I always encourage new clients to think about the return on investment before committing to our asbestos surveying software, Flow Mobile Surveying.
This exercise often highlights an excellent 10x return on investment, especially when switching from pen-and-paper to modern asbestos software. Then switching to Flow Mobile Surveying becomes a straightforward decision.
So if you're considering asbestos software for your business, how can you calculate the return on investment?
To calculate software costs, you first need to pick a timeframe.
Let's say you intend to commit to the software for a minimum of three years. Then three years is a sensible timeframe to choose.
Calculating costs over several years smooths out any setup fees, and you'll get a more accurate picture of the total cost. So looking at prices in the long term makes it easier to compare costs with other software.
Depending on the software provider, you can either find pricing online, or you'll need to contact them and ask for a quote:
Prices available online:
Ask for a quote:
Asbestos software costs vary considerably.
Some packages have an initial setup cost, which can be thousands of pounds. Other software packages are free to get started.
Most asbestos apps operate using a Software as a Service (SaaS) model, so you'll pay a monthly subscription fee. And this is usually based on the number of users you have.
Common chargeable services:
There may be additional costs not listed here. So ask for a quote from your software provider before committing to them.
Asbestos software offers benefits like time-saving, stress-reduction, and improved staff morale. Besides the financial upsides, there are other less obvious benefits, like running a slicker, more enjoyable business.
The effects on your business could be financial or operational. Your business will have unique challenges and operations, so take some time to think about this.
Here are some specific benefits you can expect from asbestos software:
Now you understand the benefits that asbestos software will bring to your business; you can quantify the values.
Let's look at some examples:
So that's 1800 hours saved over three years.
What's 1800 hours worth to your company?
Value calculation 1:
You could calculate the value based on the surveyor's salary:
Value = 1800 * £13/hour = £23,400.
Value calculation 2:
Alternatively, you could calculate the lost-opportunity cost:
What's the value of new work you could win in 1800 hours? (240 days)
You can carry on calculating the value of each benefit in this way. But if the software investment is small, you may want to focus on a few primary benefits like I've done here.
At this point, you've looked at each of the software benefits and the values they will bring. Now sum up all these values to give you the total estimated value.
We've only looked at two key benefits in this example, so our calculation will be simple.
Now you know the cost for the asbestos software and the estimated value it will bring, you can use this formula to calculate the return on investment.
Return on Investment =
(Total Value / Total Cost of Software - 1) * 100%
So this software purchase would be a no-brainer. You'd make more than six times your investment over three years! 💰
When considering asbestos software for your asbestos consultancy, it's a good idea to weigh up the cost benefits. The return on investment will depend on your work volume, staff costs, and other factors specific to your unique situation.
Our clients often get a 10x return on investment when switching from pen and paper to Flow Mobile Surveying. And those switching from other software report a significant return on investment too.
Would you like us to help you calculate your Return on Investment by switching to Flow Mobile Surveying? Get in touch