Extract from Colin Houghton’s article “How An ROI Analysis Can Help Streamline Your Ediscovery Process”
We all know that ediscovery takes both time and money. And to make a case for a new system or technology you need a credible, measurable way to show the return on your investment (ROI) across those resources.
Whether you’re fighting to secure a budget or preparing a cost justification, a return-on-investment (ROI) analysis might be the best way to make the final call on whether to move forward with a new software or get rid of an outdated solution. An ROI analysis is one of the most effective ways to build consensus and support for technology investments. And for those in large organizations, it can be the difference between a project being prioritized or put on indefinite hold. Ultimately, this will help your team decide what needs to be fixed, what it might cost, or what might be working well already.
Why Conduct an ROI Analysis?
There are a myriad of reasons why a company might want to conduct an ROI analysis – knowing exactly what use case you’re trying to solve for before conducting an analysis will be key to making sure you’re successful.