What is total cost of ownership in SAP SRD-CRM - CRM-Customer Relationship Management?

SAP Term: total cost of ownership

• Component: SRD-CRM

• Component Name: CRM-Customer Relationship Management

• Description: The complete cost of owning a product, including purchase price, maintenance, and service. For example, the total cost of ownership for a car considers the purchase price, fuel, insurance, maintenance, repairs, and depreciation.

Smart SAP Assistant

• Key Concepts: 
  Total Cost of Ownership (TCO) is a term used to describe the total cost of a product or service over its entire life cycle. It includes the initial purchase price, installation costs, maintenance costs, and any other associated costs. In the context of SAP Customer Relationship Management (CRM), TCO is used to measure the total cost of ownership for a CRM system, including hardware, software, and personnel costs. 
  
  How to Use it: 
  The TCO of a CRM system can be calculated by taking into account all of the costs associated with the system, including hardware, software, personnel, and other related costs. This calculation should be done on an ongoing basis to ensure that the system is providing value for money. Additionally, it is important to consider the long-term costs associated with a CRM system, such as upgrades and maintenance. 
  
  Tips & Tricks: 
  When calculating the TCO of a CRM system, it is important to consider all of the associated costs. This includes hardware and software costs, as well as personnel costs such as training and support. Additionally, it is important to consider any potential future costs such as upgrades or maintenance. 
  
  Related Information: 
  The TCO of a CRM system can be compared to other systems in order to determine which one provides the best value for money. Additionally, it is important to consider the long-term costs associated with a CRM system in order to ensure that it will provide value for money over its lifetime.