So, you’ve taken the plunge and made a major investment into new technology. Maybe it’s new hardware to boost your network, or perhaps it’s a piece of software designed to consolidate and streamline your workflow. Either way, this can be a stressful time. You don’t merely need to deploy and train people on the new tech, but you need to start looking for ways to justify it.
For a technology purchase to be considered successful, it has to show a return on investment – and hopefully as soon as possible.
Here are a few ways to help make that happen.
1. When possible, used phased roll-outs.
It is generally a poor idea to make big changes to your technological infrastructure all at once – if something goes wrong, it likewise goes wrong in a big way. When rolling out a new piece of software, for example, try doing it on a department-by-department basis. Start with a non-mission-critical application as well, to minimize the chance of serious mishap.
This will be an extremely valuable learning experience which will make it far easier to roll out the change to the rest of your organization. And if your deployment goes smoothly, that makes it much easier to start seeing positive ROI.
2. Reduce workforce disruption with online training.
Another benefit to doing a phased deployment, starting with a fairly small test group, is that it allows you to refine and focus the training needed for the changes you’re implementing. Ideally, this should allow you to create a set of standardized online training courses. Online training is much less disruptive to the workforce, and requires fewer resources – thereby lowering your deployment costs and, again, pushing you towards positive ROI more quickly.
Don’t force people into in-person training seminars unless it’s truly unavoidable.
3. Don’t overlook the “non-quantifiable” elements in ROI.
One mistake we often see in calculating ROI is when a company refuses to look at any elements which aren’t directly and immediately quantifiable. This can lead to a dangerous kind of tunnel vision, where they are afraid to invest in purchases that improve customer service, for example. It’s true that it’s difficult to put specific dollar amounts on improved CX… but at the same time, the need for greater customer focus is undeniable in the current business environment.
Don’t handwave “non-quantifiable” elements. If necessary, look for ways to quantify them. Continuing the example, improved customer retention could be tied to your customers’ average lifetime value. If you can estimate how many customers are retained, you can estimate their value. The same goes for most non-quantifiables. Be creative, and don’t let them get swept under a rug.
LogicBay Improves Efficiency Within Your Ecosystem
The LogicBay Methodology, combining cutting-edge software and integration solutions with time-tested human expertise, is designed to help you create a leaner, smarter, more customer-friendly workflow.Showing ROI is easy when you’re deploying LogicBay! Contact us directly to see a personalized demonstration of all the cost-saving benefits we bring.