Digital work instructions ensure quality and continuity in production while creating safer workplaces. It’s critical to thoroughly evaluate your solution before you deploy it.
Return on investment (ROI) — often a CFO’s favorite metric — is an important part of that process. ROI measurement helps companies ensure their investment yields maximum profitability. Calculating ROI can be tricky, though, raising the risk of making a bad investment.
Challenges in ROI measurement
A cutting-edge digital work instructions solution creates a multiplier effect within your production ecosystem. It replaces paper-based processes and helps you save on associated costs. This is an obvious, direct financial benefit for your company. Real-time visual guidance and updated work instructions have a significant impact on your production lines, yielding several not-so-obvious benefits including increased efficiency, prevention of potential shutdowns and regulatory breaches.
How do you account for the benefits of preventing inefficiency and waste? By comparing these metrics against historical data and industry standards, you can include them in your ROI calculations. Unfortunately, availability of this data is limited because companies largely rely on manual processes, making it hard to crunch the numbers.
User adoption should be another key part of the ROI calculation. It plays a key role in getting the most out of your solution. If your employees are uncomfortable with the new technology and reluctant to use it, your digital strategy can backfire. Companies should plan how to drive user adoption to achieve maximum ROI for the solution and estimate this cost. Most companies miss this component and make a wrong ROI calculation.
Innovapptive’s ROI calculator for Digital Work Instructions
We’ve simplified the ROI measurement process for our configurable digital work instructions solution, part of our Connect Worker Platform. Our comprehensive ROI calculator performs a detailed analysis of all possible KPIs and total cost of ownership for the entire contract period.
The calculator is supported by a massive database of industry standards that helps companies quantify the costs and benefits of the solution. The model supports predictive analysis of benefits with the aid of “what-if'' scenarios. You can quickly evaluate the impact on your bottom line if the average downtime drops to 600 hours a year from 800 hours, for example.
Innovapptive does all the hard work for you and helps you make confident, informed decisions while considering our digital work instructions solution. Our experts are always happy to help you understand what significant change our solution can bring to your business.
Click here to schedule a free live demo or call 1-844-464-6668.