Mobile technologies can be transformative for your frontline workers, giving them real-time access to the ERP data they need to make proactive decisions.
Choosing the right mobile solutions to match your unique business needs is critical. Return on investment (ROI) is one of the key components of that decision, ensuring you’re picking a solution that maximizes profitability. It can be difficult to gauge ROI of mobile solutions during the evaluation process, raising the risk of a costly misstep.
How to Measure ROI?
ROI is calculated as a ratio of net returns generated by a solution to its total cost and expressed as a percentage. Mobile solutions optimize operations and their impact can be measured through key performance indicators (KPIs), including cost savings, increase in employee productivity, reduction in safety incidents, increase in wrench time, decrease in downtime, decrease in compliance issues, user engagement and more.
Careful consideration of the possible KPIs and quantifying them is where the rubber meets the road. Companies need to establish cross-team collaboration to evaluate the possible benefits of using mobile solutions. You need historical data to compare some parameters, such as reduction in compliance issues, against industry standards to quantify the benefits achieved. Overlooking any impact of deploying the solution might result in inaccurate ROI measurement.
If you were evaluating Innovapptive’s mobile work order management solution, you’d need to consider a range of benefits, such as:
- Replacing paper-based forms and connecting frontline technicians with ERP systems like SAP and IBM Maximo
- Integrating work instructions to provide technicians with visual guidance to execute work orders safely, quickly and efficiently.
- Avoiding unexpected shutdowns thanks to productivity improvements that prevent potential failures.
- Enhancing regulatory compliance and the associated hefty penalties.
Innovapptive’s ROI Calculator
Measuring ROI shouldn’t be challenging for companies. Innovapptive offers a variety of mobile enterprise solutions in our Connected Worker platform, including work order management, inventory management, fixed asset management, digital work instructions and operator rounds solutions.
We created an ROI calculator to help companies measure the possible ROI of these solutions to a high degree of accuracy without much effort. The calculator is based on our experience of working with companies across the globe and considers the total cost of mobile solutions throughout the contract period. These costs include vendor costs, in-house IT infrastructure costs, employee training costs, security and more.
The ROI calculator performs a detailed analysis of the benefits from the deployment of mobile solutions. It compares the value generated from a particular mobile solution against industry standards to calculate the true ROI of the solution.
The model allows for the quick evaluation of “what-if” scenarios and their impact on overall savings. This could be anything from increasing inventory accuracy from 96% to 98% to decreasing time spent on cycle counting from two hours to one hour per day.
With each and every possible KPI carefully considered and quantified, Innovapptive’s ROI calculator helps companies make well-informed decisions.
Want to learn more about measuring ROI of enterprise mobile solutions for your asset-intensive company?
Click here to schedule a free live demo or call 1-844-464-6668 to talk to our experts.