Measuring Your ERP’s ROI: Looking for the Hidden Sources of Return on Investment

When faced with the decision to purchase and implement new technological solutions, the first thought that comes to mind is, “What’s the ROI?” Generally, ROI is expressed as a number – after all, the formula is ROI = net gain/cost. Let’s say you buy a $5,000 software system and you then go on to make $7,500. That’s an ROI of 50%!

Sometimes, the sources of ROI are less obvious. However, that doesn’t mean that they’re any less important or that they shouldn’t be considered at all. Read on to learn how four hidden sources of ROI in your ERP implementation can transform your entire company, making it more profitable and sustainable.

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Finding the ROI in Higher Productivity in Your ERP Implementation

If you’re looking into investing in an ERP system, you’ve read about all of the benefits that they bring to organizations. One of those benefits is higher productivity.

Productivity gains are considered a hidden source of ROI because they’re harder to quantify. However, they’re no less important than other advantages that ERP systems bring to companies. Read on to learn how you can harness the power of increased productivity thanks to an ERP implementation.

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Where’s the ROI on Your ERP?

When it comes to calculating ROI for ERP systems, we tend to look at a dollar and cents amount. We think of ROI as a purely financial amount. If you’re saving this much money or earning that much more money than the cost of the ERP, then you’re getting a good return on investment.

However, that’s only one way to think of the ROI on ERP systems. Another way of looking at it is to look at the less tangible or quantifiable benefits that ERP systems bring. Read on to learn about how to assess less obvious sources of ROI.

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Error Reduction: The Source of ROI You’ve Never Considered

Do you remember the “Where’s Waldo?” series of books? Each page was filled with an illustration of a crowd of people. Hidden inside the crowd was a tall, skinny man (Waldo) who wore blue jeans, a striped sweater with a matching hat and scarf set, and glasses. Trying to pick him out of a crowd of hundreds of characters led to frustration and eye strain, yet there was ultimately a sense of triumph when you located Waldo.

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ERP ROI: Make Better Decisions

One of the primary benefits of any ERP system is decision support. We might think executives make the important decisions. In fact, people at every level of the business make important decisions throughout every day. Use your ERP to help guide every user to the choice that leads to an optimal payoff for the enterprise.

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Use ERP workflow to improve your ROI

ERP workflows will help your bottom line. We link the steps we are supposed to take in our process as connected ERP transactions. Errors caused by disconnects, when one person performs a transaction and a second person makes a transaction that doesn’t fit with the first, are usually eliminated.

Workflows can be a short series of regular tasks or a lengthy annual process. Whatever form they take, they can greatly benefit a business that wants to reduce errors and cost.

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