of most time-consuming tasks Collaborate with departments to streamline processes Continuously measure time savings Optimise processes post-automation 3. Cost Reduction Due to Automation Financial savings accrued from reducing manual labour and errors via automation
What good looks like for this metric: 15-30% cost reduction
Ideas to improve this metric Assess cost structures before automation Focus on high-cost processes for automation Use cost-effective automation solutions Regularly evaluate cost savings Scale successful automation projects 4. Error Reduction Rate Decrease in errors in business processes as a result of automation
What good looks like for this metric: 30-70% reduction in errors
Ideas to improve this metric Identify error-prone processes Use high-accuracy automation technologies Implement continuous error monitoring systems Train employees on new automated systems Review error rates regularly to refine processes 5. Employee Satisfaction with Automation Degree to which employees are satisfied with the automation tools and their impact on work
What good looks like for this metric: 70-85% satisfaction rate
Ideas to improve this metric Conduct employee satisfaction surveys Provide comprehensive training sessions Encourage employee feedback on automation tools Create a support system for employees Highlight benefits of automation to employees
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Tracking your Cost Savings metrics Having a plan is one thing, sticking to it is another.
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to keep your strategy agile – otherwise this is nothing more than a reporting exercise.
A tool like Tability can also help you by combining AI and goal-setting to keep you on track.
More metrics recently published We have more examples to help you below.
Planning resources OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:
Tability's check-ins will save you hours and increase transparency
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