Do you know what costs are lurking within your nonprofit technology subscriptions?
Whether it is the prompt of a CRM conversion or an annual budget review, it is essential to understand the full costs of technology. Particularly in the buying and implementation of new software, additional fees often feel like they come out of the proverbial woodwork. Understanding the reason for these costs, evaluating your needs, and negotiating with vendors is key.
Such unforeseen costs—including support or system maintenance—will decrease your technology’s return on investment. However, by calculating the Total Cost of Ownership (TCO), you create a more accurate budget. The accurate number to defend budget requests and make the case for technological investment is crucial to digital transformations and technology growth.
Our friends at StratusLIVE created a comprehensive guide that answers the following questions:
- What exactly is TCO and TVO (Total Value of Ownership)?
- What are the cost categories used to determine TCO and TVO?
- What are the gains realized from moving to an integrated nonprofit cloud solution?
Do these questions resonate with you? Are you confident you have an accurate accounting of costs? Are you preparing for a CRM conversion and want to better understand the associated costs of making that change? BWF can help organizations ensure their CRM conversions take TCO into account from conversation through stabilization. Contact us today.
