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6 Innovative Solutions for Maximizing ROI

By: SmallBizClub

 

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Every company tries to limit costs and increase revenue to maximize overall productivity and profits. However, some costs are unavoidable and must be spent. For these costs, businesses must spend their funds wisely to try to maximize their return on investment (ROI). Below are six innovative solutions to maximize ROI.

 
Cloud Storage
 
Cloud memory storage is an innovation that has helped many companies increase their ROI. Instead of spending a huge upfront cost to buy a server, companies are buying exactly how much memory they need using cloud services such as Amazon Web Services. Costs are decreased and businesses are able to be much more flexible.
 
Related Article: Why Cloud Technology?
 
Enterprise Resource Planning
 
Enterprise Resource Planning software helps logistics, distribution and retail companies with their inventory management. Goods are dynamically updated into the system as they are purchased, shipped and restocked. The ERP is more efficient than manual counting, the system includes data from the entire chain which improves profitability and revenue for all firms.
 
ACH Processing
 
Business that accept credit cards often pay a high price for ACH processing, but this doesn’t always have to be the case. Retail firms with tight margins try to reduce this cost as much as possible. Look for companies that offer affordable credit card processors and have reasonable fees. Merchants interested in maximizing ROI must be smart about ACH processing.
 
 
3D Printers
 
Many manufacturers are now using 3D printers to model and produce prototypes in 1/10th the time it used to take. Today, modeling and production is done in one place with immediate feedback. While mass production is not yet possible, the uses are becoming more and more sophisticated. ROI is increased by much faster turnaround times on prototypes.
 
Analytics
 
Companies are using big data analytics to increase ROI. They examine which products are selling best at what times, or what advertisements get the best response or click through rate. They are using advanced software to dynamically analyze data and constantly adjust their recommendations. Investment firms also use big data analysis to consider what the best investments to make are.
 
Accounting Software
 
Accounting software helps to improve ROI by automatically uploading all costs and revenues, saving employee time. In addition, accounting software helps to find every tax deduction possible, which improves profits. Quickbooks has been a revelation for consumers and business alike.
 
Overall, there are many innovations that help companies increase ROI. The six above will continue to have a large impact on business profitability.
 
Author: Anita Ginsburg is a freelance writer from Denver, CO. She enjoys writing about business, education, home and family. It’s important to have reliable ACH processing to maximize ROI, no matter how small your business is. 
 
Published: March 23, 2015
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