Key performance indicators (KPIs) demonstrate how effectively a company achieves key business objectives. Regarding the ROI for technology expenses, pre-defined KPIs can help you determine whether you are maximizing your digital dollars. These KPIs vary from enterprise to enterprise depending on the nature of your business, your specific goals, and the technology implementation.
However, there are a few universal KPIs that are critical for measuring the ROI of technology investments, including:
- Initial cost vs. Net gain: These are the figures related to the implementation cost of your technology solution minus your net gain.
- Employee productivity: This measures the efficiency of technology-related processes relative to the time and resources used.
- Customer experience and satisfaction: An integral aspect of ROI, positive user feedback can lead to increased revenue, retained customers, and more new customers.
- Data privacy and security: The capacity to secure data and protect customer privacy directly impacts trust, reputation, and your bottom line.
Understanding and tracking these indicators can help enterprises optimize their technology budget. To maximize your ROI for technology expenditure, turn to the experts at SYSTEMSEVEN.