Measuring the ROI of Your Software

There are many ways to measure the ROI of a software investment, from time savings to improved accuracy to employee engagement to improved revenue. The ability to measure helps you understand the value of your investment and identify what’s working and what’s not. 

According to Ali Sareea, Chief Technology Officer at Glennis, “Our easiest metric for ROI is occupancy. We have to evaluate any tool by how it increases occupancy in the building.”
But there are many considerations beyond that. How do you keep staff satisfied? How do you make their lives easier? How do you drive compliance by keeping a care record? The right software should do all of this and more.

“Working on paper is just not acceptable anymore,” says Sareea. “Going paperless creates too many hard benefits in terms of saving costs. For example, am I increasing my revenues through higher rents or occupancy? Am I keeping my employees productive? Do I have the infrastructure to comply with government initiatives that require sharing data? All of these are considerations when it comes to expected benefits from software.”

Ideally, the value of your software investment should be measured against the areas and processes that you specifically want to improve through automation. These may be different from one organization to another, but here are five common areas to consider.

Productivity

These metrics can be straightforward to measure, often in terms of time and labor savings. For example, if a software package is supposed to reduce time spent on billing by 50%, it is relatively easy to calculate the expected financial value by applying an hourly rate and the time savings. For example, the ROI of a CRM solution can be measured on how quickly staff respond to leads, or the number of tours scheduled, as well as move-in trends and occupancy trends.

Compliance

A technology platform should improve your operation and as a result limit exposure to regulatory penalties (and associated legal fees). Technology enables you to take action and ensure documentation on a timely basis, so compliance requirements are met automatically. “With a well-run operation, you don’t need to worry too much about regulatory compliance because you're already complying with those standards thanks to your technology,” says Sareea. "Then it doesn't matter when the regulator shows up, because you're going to have all your records in order."

Staffing and Retention

The right tools for the job lead to a high-performing organization. Senior living software simplifies complex processes and centralizes and shares information, helping to reduce manual tasks and foster communication and collaboration. Business process automation makes work easier, faster and boosts the employee experience. Logically this improves staff retention because employees are going to stay longer with a provider that offers the best experience. “Giving people the tools to do their job more easily is a big focus,” says Sareea.

Training and Support

The success of a software investment can hinge on whether software is easy to learn and easy to use. A senior living platform that provides a good user experience and requires minimal training means staff can begin using it sooner, and new employees who come on in the future will have an easier onboarding. On-demand training that can be scheduled in short increments makes it easy for staff to integrate new tools into their workday without having to spend hours away from work on training.

A technology solution may be great on paper, but if no one is using it, it isn’t really meeting the organizational need. Usage rates are often the difference between failure and success because solutions that are difficult to use or aren’t perceived as necessary by teams will die on the vine.
If staff find themselves frustrated with their software (if it doesn’t make their work easier) they won’t use it or maximize its fullest capabilities. When this occurs, companies don’t realize the full value of their investment.

Compatibility

Systems that can be rolled out quickly and easily offer higher value. This is one of the major reasons why cloud-based tools have become so popular; they require almost no configuration to get them up and running.

Ideally, senior living providers should use systems designed with senior living in mind. These systems smoothly configure to existing business and procedural models and are easy to integrate into day-to-day operations. A cloud-based solution that easily scales and seamlessly integrates with existing solutions also reduces costs associated with managing integrations and time spent pulling and comparing reports from different systems.

With clear expectations at the beginning, including predicted financial benefit, business and technology leaders can evaluate new tools and platforms to maximize their value and investment.

To learn more about how Glennis Solutions can help you optimize your software deployments get a free demo