How to Determine the ROI on your MIS Tool Investment
Management Information Systems are a business imperative for many fabricators who need to better organize their data and procedures. If you are considering purchasing a MIS, you probably expect to get more value out of your MIS tool than what you pay for it. Your return on investment (ROI) is an important consideration, but know that it will not always be measurable.
Here’s how to determine the ROI on your MIS tool investment
If you are considering an MIS, such as Tekla PowerFab, ask:
- How much will it cost?
- How much time will it save?
- How much will consumables cost?
- How much will I save compared to my current machinery?
- How will it increase my capabilities?
When it comes to ROI, we usually only consider a number figure. But, many of these questions don’t have numerical answers. ROI also needs to be considered in an intangible way, with non-monetary benefits being prioritized. We also need to consider that while you can’t always put a number value on ROI, specific benefits of your investment do provide cost savings.
Tekla PowerFab: A Real-World Example of MIS ROI
Tekla PowerFab is a powerful connected steel fabrication management system. It can help you manage your projects effortlessly, but without seeing a monetary payback, what sort of ROI can you expect?
Tekla PowerFab helps you:
- Make better decisions and eliminate errors
- Deliver on time
- Provide accurate and reliable estimation
- Manage projects
- Optimize your material spend
- Automate your inventory
Your return on investment:
- Reduced costs due to error
- No overage costs for late projects
- Budget stays on track
- Saved time
- Reduced spend on materials
- No lost inventory
Your return on investment on Tekla PowerFab consists of reduced errors, saved time, and saved costs. While these aren’t necessarily measurable, they do account for a significant ROI from the purchase of your MIS tool.
Next Steps
Speak to the knowledgeable experts at BuildingPoint Canada and request a demo to see how TeklaPowerFab can help you.
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