Digital transformation is a non-negotiable move if you expect your business to not only keep up with a constant, rapidly industry evolution, but also to differentiate your product or brand in a world of cut-throat competition.
A crucial aspect of integrating digital technology across all business areas, is investing in the right software to drive productivity and efficiency. Technology is the golden thread that connects workflows. Whether construction, mining, or manufacturing, the right software platform and systems integration consolidate and streamline processes throughout the entire project life cycle.
This brings us to the big question: How do you calculate the return on investment (ROI) for software, particularly in the mining, construction, and manufacturing fields?
As an Autodesk Platinum Partner, Modena OneSolve understands the significance of analysing ROI when implementing software solutions.
In this blog, we discuss a few key metrics to take into consideration when considering software ROI with specific reference to Autodesk software solutions.
Clearly identify the objectives of implementing a software solution
Before investing in a software stack, it is important to have a clear understanding of what the objectives are within your organization. You also need to define all the pain points that need to be dealt with and establish how these can be solved or improved through a software solution. For example, are you struggling with material shortages or wastage? Do you need a solution to streamline communication within your team? Identifying the exact objectives, you aim to achieve and the challenges that need solving, enables you to align your software investment with tangible goals, making the ROI assessment more valuable.
Set quantifiable metrics
Defining quantifiable metrics are crucial to measuring ROI. These will vary depending on the industry, for example, in the mining industry, factors such as increased ore recovery rates, reduced downtime, and improved safety records can contribute to ROI calculations. In construction, metrics might include shortened project durations, decreased rework, and optimised resource allocation. In manufacturing, metrics like enhanced production output, minimised defects, and streamlined supply chain operations are crucial indicators of ROI.
Measure cost savings versus revenue generation
ROI analysis typically revolves around two primary aspects: cost savings and revenue generation.
Autodesk solutions offer a spectrum of benefits, ranging from reduced operational costs through improved efficiency to revenue growth facilitated by enhanced product quality and faster time-to-market. Evaluating both cost-saving and revenue-generating potentials, enable organisations to gain a comprehensive understanding of software ROI.
Total cost of ownership (TCO)
In addition to the cost of the initial software purchase, it is necessary to consider the total cost of ownership (TCO). This includes the cost of implementation, training the team, ongoing technical support, and software maintenance fees. Considering the holistic view of the investment that is required throughout the software lifecycle, helps in reaching a more accurate ROI assessment.
Intangible Benefits
Don’t overlook the intangible benefits offered by Autodesk solutions. Improved employee satisfaction, enhanced decision-making capabilities, and strengthened competitive positioning are invaluable assets that should be considered when looking at long-term ROI. Although intangible benefits may be challenging to quantify, acknowledging their significance can paint a more comprehensive picture of software ROI.
Case studies and Industry Benchmarks
Industry-specific case studies and benchmarks provide valuable reference points for ROI calculations.
To conclude, calculating software ROI is a multi-faceted process that requires the consideration of a number of factors. At Modena OneSolve, we’re help organisations harness the full potential of Autodesk solutions and achieve optimal ROI.
Contact us today for advice on the best Autodesk solution for your organisation and to get your team trained to maximise your investment.
