7 Ways to Ensure Your Software Investment has an ROI that Lasts

Learn what it takes to ensure your investment in software and digital transformation tools stick and provides a return on investment (ROI) for years to come.

December 10th, 2020 • Custom Software Development Resources: Articles

We’ve all heard the buzzwords “digital transformation” and “digital-first”. And if your enterprise hasn’t jumped on the bandwagon yet, it’s time to sit down with your executive team and map out your digital transformation journey.

The COVID-19 pandemic has fast-tracked digital transformation projects for enterprises around the globe. However, an estimated 70 percent of digital transformation projects fail due to a variety of reasons from a lack of management support and poor cross-functional collaboration, to unclear goals and expectations.

So, what does it take to ensure your investment in software and digital transformation tools stick and provides a return on investment (ROI) for years to come? Let’s dive in.

Get c-suite and executive buy-in and support.

First things first, before you go spending your allocated budget on new software solutions: get aligned with your executive team by providing them a well-thought-out proposal of your project with your estimated budget and how the new technology will support existing and future business priorities, objectives, and goals.

Have a detailed list of “must-haves” before you select a solution or custom software developer.

There are a lot of software vendors out there and it is easy to feel overwhelmed by the solutions to choose from. To avoid getting lost in RFPs and proposals, hit the pause button before you start your research and clearly lay out what you’ll need from your software. Trust us, this will save you a lot of time (and headaches).

Define clear goals, objectives, and how you will measure success for your software - and communicate the benefit to key stakeholders.

When it comes to implementing new software solutions, it’s essential you and your key stakeholders understand your goals, objectives, what success looks like, and how you’ll measure it. Sit down with your stakeholders and map the software solution back to key business priorities and needs. Look at how this solution will support and help advance the company to meet those goals. At the end of the day, if your technology investments aren’t rooted in supporting the business's growth goals, it may be time to take a step back and reassess.

Don’t cut corners on budget just to save an extra dollar today.

Investing in your company’s digital transformation projects isn’t an area worth cutting corners - but this isn’t to say you should disregard affordable options. Take the extra time to evaluate various vendors in all price ranges. Compare their offerings and how well the solutions stack up with goals and priorities. Just as important is learning how your software vendor aligns with your company’s values and mission.

Ensure your software solution can grow and scale with your business.

There’s nothing worse than investing in new software solutions to help your business grow, only to meet your business goals and then realize that your “new” software can’t handle the uptick. When reviewing software options, don’t just look to vendors that support your current growth goals – look beyond. Where will your business be in the next five to ten years? What type of scale and reach will you have, and what will that mean for your web, mobile, and cloud solutions? Future proof your software for where you want your company to be, not just today or tomorrow, but decades to come.

Choose a software solution that’s easy to integrate with and maintain.  

You’ve already invested quite a bit of time and budget on selecting an “out of the box” or custom-built software solution for your enterprise, so why invest painstaking hours in integrating and regularly updating your software? Find a solution that is simple to install and even easier to update. And, if you’re opting for a custom-built software solution, look for a vendor that wants to become an extension of your team and provides support and guidance along your digital transformation journey.

Provide necessary training for internal stakeholders (or if your software is for external users, an easy-to-navigate UX.)

So, you’ve officially completed your digital transformation journey and it's time to unveil your new solution to the end-user. If this is a new interface or new application altogether, invest the time and resources in official training or simple how-to-guides to ensure end-users understand how to use the new tool and understand the benefits and use cases. This is key to the success of your project and ultimately how you’ll see the most ROI from your software investment.

Today’s world is moving fast, and the technology we use is evolving even quicker. To stay ahead of the curve, enterprises need to invest in their software solutions. Don’t be part of the failed digital transformation projects, put in the time, research, and investment to properly launch new web, mobile, and cloud applications that help advance your business (and stay ahead of the competition).

Not sure where to start on your digital transformation journey?

We’re here to help, contact us today.

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