From the course: Measuring the Value of Customer Service
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Using return on investment (ROI)
From the course: Measuring the Value of Customer Service
Using return on investment (ROI)
- Let's walk through the three steps necessary to calculate return on investment. We'll use here as an example again, let's say a knowledge management project. This project will provide employees with quick, effective access to the information they need to resolve customer issues quickly, accurately, and consistently. Step one is to calculate the anticipated costs of the project. Year zero is your investment phase. It includes everything incurred to implement the project. The following years include ongoing operational, labor, and maintenance costs. If you want to follow along, I've included an ROI handout in the exercise files. Now, let's just say your knowledge management project requires an initial investment of $135,000. To maintain the knowledge management system, an annual maintenance fee is required, which you've included on the investment line. You've also identified labor costs associated with the additional…
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