Thinking about a B2B integration? Do you know what your ROI will be?
If your company is still relying on its legacy systems in which it invested so much of its time and financial resources, there may still be reluctance in regards to switching to more modern systems.
Perhaps you have already noticed that your old system cannot scale from this point further or that it does not provide you with the full access you would like it to – these are limitations that need to be addressed.
However, as clear as this may seem to you, it may not make a sound case to higher-ups, who don’t yet understand the need to invest in something completely new and unknown. What can you tell them to convince them of the benefits? As usual, money is an important factor in any decision-making process. So the sooner you learn how to calculate and find out the ROI for this, the sooner you can make this a more attractive contender for investment.
What are the reasons that keep companies from moving on?
Apart from an innate resistance to change, there are other more concrete reasons for which organizations prefer sticking to what is familiar instead of keeping up with the times.
Of course, a primary reason for such a reluctance would be the tremendous financial investments made initially, for the legacy systems. This is a natural human reluctance when it comes to paying large amounts of money for something they haven’t tried before – nobody will simply say ‘yes’ without flinching and sleeping on it.
The second reason is the imprint that an initial gargantuan effort leaves on someone’s mind. Once you’ve given your everything and barely came out unbruised on the other side, you seldom want to repeat the experience.
Your only option remains the ROI case. How do you know what the ROI will be?
How to find out the ROI for B2B integration systems
Your objective will be to sternly prove that a new system would yield better ROI than your legacy system currently does.
What you need to start with is identifying your business needs, before everything else. You will then need to think about how these needs can be met with whatever options you have at your disposal. Think of what risks the solution comes with: your company’s technical skills, data security and ownership etc. Last, but not least you will need to estimate what the financial implications of your chosen solution would be – include everything from migration to operation, implementation and further down the road, scalability.
Do the same for your legacy system, see what both your tangible and intangible costs are and compare them with those of the modern system. Have this list ready and present it to your higher ups, as the case may be. Don’t forget to also make a case for how it enhances productivity, it streamlines processes and clears up a lot of time that can be used on higher-value tasks.
Then simply use one of the standard formulas that your company uses to calculate ROI.
Presenting all this information pen-on-paper will definitely make a convincing case for anyone. If you are ready to take this next step for your business and would like to find out more about implementing a modern B2B integration system, give us a call and we’ll be happy to figure out the solution that best suits your needs.