Factor 7: The ROI of deploying an EQMS
Through numerous client interactions, we’ve realized that our clients often spend months in deciding the right EQMS. And their final decision is made based on whether the product has certain ‘must have’ features.
But there is one factor that takes precedence in almost all business decisions. Yes, we’re talking about costs and the financial impact of deploying software to automate a process.
Factor 7: Does the EQMS deliver in terms of ROI?
What does this mean? This factor really focuses on two things. One aspect is direct: the pay per-user-per-month model is certainly the best out there. There is no capital expenditure and no cost of maintenance nor building IT teams to manage the software. Second, and often hidden, is the cost of not moving, the cost of not making the change.
In short, going with a cloud-based EQMS with a SaaS business model is a no-brainer. As long as it works in terms of fitting into your current business process.
The key factors that drive ROI:
- Advantage SaaS Business Model: A large percentage of our current clients have moved from an on-premise EQMS to a real cloud-based product like ours. The key advantages of moving to a cloud-based solution have been explained in detail in our earlier posts. But from a ROI standpoint, the pay per-user-per-month business model ensures scalability, flexibility and ease of buy-in.
- Data on the Move: For an EQMS to be effective, it is important that users have access to next-generation features. Dashboards, mobile-based access to key quality data, quality analytics and security features are all key factors even from an ROI perspective. The notional cost of not enabling your users and quality leaders with data on the move can be massive.
- Quality Insights: As cloud-based EQMS systems evolve, we’re going to see more “suggestions” and “insights based on quality analytics”, possibly some of these driven by AI. As a quality leader, having anytime, anywhere access to critical quality and compliance insights can be a game changer.
- Costs in proportion to scale of your business: Last but not least, the most important ROI factor is that your cost scales as your organization scales. This is true for most SaaS companies. When your user base is small and the number of modules you need is lesser, you simply pay a lesser amount on a monthly basis.
In the next post as part of this series, we’ll focus on why the team behind the EQMS product plays a critical role in the decision-making process.
At ComplianceQuest, we’ve built our product on the #RealCloud with a high level of flexibility and ease of customization. Please write to us at email@example.com to request a demo.