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 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.
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.
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.