3 Types of Technology with the Highest ROI for Your Enterprise

Every pound you put into your business is an investment—one that you hope will pay for itself in the long run.

11:08 21 August 2018

From your employees to your equipment, the goal is to have every investment you make in your enterprise offer a return on that investment. When it comes to business technology, there are certain programs that offer faster, higher ROIs than others. If you’re looking to invest in some new software or technology to improve your business, consider these 3 types of technology that can offer the highest ROI for your enterprise.

Document Management Software

If you’re still using physical copies of documents and storing things in filing cabinets, you’re several decades behind the times—and your company’s productivity and profitability are likely suffering from it. Papers are time-consuming burdens, but with the right DMS, they’re pretty easy to eliminate.

There are a number of programs out there; some are dedicated solely to managing your electronic documents, while others also offer project management features. But the most important thing in regards to your ROI is to get rid of physical paperwork. Doing so can offer the following benefits:

• Reducing wasted time; experts estimate that the average employee spends about 40% of their time searching for documents or information that they need to perform their jobs.
• Eliminating loss of documents; the average lost file costs a business $120!
• Reducing duplicate work by centralizing documents and information.
• Cutting down on document-related errors that lead to customer dissatisfaction and turnover.

While document management won’t bring customers to you, it will help you hang onto customers and improve your employees’ productivity. In a large enterprise, there can be quite a lot of paperwork, so the ROI on this kind of software can be quite high.

Interoffice Communication Tools

Communication in an enterprise with multiple locations and thousands of employees can get complicated. However, having the right technology can make this a lot simpler and more effective. Depending on your company’s industry and needs, you could utilize instant messaging software like Slack, or intercom technology on office phones. However, it is important that your enterprise have some form of interoffice communication that does not rely on emails and phone calls.

With ineffective communication tools, it’s hard to expect your employees to communicate effectively, and poor communication in the office can have major impacts on your business:

• Increased employee turnover
• Increased absenteeism
• Increased employee dissatisfaction
• Ineffective management
• Poor customer service
• Increased failure to deliver projects
• And more

With the sheer number of potential problems from ineffective communication, investing in reliable communication software and technology is certain to offer a return for your company.

Idea Management Software

One type of business software that often gets overlooked by enterprises is idea management software. This tool is designed to help your company collect and develop ideas from both employees and customers. Now, you might be wondering why you need to collect ideas from these sources if your booming business has its own R&D department. Here are just a few of the benefits:

• Wider array of ideas and input
• Increased employee engagement
• Improved employee satisfaction
• Improved customer satisfaction and retention
• Increased employee innovation and autonomy
• Higher profits

Innovation management that involves your employees as well as your customers has a direct impact on your bottom line, and will almost always yield a high ROI for your business, assuming you pair it with an effective innovation program in your office.

Making wise investments in your business that provide a consistent ROI is essential to the continuing growth of a company. So if you’re looking for a wise investment that will help improve your business, try one of the three types of business software and technology mentioned above.