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Business value comes from reducing costs, increasing revenue, enabling opportunities, and reducing risk.

Cost Reduction

Cost reduction projects are the easiest to measure, and therefore, the CFO's favorite. One of my favorite cost reduction tools is robotic process automation (RPA). RPA automates repetitive and mundane tasks by replacing work done by people with a software bot. For example, a bot can be programmed to log into a financial system, look up a past-due amount for a customer, format a personalized letter requesting payment, and email that letter directly to the customer. The first time I implemented RPA, I feared a backlash from the people doing the work manually. However, the opposite happened: because the bot replaced the most boring and thankless tasks, people were thrilled and thankful for RPA. Employees could now dedicate their time to more meaningful and fulfilling work.

Increase Revenues and Enable Opportunities

If a company’s bottom-line projects are the CFO's favorites, then top-line projects are the CEO's favorite. Projects that increase revenue have much more upside. The sky is the limit on top-line growth. A project that delivers new capabilities can put you ahead of the competition and increase your market share.

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