Measuring the Remote Workplace ROI to enhance Productivity
Measuring the Remote Workplace ROI to enhance Productivity.
Evaluating
Remote Workplace ROI can
be quite an effective step to enhance your organizational productivity. Remote
workplace ROI gives you a clear vision regarding your business status and thus,
helps you make wise and informed decisions. This in turn facilitates the
greater business needs such as enhancing employee efficiency, improving
customer satisfaction, maximizing employee engagement, and of course,
increasing productivity.
Even
though the pandemic might have contributed its share of destruction, but this
phase has proved to be a boon for digitalization. The pandemic has indeed
accelerated technological transformation!
Whether
it’s Microsoft Teams collaboration, SharePoint intranet, or a
digital workplace platform, the key to success is to make the remote workforce
feel belonging to the organization. 2020 has been all about Mobility and
comfort and will continue to be so. In this scenario, it is important to keep
the employees connected from literally anywhere. If you are able to satisfy
your remote employees and clients alike, be sure to be a high achiever of the
Remote Workplace ROI as well.
What is Remote Workplace ROI?
Measuring
the return of investment is quite essential to evaluate the success and plan
the further development of every venture. While measuring the analytical stuff
like social media followers might seem very easy but measuring the actual
outcome isn’t such a straight road.
The
strategic approach to define your remote work ROI is to start with the
business reasons to introduce a particular digital workplace platform followed
by the business goals and the present situation with those goals. Lack of an
ROI evaluation might be a setback to your digital workplace efficiency. Being
clear about the goals and present scenario is critical to understand the
business ROI and let you take correct decisions regarding your Digital
Workplace.
Ways to track Remote ROI
Digitally
transforming a traditional company to one that allows virtual work options is a
major improvement in the work culture.
Keeping a note of the remote work ROI ensures proper
utilization of the remote technologies. ROI measurement includes using tools
such as Analytics, Power BI, regular site audits, user feedbacks, etc. to
understand the positives and negatives of investing in the digital workplace
platform. In this way, we can determine the metrics that can be deemed
considerable to declare the verdict of digital workplace success. This isn’t
just confined to quantitative metrics like productivity, employee engagement,
innovation, collaboration, customer focus, cost-effectiveness, etc. but
comprises of qualitative factors such as employee retention, employee
satisfaction as well.
How to measure Remote Work ROI?
Here
are some of the many metrics that can help measure the Remote Workplace ROI;
Reduced infrastructural costs
Office
space rent and amenity supply used to be one of the major fixed capital investments
in the traditional offices. With the shift to the remote, a big fraction of
this cost gets cut off from the company expenses. These reduced operations
costs can add up to the budget of other important processes. Businesses that shift to remote work can
evaluate their remote ROI by finding the difference between the capital and
operational expenses earlier and the cost of digital workplace technology
hardware and software subscriptions. A positive difference will indicate lower
remote costs, thus indicating remote workplace success.
Engagement
Engagement
is always an important deciding factor to evaluate the acceptance level of any
platform or technology. Tracking usage specific to device types is a good idea
as well to facilitate workplace flexibility. The key is to utilize all the
information that can be obtained using basic analytics tools such as Power BI
and Google Analytics.
Influencers
Every
platform has its set of users who adapt to it the quickest. These users can be
used as influencers or pioneer workplace users who spark an interest in others
as well. If your digital workplace can leverage their skills and enthusiasm to
attract more employees to the platform, this can be one of the factors to a
successful ROI.
Customer and Sales
Customer
conversions are the ultimate goal of any organization. Your digital workplace
must be efficient enough to help your Salesforce close maximum deals by making
all the information easily accessible in order to deliver a great customer
experience and drive sales.
Make
sure that your Sales team is confident enough to access any information
instantly. Has your remote workplace resulted in more sales and enhanced
customer satisfaction? Then, this can be counted under ROI Works too.
Bottomline
Though
measuring the remote work ROI is important, it is to be kept in mind that it
isn’t entirely measurable as some of the benefits of remote working for
employers show their effects in long term. Instead, you need to plan out an
organization-specific set of criteria to evaluate your remote workplace
productivity. Digital transformation coupled with such precisely planned ROI
measurement is sure to bear great results.
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