The most common questions prospective clients ask us about intranets are:
- “What is the payback of an intranet?”
- “How do I quantify the investment in intranet software?”
- “How do I determine intranet ROI?”
Our Product Manager, Neil Chong-Kit, recently discussed how to ensure intranet ROI through effectively utilizing the Form Builder application. As a follow up to that post, this post will cover a more general overview of how you can plan for and improve your intranet ROI.
The soft benefits, the intangible assets that your company or organization acquires, come from many parts of an intranet deployment. They include everything from the convenience of finding documents from a centralized document repository to ease of communication between people, teams and leaders.
However, to truly quantify the money saved (even generated) from an intranet strategy requires a deeper and comprehensive look at how organizations:
- Seek to Control Expenses
- Increase Revenues
- Improve Business Efficiency
1. Decrease Employee Turnover
Everyone understands the cost to a business when an employee chooses to leave. For the most part, their knowledge leaves with them and any replacement will need time to come up to speed in a similar role. An intranet with shared knowledge, including much more comprehensive job descriptions, better documentation and a collaborative Knowledge Base, can save a lot of money simply by lessening the impact of a departure. Talk about your intranet ROI!
Add to this the ability to provide better on-boarding processes and enhanced training through document read confirmation and employee quizzes and you have the potential to save the organization major expense, making a big impact toward your intranet ROI.
Hard to believe there actually was a time when employees used the physical suggestion box as a primary way to make recommendations to management. A well articulated intranet that embraces employee idea sharing brings this concept alive. Quickly ask your team questions and enable them to respond using a forum style intranet features to not only make suggestions but to collaborate on those ideas. One plus one truly equals three in this kind of idea sharing.
Many companies also introduce various rewards for generating new ideas that can reap the most intranet ROI and can yield the most new business – and your intranet is a powerful tool to manage this in a way that reaps results rapidly.
We live in a very competitive world, where layers of bureaucracy prevent great ideas from transitioning from inception to execution. Our intranet yields signficant intranet ROI through linking the right channel to move from concept to project management to effective introduction to sharing results and continuous improvement at a rate of speed previously impossible.
Companies can be nimble and that means huge improvement in cost savings and/or revenue production in a shorter time span. Use Discussion Boards or Project Team Sites to generate ideas, and then share new implementations on your intranet homepage through the Company News application.
As organizations grow, requirements for expertise also increase. It is amazing how wide the array of skills your employees possess, and tagging functions in an intranet allow you to share that information efficiently. From first aid to mortgage broker to website design and public speaking, if you can find expertise within your team this can prevent costly outreach to consultative resources. People by and large are experts in areas outside their core responsibilities in your organization, and knowing more about those attributes dramatically improves your ability to create ad hoc project groups and in many cases rejuvenate individual sense of worth.
Any organization that transacts with customers can cut costs by ensuring contracts, essential service details, agreements and processes are in sync with current practices. A well designed intranet structures documents and policies as a pillar of improved communication to appropriate user groups.
Instead of paper forms and frequently outdated materials your intranet serves as a powerful security blanket avoiding costly errors and omissions. This is particularly true of companies with many locations, branches, outlets or departments. The more complex your array of customer contact points, the more an intranet that serves up the right policy at the right time can save money and improve business results.
5 More Ways to Improve Intranet ROI
Discover Part 2 of the Top 10 Ways to Improve Intranet ROI.