What is the ROI of implementing a new tech initiative?
An example of an AI chatbot conversation about evaluating tech initiative ROI.
What is the ROI of implementing a new tech initiative?
The ROI, or Return on Investment, of a tech initiative is calculated by comparing the benefits gained to the costs incurred. What specific initiative are you considering?
We're looking at a new customer relationship management system.
Great choice! To calculate the ROI, consider factors like increased sales, improved customer retention, and reduced operational costs. Do you have estimated costs and expected benefits?
Yes, the system costs $50,000 and we expect to increase sales by $100,000 annually.
Based on those figures, your ROI would be calculated as follows: (100,000 - 50,000) / 50,000 = 1.0 or 100%. This means for every dollar spent, you expect to gain a dollar back.
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