If you’re not sure whether to buy new software or not, calculating the likely return on your investment will definitely help you make a decision. Not only will calculating ROI give you more confidence in your decision, you’ll know how much you can spend when you start looking at software options.
When we approach any decision now on technology, we look at first, will it benefit our customers? Is there experience going to be improved? And second, is it good for us? Does it help us improve efficiency and productivity? If it gets both of those, then we'll look at it
Hannah Barlow and Tom Mathew - Dunsters Farm
- You already know how to do an ROI calculation – compare the potential costs with the potential benefits/savings. The calculator below just gives you some specific things to think about with software ROI.
- Try to quantify the benefits you can expect from new software, and push yourself to consider all the angles. Some items are easier to quantify than others – approximate numbers are ok.
- Add rough costs of the software. You might not know exact prices yet so just use estimates for now. You can always return to this calculation and tweak it later when you have real quotes.
It allows us to see problems coming, people can raise stuff with us sooner, and ultimately it's been for the best. We've put all sorts of changes in place which has put in place a truly better culture
Joe Thomas - Wondervision