With the world changing so rapidly, it is not difficult to see why digital workplaces are all the rage now. Escaping digital technologies is nearly impossible, so it only makes sense to use them to your advantage.
As digital workplace tools grow popular by the day, it is not uncommon to hear promises of them delivering high returns and impressive cost savings. If you have never used a platform like this before, you may take it with a grain of salt. Of course, digital workplace tools aren't a panacea – they can only give you success if you know how to use them the right way.
Still, there is no doubt that implementing a structured digital workplace in your business can not only save but also make money for you. In this article, we discuss how digital workplace tools can deliver high returns and significant cost savings for your organisation. But, first, let's dive in and take a look into how to measure digital workspace ROI in the proper way.
Nowadays, digital workplace tools aren't just about communicating. By using them, your company can make many different processes much more efficient. Whether that is workforce management, process automation, communication or employee lifecycle management, digital workplace tools can be highly beneficial for your business.
But how can you measure the ROI of your digital workspace? There are many options.
Generally, it is more tricky to assess the success of your digital workplace tools because there aren't many metrics to track. With social media marketing, it is a piece of cake – just count the number of 'views' and 'likes', and you get an idea of how well your content is performing. With digital workplace tools, it is a different story.
To get the quality information you need, additional work must be done. First, you must figure out what were the reasons why a digital workplace tool was necessary for your company. Think about your business goals – what do you wish to achieve? Unless you have a clear vision of what you would like to accomplish at the end of the road, no intranet or communication platform will bring success.
If your hope is for your company to introduce more innovative and creative ideas, your metrics should showcase how your digital workspace tools help with idea generation. Those who wish to expand their business globally can assess whether the platform has allowed it to grow across multiple geographic locations.
Remember that for each company using digital workplace tools can mean something else. To understand whether your platform is delivering high returns, you must know what your goals are.
Some business goals you can measure easily, while others require more information. Finding out whether your digital workspace tools have increased sales is not difficult since everything is based on hard numbers. With other aspects, like employee engagement and collaboration, it becomes more challenging because they can't be quantified. Still, it is possible, and it clearly shows that digital workplace tools can be advantageous for all of these goals.
The best way to understand your digital workspace ROI is to conduct regular online surveys and creative focus groups and use other data analytics tools. In this process, you will understand what kind of impact the digital workplace tools had across different departments and office locations. Focus on productivity, collaboration, innovation, and cost savings.
Digital workspace tools are all about efficiency. Taking the quickest and most logical route towards the goal is, of course, the ultimate dream. Thanks to technology, companies have to waste less energy to achieve the same goals.
However, they can also be a source of distraction if not used properly. Digital workplace tools can help to streamline workflows and even support artificial intelligence solutions. As we all know – time is money.
Keeping an office is expensive. If you opt for a digital workplace platform that offers virtual meetings and a place for internal communication, there is no need (or less need) for in-person collaboration. That means your company can save money on travel and overhead costs, which come with office space and furniture.
What may seem like small expenses at first can add up in the long term. By using digital workplace tools, your team can enjoy the same benefits that come with in-person communication but with less money spent.
However, that doesn't mean face to face interactions should be forgotten entirely. There are many other alternative ways of collaborating in person. Using a coworking space or meeting at a coffee shop once every while will still result in significant cost savings.
When you combine occasional real-life meetings with our internal communication tools, you can achieve the best result with less money spent!
As you learned before, digital workplace tools can increase productivity and, at the same time – reduce costs. When you combine two of these factors, you get the perfect recipe for increased revenue. According to industry research, some organisations have even experienced a 43% increase in revenue after using digital workplaces.
But cutting costs and being more efficient aren't the only benefits of digital workplace tools that can increase revenue. Through digital workplace platforms, it is much easier for your employees to have a good work-life balance. There is more time for self-care and mental wellbeing, which, in turn, make them happier and more motivated.
What does that mean for your business? Employees are key to success for any business. If they are satisfied, motivated and more productive, your company can earn more money.
There is no question digital workplace tools are here to stay. Getting used to new technologies and innovative solutions always takes time and effort, but once you implement them in your business strategy, success is sure to come.
If you still haven't tried digital workplace tools, this is the perfect moment to do it! In our magazine, you can find more information on digital enablement and how it may benefit your business.