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How do I maximize my Return On Investment (ROI)?
Getting the most return for your investment (ROI) requires careful expenditure of the funds. For instance, buying the latest and greatest piece of technology is great if it improves operational efficiency (saves time) or if it increases throughput (how many customers can be served or how fast they can be served). But buying a new piece of technology to simply have the latest and greatest is a waste of money. Making strategic investments in people, equipment and technology that translates into more customers (volume), more efficiency (saves money or time), or reduces a bottleneck (capacity) whether it is in the back office (accounting, order fulfillment, etc.) or directly related to sales requires an understanding of your operations – logistically, financially, and strategically.
Where do you need more capacity? Where do you lose time because of equipment failures? What does your team struggle to get done? Analyzing the business through a process lens enables you to look at the activities and how they are carried out. Sometime the best place to start getting an improved ROI is with how you do business¾rules, procedures, etc.¾can be costly if they aren’t getting the result you need. Activity-based management and ROI are intertwined. What can you do better now to improve the return on resources already in place? Then identify what new resources are needed. Wise spending based on an informed analysis of your organization will position you for the best ROI.
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