Three Returns You Should Expect with Collaboration Technology Investment

Collaboration technology like unified communication systems, productivity platforms, screen sharing, videoconferencing, instant messaging, online whiteboards, file sharing and a litany of other solutions are now a must-have in business. Their ROI isn’t that difficult to determine.

This technology is designed to make your organization function seamlessly and effectively regardless of if your workforce is working in the office or remotely.

These solutions help streamline workflow and productivity within your organization and can bring some truly sizable returns on your investment. That collaboration technology ROI can be summed up in three main areas: cost savings, productivity gains and the ability to innovate.

Cost Savings

Particularly for collaboration solutions and videoconferencing platforms like WebEx, Zoom, Microsoft Teams and Slack, the most apparent benefit is dramatically reduced travel costs.

With this technology, end users can replicate those valuable and personal face-to-face meetings from anywhere in the world, reducing the need to travel across the country to meet with a new client, customer or business partner.

Collaboration technology accomplishes the same thing when recruiting for an important job. Rather than pay for travel expenses to interview candidates, organizations can hold virtual interviews.

According to Carl Wiese, vice president of global collaboration sales at Cisco, organizations can also use these collaboration tools to offset some building costs by holding virtual meetings. That can help eliminate the need for costly office space like training or meeting rooms.

Remote work was becoming a popular trend long before the COVID-19 pandemic forced millions of workers into their homes, and collaboration solutions became extremely popular and helped organizations continue to serve their customers. Now, research suggests that those organizations that realized the benefit of these solutions are now considering reducing their office footprint.

Productivity

Collaboration solutions also give end users a significant boost in productivity, since the technology can accomplish simple tasks in a fraction of the time it would normally take.

For example, if you need clarification on a project but you aren’t sure where your supervisor or coworker are, you can send an instant message, email or video call right from your workstation – wherever that may be.

Collaboration technology also helps take planning and logistics out of the equation when working in a group. With platforms like Slack, Microsoft Teams, GoToMeeting and others, organizations can collaborate effectively and efficiently without even having to meet in person.

This can cater to each individual employee’s preferences especially as the flexible workplace culture becomes more mainstream, says Mark Strassman, senior vice president and general manager of unified communications and collaboration at LogMeIn, GoToMeeting’s provider.

“Efficient workflow and open communication channels are the only way to make this type of work possible,” Strassman says.” Collaboration tools improve employee efficiency by advancing communication, promoting common goals, fostering shared values and building relationships.”

Innovation

According to Wiese, collaboration solutions and technologies are transforming virtually every industry as the world becomes more connected.

“Collaboration tools help companies enter new markets; build new business models; accelerate innovation cycles; and make faster, better decisions,” Wiese writes.

For example, the healthcare industry has made great use of collaboration technology to help diagnose and treat patients more quickly and accurately. They’re even using teleconferencing platforms to communicate with patients who aren’t able to get into the doctor’s office.

Educators are using the technology to communicate with students in new ways, including remote learning.

Collaboration technology can arm your customer service representatives with the information they need to help solve customers problems much quicker than they could before.

Aaron McArdle, CEO of conference room installation firm RoomReady, says every company doing business right now is first a technology company.

For example, successful banks are technology companies that are in financial services. Successful plumbers are technology companies that deliver plumbing services.

“Technology is the foundation of how all great companies grow and innovate at scale, and if you don’t embrace that, then you’re going to be at a serious disadvantage to somebody who does,” McArdle says. “People talking to people is the most important part of your business, so anything that you can do to facilitate that is going to is a secret weapon for you.”