Download your free copy of Forrester’s Report: Monitor the Performance of Your Collaboration Program

When procuring any new asset it’s essential to prove the value of the investment. Whether that’s clear-cut ROI or some other performance metric such as increased productivity or even adoption depends on what success means for your business. Above all, the asset should contribute positively to bottom line.

However, while important, this is often difficult to measure. As a result advocates of the technology are often left trying to determine the best way to substantiate continued investment to key stakeholders. Collaboration programs are no different.

The idea that poor collaboration negatively impacts productivity is not revolutionary, but it is compelling. Poor collaboration leads to delays on approvals, version control and a great deal of time spent on unnecessary document wrangling. All of this time adds up.

According to a 2016 survey of 200 global accounting, advisory and management consulting firms, searching for documents costs nearly $4,000 in lost productivity per employee each month. Yet, while it’s easy to demonstrate the cost of poor collaboration on productivity, client retention and even new business generation, proving the value of good collaboration is a bit more challenging.

Take the example above. Clearly a loss of $4,000 per employee per month demonstrates the need for better collaboration, but how do you draw the line from here to ROI on a collaboration solution? One way is through business outcomes.

The same study found that for the average professional services firm, a new business bid cost nearly $25,000 in senior time. In this example, increased efficiency not only leads to money saved, it leads to increased opportunities. Freeing up the time of senior staff ultimately means they’ll have time for more bids. More bids mean more business and more business means more revenue.

This is only one example of how to prove the value of your collaboration program. Forrester’s report “Monitor The Performance of Your Collaboration Program” provides a valuable methodology for monitoring the performance of your collaboration program.  Their playbook provides 5 key areas to track for a comprehensive view of success to prove value and ensure adoption.

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