Investment to get information- One time and recurring cost- How to get best ROI.
All know information is crucial to business In today’s complex environment to be on the top of your business. The cost to get information has increased many folds in terms of having costly computer systems and software, training staffs. Time spent by different departments for recording data and reporting and customization of software are recurring costs.
Despite these there arises so many occasions where information you need, don’t get from above costly systems and processes.
The first part is to decide what information that are important and applied in various set of financial and operational decision making for efficiency and effective actions. This in term helps the company to grow and increase profitability.
The second strategic part is how to manage and act on those information in shaping and increasing value . This can be a built in system prompting you to take action based on objectives set.
If above two are achieved then you get the best ROI on the investment to get information.
Share your thoughts… when you see heavy investment ifor getting information and most of the efforts don’t give desired results.