The Return on Investment (ROI) which measures the efficiency between an investment and the benefits of that investment -expressed as a percentage- is one of the most commonly used metrics to calculate if your company’s strategies are delivering results.
What are we doing with the ROI? The transformation of our clients towards mobile consumption, and the urgency to keep up with the 2.0 revolution within organizations lead us to evaluate new ways to increase the ROI in our company.
In line with the new scenario, we present down below 4 keys to consider in order to manage to increase the ROI in your company:
1. Prepare your success with previous studies:
What is the key to promote changes in any organization? Preparation, preparation and preparation. It’s proven that organizations which investigate first and prepare with studies before incorporating changes or launching innovation processes achieve more successful results.
According to a Unisys Corporation global survey to 400 IT and business executives in eight countries, posted at Tech Republic, organisations that conducted a thorough return on investment (ROI) analysis before embarking on their cloud migrations were 44% more successful in realising their cost-savings expectations than those that did not.
According to the report, 82% of survey respondents who conducted an ROI analysis said that it lead them to realize their expected cost savings. Conversely, only 57% of respondents who didn’t perform an ROI analysis realise their cost savings expectations. Therefore, according to the article, companies that perform an ROI analysis are 44% more successful in realizing their cost-savings expectations.
Other interesting data from the study indicated that:
- 80% of the surveyed expected cost savings from adopting the cloud
- 59% conducted a formal ROI analysis before migrating
- So, what will the cloud improve in the enterprise? According to those who responded to the survey, 94% said disaster recovery, agility, storage efficiency, flexibility, and continuity are the most important drivers.
2. Embrace a mobile strategy
Most of the CIOs recognise that enterprise mobility and cloud-based apps are still core components of digital transformation, according to Information Age. With solutions for every need, in 2017 enterprises can be represented at every stage of the mobile adoption curve.
To demonstrate this spectrum of adoption, a survey of UK and US enterprise mobile maturity, undertaken in 2017 by Sapio Research on behalf of Synchronoss, classified organisations as, ‘Entry level, ‘Opportunistic’, ‘Additive’ and ‘Transformational’, based on their adoption of mobile productivity technologies and data and security required.
Using these criteria Sapio Research gauged that just over a third (38%) of respondents were still at the entry level of using basic mobile email and calendar functionality. Only 19% were using app integration; multi-factor authentication; file-sharing apps and collection and analysis of data.
As the article from Information Age states, Sapio Research reported a correlation between mobile maturity and profitability and attributed this to the fact that respondents in the ‘Additive’ phase of mobile adoption were, on average, 15% more productive and 29% more profitable than enterprises at the ‘entry level’ of mobility.
The Economist Intelligence Unit found that organisations in the study with mobile-optimised workplaces achieved better collaboration, creativity and productivity gains that equated to eight weeks of additional output for every employee per year. The larger an organisation, the potential for bigger gains.
It was also found that mobile-first organisations in the study were three times more effective at attracting employees and enjoyed higher retention rates.
While the earliest adoption and benefits of mobility were seen in field workforce management, other sectors are now starting to see some element of mobility.
An enterprise-wide survey undertaken in October 2015 by Vanson Bourne, on behalf of Red Hat, found that respondents from the US and Western European manufacturing sectors reported the highest return on mobility: 92% reported positive ROI from mobile technology.
Perhaps more predictably, 83% of the telecoms sector and 83% of construction respondents reported positive return on mobility. This was followed by 76% of retail respondents, 75% of transport and distribution respondents and 71% of the business services sector respondents reporting positive ROI on mobility.
3. Focus on your online sales promotion
Social media make the difference among emerging companies, as appointed by the website Merca2.0: “Correct handling of your communication channels will allow you to increase your database and to lead a higher amount of public towards your point of sale or digital platform you’re currently capitalizing”.
In that regard, a well-designed strategy that can bring good dividends requires regularly uploaded contents, playful and entertaining messages, and the construction of a close relationship towards your different audiences according to your social network.
4. Choose the right tools
In a previous article we answered the question whether Google Forms can be used offline. This digital tool it’s not useful when we need to collect information in locations where no Internet is available, since the forms can’t be completed unless we are connected. Therefore, the Google Forms become an obstacle for organizations which perform certain field operations characterized by its offline mode.
What does this example show us? A complete analysis of the current needs and future demands of the company helps you to avoid costly mistakes when implementing productivity oriented tools. Adding tools which aren’t 100% adjusted to the current ‘pains’ of the company is a measure that doesn’t bring solutions and doesn’t increase the ROI but quite the opposite; they become barriers to the company’s growth.
You may want to keep reading: A mobile-first strategy increases productivity
DataScope is a platform which allows various industries to streamline, organize and evaluate the work of their field staffs thanks to online forms which provide real time indicators 100% adaptable to any field.