Tips For Estimating the Return on Your Project Management Software
Read time: 3 minutes
There are many aspects to consider when choosing a new project management software for your agency, design studio or internal marketing department. Some of the important factors to consider are:
- product features
- support and training
- ease of use
- security and integration with other tools
Additionally, determining the return on investment (ROI) on implementing the tool is often the biggest question we get asked about.
Here are some tangible benefits that you might expect to see from using project management software in your creative agency:
- Increased productivity and profitability by streamlining processes
- Availability of real-time business data
- Improved the accuracy of revenue reports from proper time tracking of projects
- Increased efficiency from having an all-in-one solution that integrates your key functions rather than using a number of disparate products
- Improved reliability and reduced IT support internally by moving to a cloud-based solution
- No capital expenditure on IT equipment or upfront software purchase
ROI is a widely used measure to look at the effectiveness of an investment, and the basic calculation is to divide the net return of an investment by the cost of the investment, and express this as a percentage. Sounds simple enough doesn’t it? However, the reality is that it is often really difficult to measure that effectiveness.
So how do we put a value on these savings? In truth, there is no easy way to do this, as every firm or department will be different in how it works today, and how it might be able to operate in the future. However, you may well be able to make your own ROI calculations based on estimates of savings and benefits and compare it with the costs.
If that sounds a bit complicated, then try using our ROI calculator. We have based it around factors related to the size of your firm or department, the labour costs, and the current profitability. We then invite you to estimate the increased staff utilization that you might achieve, and the increased profitability that you might expect. It is a simple measure, and doesn’t account for some of the benefits noted above, but will give a conservative estimate on what you might expect to return from a monthly investment in Function Point’s cloud-based project management software.
If you would like to learn more about the ROI on Function Point’s Productivity Software, book a personalized demo by clicking the button below and one of our awesome account people will be happy to show you.