Calculating the ROI from implementing new technology

High effort

Medium impact

The first data point you get about a new technology is often the cost of a tool – and that can be intimidating. What’s less clear is the return on that investment (ROI). Implementing technology can make a business more profitable by saving employees’ time and even drive revenue by introducing new services or allowing your team to work more efficiently.

We’ve designed our action plans to be completed in the order of steps laid out and explained why each step is important
Customising your action plan lets you set your own completion dates, assign tasks to others and get notifications
Helpful tools are provided for certain steps while a tracking metric at the end will help you determine the long-term success of your effort
A downloadable PDF version of each action plan is available if you’d like to compete it offline

What's involved? Ways to use this action plan Measuring impact

Create a summary of the steps involved in processes that will be impacted by the new technology and how they will change

Impact: low

Why will this help?

To get a complete view of the impact of a new technology, and the potential ROI, you need to understand how processes will change.

Develop a process for identifying the right tech for your business

Investing in new technology is a big decision. To get it right, leaders must develop a process to ensure that any outlay benefits the business.

Talk to employees that are carrying out these processes about how much time they’re investing and any other cost implications

Impact: high

Why will this help?

Employee time is a key factor in the ROI of technology investments. Team members also have a keen sense of other potential cost savings, such as using less material in a manufacturing process.

Mapping employee needs for new technology

When you’re figuring out what tools your business needs, spend time talking to the people who know your business inside out – your employees.

Developing an employee feedback survey

Employee feedback surveys can be used to measure engagement or assess processes like onboarding or career development.

Look through the information about processes and other performance data and consider the impact on revenue and profitability – including staff, facility and customer savings

Impact: medium

Why will this help?

Writing down the cost implications, both positive and negative, of the technology is crucial to calculating the ROI. Look at the length of time that makes sense for the investment; the more expensive a piece of technology, the longer time period you should consider.

Consider secondary costs of using the technology, particularly how much training is needed, and the potential for generating additional revenue

Impact: high

Why will this help?

Knowing the indirect costs associated with implementing the new technology makes sure you get a complete picture of the scale of the investment. It may also create opportunities for new products or services, or to add value to your existing offering.

Overcoming employee barriers to tech adoption

Employee buy-in plays a decisive factor in making new technology a success. Work through our template to anticipate any potential barriers to adoption.

An introduction to identifying the skillsets that are missing from your business

There’s an important gap between the skills you have now and those you need for the future. Identifying those skillsets reduces risk and empowers growth.

Calculate the ROI of the technology, factoring in any secondary expenses such as training and the likely impact on revenue and profitability

Impact: high

Why will this help?

Putting together the figures you’ve researched gives you a complete picture of the ROI of a particular tool, including the cost and benefits, which can inform your thinking.

Completing a cost analysis for new technology

Before purchasing new technology, leaders need to understand the costs involved and what other support or resources are needed.

An introduction to budgeting and planning for new technology investments

In business, the success of any new technology lies in the planning and rollout. Read this guide to find out how to make your new tech a success.

What can I do with this Action Plan?

Start this Action Plan

Add some extra information to this plan and we’ll help you get it done.

We’ve designed our action plans to be completed in the order of steps laid out and explained why each step is important
Customising your action plan lets you set your own completion dates, assign tasks to others and get notifications
Helpful tools are provided for certain steps while a tracking metric at the end will help you determine the long-term success of your effort
A downloadable PDF version of each action plan is available if you’d like to compete it offline

Download and print

Get a printable template for this Action Plan, fill it in with some target dates, and share it with your team. Pin it on the wall where everyone can see it.

Get the printable Action Plan

Learning Groups

We also run Learning Groups on these topics where you can join other leaders tackling the same challenges.

Find a Learning Group

How will I know if my action plan is working?

Confidence to move forward

When you’ve completed your business case you can decide whether buying software is the best way to achieve this goal

Why this metric?

While you might have thought, or been told, that your business needs to make better use of technology, if the numbers don't add up then it doesn't make sense to move forward with what could be quite a costly process.

How do I use this going forward?

Working out your projected cost savings by using a new technology, coupled with expected upfront and ongoing costs, will steer you in the right direction when it comes to choice of product and employee uptake.