Return on Investment (ROI) is the primary driver for each business decision and investment made. It justifies how the expenses work together to keep the business afloat and presents as well which investment should be prioritized, maintained, or stopped. Boosting it is one big challenge each company is facing.
But as a modern company, you must start somewhere in leveraging the returns of each of your investment. Question is, would you dare to take the first few steps?
If you do, here are five secrets you should know to boost your company’s ROI:
Having the right productivity suite is the right way
One key driver of office efficiency is having the necessary set of productivity tools to smoothly execute menial tasks to large chunk of organizational processes. For modernizing workplace such as yours, here are three major elements of the right productivity suite in terms of usage:
- Seamlessness – Having your enterprise email platform, office tools (for documents, spreadsheets, presentations, etc.) managed and installed in one place, from one vendor, from one account leads to great organizational benefits. A Forrester research in 2015 has it that from the 60 organizations they have tested as to how an all-encompassing tool suite can benefit them, there’s an estimated $5.6 million net present value (NPV) and lessens implementation efforts by 40%, making more room for productivity and savings.1
- Recency & ease-of-use – Familiarity with the productivity tools simply equates to each user’s ease-of-use, and ease-of-use improves turnover rates. A report by Collaborative Strategies Inc. tells that 65% of enterprise tool users prefer ease-of-use than having extra features.2 Meanwhile, recency speaks about how current the technology used to develop a certain productivity suite.
- Backup – As per chamber101.com, 40% of businesses go foreclosure after a disaster; add to that the damages that cybercrimes can incur. Put them together and they’re the perfection of a mishap waiting to happen to your business. Having a cloud platform to store digital copies of your physical files simply future-proofs the information you have in your arsenal, be them printed or digital.
Seamlessness, recency, and ease-of-use should be balanced: the familiarity of the tools is there, at the same time comes with current technologies that do not alienate users. Find the productivity suite that provides such balance with a cloud backup like Office 365 or at least works best with a cloud-based document management system such as Enadoc for digitizing files.
Employee disengagement is expensive
A Gallup poll reports that disengaged employees cost the US more than $500 billion yearly in lost productivity. Statistics also show that 1 out of 3 employees is either somewhat or actively disengaged. And with the landscape and pacing of businesses worldwide, it is never too far that employee disengagement might hit your company as well.
On contrary, there’s up to 25% increase in productivity when everyone is connected inside an organization, according to McKinsey Global Institute. And the higher the productivity, the more time the organization can work on further opportunities.
Excite employee engagement by getting what’s in their mind, their thoughts on current issues (inside or outside the company), or by simply creating fun polls through an established internal platform. This doesn’t just let them speak their minds out but also allows them to engage with other employees.
A cloud-first, mobile-first approach is the way to business agility
The future is wireless, and we are now in the future. Cloud-first isn’t just about putting forward a digital storage, mobile-first isn’t just about prioritizing handheld devices. It’s all more than that.
Going cloud-first simply presents the fluidity of a cloud technology such as Azure. This allows you to maneuver across secured data networks—making data insights, analytics, software/app hosting, storage, and access far more precise and monitored. Mobile-first, on the other hand, points out not the handheld devices but the device users—and that’s you and your entire company.
2015, Forrester tells that mobility has made access to applications (productivity suite, per se) 25% more quickly, thus increasing the productivity rates.1 Also, with the tides of digital transformation hitting the landscape of workplaces, 41% of employees spend more time working remotely compared two years ago.3 All these became possible with a cloud-first, mobile-first approach.
This proves that a need for a productivity-centric workplace is the A-game for modern organizations. This can be achieved through a cloud-first, mobile-first approach and should be one of your implementation priorities.
Data security and compliance is a must
Data has been the most important resource of each modern business since the advent of digital transformation. Astonishingly, data security and data compliance are often overlooked by the organizations.
Many recent cybercrimes probably brought the biggest damages in the history. To wit, there was WannaCry that caused $130,000 damages worldwide, data breach in the US that exposed 198 million voter records, and many others. If data weren’t that vital to the world today, these wouldn’t happen.
The cybercrime game has been pressing for the experts and the law giving bodies, thus introducing GDPR just this May 2018 for the European Union. Along with this are country-specific legislations such as the DPA of 2012 implemented more strictly in the Philippines.
The cybercrimes and the legislation should push organizations further to implement stronger security posture through newer data protection technologies that complies with these laws.
An enterprise mobility suite that offers layers of data protection such as multi-factor authentication, single sign-on, and data encryption should help. It reduces security risk by $390,000 and reduces help desk calls by 75% for password reset questions.4 You just saved your company from damages and at the same time lowered efforts for your help desk.
Data streamlines your business decisions more than ever
According to Forbes.com, making better decisions is one of the top four BI objectives as to why organization adopt such technology. The other three are improve operational efficiencies, grow revenues, and increase competitive advantage.
This means that business movements are getting more aligned with the business data each organization is handling. From production cost inflation to employee attrition, data has become the most accurate measurement and the language that modern organizations consider as the truest.
Embedding a business intelligence tool across your productivity suites, intranets, and the like helps you come up with the totality as to how each conspire to achieving your ROI targets, allowing you to come up data-driven decisions for your organization.
Boosting your company’s ROI is not easy. You need to adapt endlessly to the industrial trends. And with the boom of digital transformation that has modernized the workplace, cost-saving, secure, and privacy-compliant technologies are much needed.
Good thing, these technologies are available from a trusted tech partner near you… and that’s us.
Read to boost your ROI? Download this free eBook:
Sources:
- Total Economic Impact of Microsoft Office 365: Enterprise Customers, 2015, Forrester
- State of Collaboration Report, 2013, Collaborative Strategies Inc.
- Forrester TEI Case Study Microsoft EMS
- 2016 Steelcase survey and Forrester
