For many users, you know when collaboration tools are successful by the way they make your workday feel easier or your brand look sharper. But it’s important to measure the real business value of your investment beyond soft ROI metrics.
For instance, hard ROI helps you:
- Defend your decision against critics and showcase the benefits to drive user adoption.
- Prove the value to your superiors to gain leadership support for the technology.
- Justify your department’s budget and demonstrate your contributions.
- Make more informed decisions in the future when you’re considering switching solutions or changing vendors.
Capturing the ROI of Collaboration
One of the easiest ways to evaluate the business value of collaboration tools is dollars saved. Travel and facility costs are common metrics to monitor, from marketers traveling to trade shows to HR professionals flying in interviewees. Simply compare your monthly travel and facility costs (if you rent rooms for meetings or space for live events) since deploying your solution with the previous year.
Productivity is a top reason many companies buy collaboration tools, but this intangible concept can be hard to measure. Tracking work quantity would be a monstrous task and monitoring quality would be subjective. Instead, track metrics like:
- Eliminated travel time. Removing downtime while traveling for dispersed teams and workers in the field translates into more productive hours.
- Shortened time-to-hire. HR professionals can do even more in the same amount of time when video conferencing speeds up the hiring process.
- Increases in engagement and interaction. Attendance, questions, downloads and survey responses indicate improvements to online-enabled training, since those activities help employees better retain information.
- Projects completed ahead of or on time. If you’re using online team workspaces, you can easily view built-in reports to compare project acceleration and missed deadlines.
- Cuts in absenteeism. Instead of completely checking out when life happens, employees that have means to collaborate and access work remotely keep productivity up.
- Diminished service requests or ticket resolution time. If IT gains more time and resources to tackle projects outside of operational tasks, it proves your technology is reliable and your vendor’s service effective enough to practically run on its own.
- Faster time-to-market. Anyone involved in launching a new product (marketing, engineers) gains time to do more when your time-to-market accelerates due to collaboration.
- Dips in client complaints. If your collaboration solution is customer-facing, monitor improvements in customer service and client interactions by how satisfaction improves.
Sales and marketing teams that use collaboration tools to increase customer interactions, improve customer relationships and target new leads can tie new collaboration technology directly to revenue growth. If you’re using a professional webcasting solution to reach new leads, pre- and post-event reports provide instant insights on the impact of a single web event on your demand generation and lead nurturing. And collaboration solutions integrated with Salesforce help sales view the impact of video conferencing and online presentations on pipeline velocity.
- Download the free whitepaper, “10 Metrics for Measuring ROI of Collaboration,” now from Central Desktop by PGi.
- Read case studies in the Collaboratory to learn how PGi customers calculate ROI for their collaboration tools.
- Learn about the benefits of collaboration for your specific industry or line of business at the PGi portfolio of conferencing solutions.
Featured Image Source: Albumarium