Any small business that invests in mobile devices and software will need to prove a significant return on their investment to validate their purchase. But how do you quantify the value of mobile technology beyond its cost?
Here’s how you can substantiate a return on investment (ROI) on mobile investments and calculate the true worth of mobile devices.
What’s the true value of mobile devices?
When you buy any mobile device, you’re not just purchasing a piece of equipment for the sake of spending money. You are investing in a service, a particular use or lifestyle promise that comes with the product.
The same theory can be applied when a small business invests in a mobile strategy involving devices and software. The real ROI is not just the technology hardware bought but the value of what the mobile device can do for your business operations.
The Techaisle 2015 SMB Mobility Adoption and Trends survey found that over eight-in-10 small business employees and 55% of workers in mid-market firms require mobile access to company data. This statistic reveals that small-to-medium business employees believe mobile technology can drive growth and produce an ROI.
Where’s the evidence?
The real key to validating the ROI is collecting evidence to substantiate your estimates about the worth of your mobile investment. A study by the University of the Sunshine Coast found that when calculating the ROI on mobile devices and software, small businesses must always look at the real benefits and efficiency gains, as well as time savings and improvements in productivity.
Qualitative and quantitative measurements must both be considered when calculating ROI in order to create an accurate and realistic picture of the benefits and costs of mobile technology are to your company.
Generating mobile metrics is vital. Various marketing automation platforms provide direct metrics such as engagement, retention and estimates of revenue. Cloud-based mobile solutions that constantly update are also invaluable sources of metrics, from revenue to employee satisfaction, which could provide worthy evidence to substantiate ROI on tech investments.
According to a report from Float Mobile Learning, mobile devices are essential for mobile learning tools and programs, which can greatly benefit staff and generate massive increases in productivity. These programs often come with a variety of measurement tools that could produce clear outcomes to demonstrate the value of mobile technology.
Don’t forget the ROI on mobile technologies can also benefit your business relationships, boost sales and improve the way you operate. For example, purchasing hardware and adopting a mobile strategy will benefit your business if a trading partner, customer or supplier has requested you to update your hardware or software for the sake of interoperability.
The importance of a ‘mobile-first business‘ is also gaining ground, as it promises staff productivity and cost-effective operations, among many other benefits.
If the competition has an edge over your company, you could also factor this into ROI, given that their mobile strategy could cause you a loss of business and vice versa.
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