3-Part Blog Series: The Auto-Verification (AV) Return on Investment

3-Part Blog Series: The Auto-Verification (AV) Return on Investment

We are rolling out a 3-part blog series on The Auto-Verification Return on Investment. Subscribe here so you don’t miss an article.

Introduction to the series. The use of a return on investment (ROI) analysis to justify a business decision is a time-honored tradition, regardless of the industry. More specifically, an auto-verification ROI (AV ROI) analysis answers the question: ‘what investments can we make to drive up our auto-verification rate’. The AV ROI is an effective tool when you need to convince leadership of the savings in resources, turnaround time and operational costs that can be achieved with the expenditure of a piece of equipment, software or services. The justification for an auto-verification solution can be successfully funded using an AV ROI tool. When competing for dollars within your organization, laboratory managers should use an AV ROI tool to demonstrate that an auto-verification program will yield a positive return on investment both in cost reduction and efficiency.

Many labs today are required to build clear financially driven cases for medium to large expenditures. Funding decisions are made against the priorities of the enterprise and the perceived savings gains. The development and creation of an AV ROI analysis can seem like a daunting task – labs are often intimidated by the hurdles they must overcome to obtain funding just to eliminate manual processes. Instead, many labs give up and continue to manually review test results. On top of the external challenges, AV ROI analysis data inputs can seem uncertain and variable between laboratory disciplines. Data is often hard to collect or difficult to translate into dollar savings.

Our three part blog series gives you a road map on how to prepare an AV ROI justification that is customized by laboratory discipline. Follow along our blog series as we lead you step-by-step through the process of creating a meaningful auto-verification ROI business case. Here is what you can expect from the series:

Part I:            Making the Case for the Auto-verification ROI

Part II:          The Anatomy of the ROI Calculation Inputs

Part III:         The ROI calculation-breakdown and how to interpret the outcome