How can I calculate the ROI for my software investment?
An example of an AI chatbot conversation about calculating software ROI.
How can I calculate the ROI for my software investment?
To calculate ROI, you can use the formula: (Net Profit / Cost of Investment) x 100. What software are you considering?
I'm looking at a project management tool that costs $10,000.
Great! What benefits do you expect from this tool? For example, time savings or increased productivity?
I expect to save about 200 hours a year, and each hour is worth $50.
That's a good start! Your expected annual benefit would be 200 hours x $50 = $10,000. So, your ROI would be 0% in the first year. Would you like to factor in other costs or benefits?
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