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Maximizing Information Technology Return on Investment
The recent death of Apple founder Steve Jobs brought a spate of stories about how his flair for sleek design combined with his innovative thinking to create products that the marketplace perceives as “cool.” Law firms are not immune to the “cool factor” in their technology purchases. Firms want new technology because it's attractive or fun or helps them do more, more quickly. Firms also have a strong competitive streak, and they either want to be the first to tout using a new technology, or don't want to admit that others are using it and they are not.
However, technology expenditures should not be made on emotion. They must be made because they provide an adequate return. The return on investment (“ROI”) for technology purchases is maximized when the firm defines its technology needs and makes purchases to fill those needs according to a budget, not according to emotion fueled by what's cool or what other firms are doing. No matter what the reason or replacement cycle, law firm computer technology should be a function of ROI. There is no one right or correct rate of return, but maximizing it is essential. The return selected or expected will be a function of client demands, available alternatives and investment resources. Technology must increase service levels and work volume if it is to lead to more client work assignments. Higher ROI on the technology expenditure must be the result.
ROI and Cash Flow
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