In simple words, ROI means the amount of profit you make on an investment. The simplest formula for calculating return on investment is:
ROI = Monetary Benefit Generated ÷ Cost Incurred
For example, if you invest $10,000 in building a mobile app for your company and due to the increased productivity, your business saves $15,000, your mobile app generated $5000 as ROI.
5000/10000 = 0.5 or 50% ROI.
Therefore, every technological innovation that helps you increase your revenue or decrease your costs adds to your ROI. Business IT is provided by local IT companies such as it Company in Chandigarh and the like.
How can IT help you in increasing ROI?
IT companies lay the foundation for your company’s internal and external processes to work. Technology only works for you when it’s thoughtfully applied for problem-solving and when it actually generates value for you. An IT company, hence, helps you through various phases of embracing technology for business, to boost your potential.
Technology Adoption
The first phase is adopting the kind of technology that suits your business type and use-case. As a business owner, it’s not necessary that you will know about the vast world of technology but itself no matter if you have a degree in computer science.
The practical scenario is always pretty different. For which, it’s advisable to consult a local IT company who can assist you in taking technology purchase decision for your office.
For example; what kind of servers should you deploy according to your usage? You can end up buying a large server resource and never use even 50% of the quota, ending up wasting money and generating negative ROI.
Business Process Streamlining
Next is streamlining the process of your business. Each business runs on a cyclic system that receives customer requirement and fulfills it. The efficiency of this cycle depends on how much profit you’ll make and it includes everything from your employees to your PCs.
A Digital Marketing Company in Chandigarh or wherever your office is will help you streamline the process by filling in the inefficient gaps. This is also called Business Process Automation. IT companies help you in making tools that replace inefficient steps with automated tasks that are supremely cheap and are carried out without human intervention.
For example, Mobile Apps have completely transformed the transportation industry. Now you can book a cab while sitting at your home and everything from pick to payment is handled by technology, which is highly profitable for cab companies.
Product Development
If you are a tech company working on a business idea that could make people’s life easier, an IT partner can help you achieve it.
IT outsourcing companies and technology partner convert your ideas into tech products that you can sell in the consumer market. You don’t have to learn programming or UX design, you can consult the CTO and get the product made from the IT company.
For instance, Tech giants like Dell, AT&T, HP, and Oracle outsource their tech workflows to India because it saves them costs. Many of these are given to top IT companies in Chandigarh as well.
Resource Optimization
Technology plays a key role in deciding how much your employees can achieve in a given period of time. Tech tools such as office collaboration software and Human Resource Management software help companies improve the efficiency of their resources.
This is done in a number of ways. You can make a custom web app to manage the internal processes of your company such as company accounts, employee task assignment or client communication as best suited to your needs.
You can also automate certain processes that waste your employees’ time. If you don’t have a centralized file sharing system in your office and everyone just exchanges emails for files, your employees would be wasting a lot of time in just sifting through emails.
Marketing
It comes as no surprise that IT companies are leading the world of marketing as well because it also depends heavily on technology. May it be sending an email newsletter or running ads on Google Search Engine, IT companies have the expertise to market your business to the world.
Essentially, a website is nothing but a marketing tool and IT companies excel in making websites that increase the ROI for businesses. This includes lead capturing to direct product sales.
Conclusion
Information Technology is no child’s play and when it comes to business implementation, you should route for the experts.
Technology aides the development of businesses and simplifies the processes that consume too much manual labor or are too repetitive. No business, big or small can exist today without a strong technological backbone or what we call Business Information Technology.
Information Technology handles everything from communication to software development to data analytics that boosts business productivity. But it’s not as straightforward as one might think.
A strong IT team is inevitable for business success and only a professional IT company in Chandigarh can help you overcome tech hurdles for achieving a high ROI in your operations.