Saving Costs with LIMS
If you have ever contemplated installing and implementing a Laboratory Information Management System (LIMS) you will have realized that these solutions can be pricey, both from a capital and resources point of view. It is also likely that you have been requested to justify the investment in the proposed LIMS by developing a Return on Investment (ROI) analysis. In order to accomplish this task, it will be imperative that you understand the full cost of your LIMS solution and the Total Cost of Ownership (TCO) over the return period. Additionally, you will need to determine the cost savings to the lab and organization that the implementation of the LIMS will yield. These quantitative measures are generally the most powerful sources of cost savings and will therefore represent the lionshare of your LIMS cost justification.