With the increasing, and fast-paced, digitization of the financial space, there’s a lot at stake for teams looking to implement the latest technology in their organization. They simply can’t afford investing in a solution that doesn’t deliver the ROI they need.
Measuring ROI can seem easy at first glance. However, many organizations struggle to determine which KPIs matter most, which tools they should use to measure them, or even where to find reliable data. On top of all that, there’s unquantified costs and benefits that should also weigh into the conversation about ROI. When you pin down those things, even the ones that are difficult to put a number behind, you can finally start to see the full ROI over time.
We’ve provided some first steps toward determining the ROI of your technology investments. Ask yourself the following questions.
What Benefits Do You Want from This Solution?
Along with the obvious financial improvements of bringing in more revenue and reducing or avoiding costs, does this investment improve team productivity? Does it encourage employee retention? Does it improve customer satisfaction? While difficult to quantify, these things have a huge impact on organizational success and can’t be ignored when calculating ROI. Make sure you spend time determining your success metrics for those and any other projected benefits technology could bring.
What Are the Costs?
While cost should certainly factor into your ROI calculations, it’s not the only consideration. How much time does it take to implement? How much training does your team need? How long will it take for this solution to pay for itself? An easy-to-use software with plenty of resources for implementation and training will help lower some of those costs and allow you to quickly reap the benefits you need.
Why Does It Matter?
Besides the obvious answer of understanding what you get out of the software, knowing ROI of solutions you’ve implemented will play a huge role in how your team operates and how you’re perceived across your entire organization. Understanding ROI not only gives you an indication of where your budget dollars are spent and when it’s time to pivot strategy, but positive ROI also allows you to clearly demonstrate impact and gain leadership’s buy-in for future initiatives.
The ROI of Total Expert
Recently, we commissioned a study from Forrester Consulting to determine the Total Economic Impact™ of the Total Expert Marketing Operating System® (MOS). After interviewing Total Expert users and compiling their research, Forrester uncovered that those interviewed organizations using Total Expert could:
- Close 5.9 more loans annually per loan officer.
- Achieve ROI as high as 321 percent.
- Add millions in annual revenue.
- Earn back their tech investment in under nine months.
To learn more about Forrester’s process and what these numbers mean for Total Expert customers, read the full study: The Total Economic Impact™ Of The Total Expert Marketing Operating System (MOS), a September 2019 commissioned study conducted by Forrester Consulting on behalf of Total Expert.