How to improve your ROI on Intranet software
Every business investment needs relevant return on any kind of investment, in the absence of which buy-in on any given investment is almost impossible to gain. While many organizations are too focused in monetary returns to investment, it’s now time to look beyond figures and think in terms of soft ROI as well, especially when it comes to aspects such as learning, collaboration, etc. The first step is to take into consideration all usage outcomes as potential sources of value and combine them to estimate the total value to business.
There are a number of benefits to social intranet software which create a positive environment within an organization. Here, the benefits include not just hard value but also related and parallel benefits. Return on investment is not apparent on immediately installation of an enterprise intranet software; it takes time to surface.
Some of the most important parallel ROI on intranet software can fall under the three broad categories:
Training and coaching on intranet software: In today’s fast-paced and changing business landscape, keeping up with the latest trends is a crucial factor that helps organizations stay ahead of the curve. For this, learning becomes a navigation tool to make sense of the business environment and leverage all possible resources ti maximum output.
While, the importance of training and coaching of both hard and soft skills has been acknowledged across the globe, there’s hardly any time to bring all employees together under a formal classroom setting for training without disrupting the daily business processes. In such a situation, intranet software becomes handy.
Employees can log on to the intranet portal to read-up training materials to improve their skills (hard and soft). Today short video-bites and blog posts have also emerged as popular training materials. All these can be uploaded on the intranet portal as training and coaching content which can accessed from anytime-anywhere.
Increased employee engagement: Engagement is a very crucial factor that drives productivity; engagement ensures care for the organization and the projects undertaken on behalf of the organization. Engagement ensures employee commitment. Engaged workforce therefore means increased productivity, better collaboration and lower staff turnover. Intranets can be a powerful workforce engagement tool. If employees feel that they are a part of something larger than themselves that goes beyond showcasing numbers, they tend to feel valued; their work is felt valued. For this, engagement with senior managers is highly important.
However, at the kind of rate companies are expanding and transforming, engaging personally with every employee is not possible, especially for senior managers and other executives. With an intranet software, this problem can be solved; it brings the entire workforce together in one single platform to connect, communicate and collaborate. An intranet software that ensures continuous communication and collaboration automatically translates into greater engagement, thus a higher ROI.
Reduced impact of attrition: Employees come and go. But in this process of hiring and letting employees go, there’s a lot more to losing an employee than just the time that is involved. Knowledge and personal connects of the person leaving the company goes with him/her. There’s a lot of time, energy and cost involved in training his/her replacement and bringing up to speed with the on-going projects and clients that were being handled by the employee leaving the organization.
Having an active, simple and user-friendly collaboration tool can help the new employee learn and understand the project with the availability of the required information in a single place. Therefore, this will have a direct impact in the cost and time involved in training new hire.
REDUCING TIME TAKEN TO GET THINGS DONE
Intranet as a knowledge sharing platform: Information transfer from one department to the other is crucial for synergized business processes. Having a shared knowledge base helps employees overcome information blockage in between daily processes. An Intranet software that acts as a base for knowledge storage can help employees retrieve information they need to make better decisions. Having intranet as a single point for knowledge storage can improve speed of flow of information, resulting in overall improvement in business process This increases the overall agility of the organization that leads to improvement in revenue. It will also result in decreased costs, better decision-making and greater productivity.
Real-time customer feedback: The business landscape today has become highly competitive. Every industry and every line of business has at least a few major players and many small players waiting to take over the field. Therefore, the only way to ensure success is to ensure customer satisfaction. This can however happen only when customer feedbacks and complaints reaches the product developers and senior executives. Through the intranet software, customer-facing employees and social media moderators can be proactive in putting the complaints on the collaboration platform on a real-time basis, so that the developers can be agile and work on improving the challenges being faced by the customer.
Internal collaboration: Big projects usually involve not only a lot of people, but also requires inter-departmental collaboration. However, priorities for each department can vary, and therefore, coming together and planning becomes disruptive to various projects running simultaneously. Communication and interaction on the intranet portal reduces time and allows for each employees to manage their respective tasks, at the same time collaborating virtually to ensure a smooth and successful project.
Intranet software also reduces time when it comes to tracking the workflow, following up with approval processes and over-viewing the progress on frequently used reports, purchase decisions etc.
Return on investment on intranet software may or may not surface immediately. However, without a doubt, intranet can help gain significant and concrete ROI over time. When deploying such a tool, it is important that organizations understand the kind of value they are looking for a software to add to business outcomes. Without a clear purpose, it becomes highly difficult to measure ROI (especially the soft values) on the intranet software. We would love to talk to you about your requirements from an Intranet software. Get in touch with us today!
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