Measuring the ROI of New Tech Investments

 
 
By Dennis McCafferty  |  Posted 10-06-2015 Email
 
 
 
 
 
 
 
 
 
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    Measuring the ROI of New Tech Investments
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    Measuring the ROI of New Tech Investments

    Surveyed IT decision-makers believe that tech helps overcome productivity inefficiencies, but most struggle to unravel the ROI of new tech investments.
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    Prime Contributor
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    Prime Contributor

    96% of survey respondents believe that technology helps drive organizational efficiency.
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    Haves/Have Nots, Part I
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    Haves/Have Nots, Part I

    53% of those at companies considered "tech driven" said they are "very confident" that they'll achieve productivity goals, compared to just 14% at organizations described as "tech hesitant" who feel this way.
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    Have/Have Nots, Part II
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    Have/Have Nots, Part II

    39% of board execs say they are "very confident" that they'll achieve productivity goals, as opposed to only 25% of senior management professionals who agree.
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    Tough Task
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    Tough Task

    Only 40% of survey respondents believe it's easy to measure ROI both before and after investing in new tech.
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    Distinguishing Factor
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    Distinguishing Factor

    Just 32% said they have high levels of IT support when considering the ROI of new tech. But among those respondents, 63% said it's easy to determine ROI both before and after investing in tech.
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    Biggest Evaluators of Potential ROI of Productivity Software
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    Biggest Evaluators of Potential ROI of Productivity Software

    Time required to train users: 54%, Time/effort required for implementation: 50%, Impact on user productivity: 50%
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    Victim Statement
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    Victim Statement

    57% of survey respondents said employees are most likely to suffer as a result of inefficiencies, while 48% said customers most likely suffer due to this.
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    Top Causes of Wasted Workday Time
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    Top Causes of Wasted Workday Time

    Inefficient processes: 44%, Paperwork overload: 43%, Meetings: 41%
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    Gift of Time
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    Gift of Time

    56% said that—if they were able to reclaim 30 minutes of their day—they'd choose to invest that time into themselves, while 44% would devote that extra time to business.
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    Personal Improvement
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    Personal Improvement

    63% said that time spent recharging outside of work reduces stress, and 49% said it increases job satisfaction.
 

Companies considered tech driven are far more likely to achieve productivity goals than those that aren't, according to a recent survey from Planview. The resulting report, titled "Powering Productivity: How Business Leaders Are Using Technology to Drive Efficiency," reveals that project managers waste on average 2 hours and 45 minutes every week due to inefficient processes. Nearly all senior IT purchase influencers believe that tech helps overcome these inefficiencies. But most of them struggle in measuring the ROI of new tech investments. As a result, both employee productivity and customer service suffers. The upshot: CIOs and other senior IT leaders must convince the C-suite that it's better to pay now for proven tech solutions that will increase efficiencies, rather than suffer later with ineffective performance that hurts business. "Delaying innovation now will only mean more work to be done in the future," according to the report. "Change doesn't have to be daunting or overly intrusive—start with small technology investments in key areas of inefficiency. Easy-to-implement cloud and SaaS products exist for almost every organizational challenge. Seek to involve tech providers in the ROI process while also maintaining a healthy level of critique." A total of 515 senior and key decision-makers in the IT buying process took part in the research, which was conducted by Loudhouse.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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