The case for Digital Transformation in a business must not only outline the benefits to be achieved but also be economically viable. Clearly, any form of investment in technology, software or process has a cost. This is particularly true when introducing a capability that a business has not had before, such as replacing pen and paper with a digital data collection and reporting tool like GoReport.
So how you measure or value your Return on Investment (ROI)?
The answer will be very much dependent on your particular motivation for considering the software in the first instance, what you value most and will undoubtedly be a combination of benefits that make the case.
From a pure time saving perspective, clearly the ability to collect data, photographs, dictation etc. all in one device and to automatically create high quality output reports is a huge time saver over collecting separately and then aggregating and retyping into a report.
For high volume surveying, such as the residential homebuying reports, this will clearly lead to a time saving that you can measure in multiples of hours. However, it is also key to understand and value that time saving appropriately when making your case. For example, do you want to leverage it to give you the ability to deliver more reports in a given day and hence increase your revenue, or is it a case that you feel you do enough but you want to steal back that time from your evenings and weekends!
For commercial or more complex surveys involving large volumes of data, many clients cannot think in terms of time saved but must consider the ability to deliver at all to a client’s timeframe and data detail requirements. In other words, asset owners are increasingly expecting their supply chain to “bake in” efficiency gains to the delivery of a service by the utilisation of the latest tools and so digital data collection is fast becoming the baseline capability requirement.
With this trend only likely to continue, the ROI becomes less about calculating “hours saved” and more about the value in gaining and/or sustaining a competitive advantage over those who have not fully embraced digital data collection and reporting.
Naturally, the adoption of a new technology cannot just be considered in terms of the initial investment. Technology is an enabler and the value should also be considered in terms of the opportunities that can be created as a business evolves. This can be hard to quantify at the beginning of a digital transformation journey, after all, no-one can fully predict the future! Fortunately, there are many examples of other businesses that have already moved through several phases of their journey and are still continuing to evolve and reap new benefits.
The more experienced GoReport clients have reported that the ability to maximise their efficiency through preparation, data collection and reporting through the adoption of GoReport has given them a solid foundation to achieve even greater advantages. These range from an ability to deliver more extensive services and guidance to their clients due to fast data aggregation and analysis capability to better controls, resource management and quality of customer service through a higher degree of visibility of the work being delivered across the business.
If you want to find out more about how existing GoReport clients have digitally transformed their businesses with adoption of GoReport and evaluated their ROI, you can find out more here or read on to the next article ➡️
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