Worth investing in a LIMS?

Worth investing in a LIMS?

Understanding Return on Investment (ROI) of a LIMS will help you drive your business plan to get a LIMS in your laboratory. Here are some useful tips as to how to go about this task.

Given that many organizations and their laboratories are looking to improve efficiency and reduce costs, it may seem self-evident that introducing a Laboratory Information Management System (LIMS) should help in achieving that aim. However, tangible evidence in the form of a projected Return on Investment (ROI) and business plan is frequently required. In addition, these can provide a basis against which success of the project can be measured.

Autoscribe Informatics have just published an updated version of their popular white paper “Justifying the Purchase of a LIMS“. Designed to help any organization develop a detailed, evidence based justification for investing in a LIMS. This updated version not only discusses the key factors to be considered in an ROI assessment, but also provides models and examples for how ROI may be calculated.

Return on Investment (ROI) of LIMS

Any ROI calculation should, if applicable, compare the acquisition and implementation of a new system against developing a system in house from scratch, or updating an existing, but no longer suitable, system. The white paper emphasizes how cost savings and productivity improvements can be identified and quantified as a precursor to calculating the ROI.

Estimating actual cost savings in each functional area where LIMS may be deployed is especially challenging. However, a practical example shows how cost savings associated with improving just the sample reception process can be estimated.

Clearly identifying these potential cost savings are fundamental to the ROI calculation, but it is also important to give due consideration to intangible benefits as well. These may include projected extra business from increased efficiency savings, improved data integrity and accuracy and an increased ability to realize the value of data within the organization.

The key message of the white paper is the importance if devoting sufficient time to preparing your justification. Understand and identify the pain points as perceived by higher management and focus on solving these as well as general day to day workflow issues within the laboratory.

Justifying the Purchase of a LIMS

Get your FREE copy of “Justifying the Purchase of a LIMS” today!

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