For today’s managers, measuring the productivity of your team is not as simple as checking who stayed the latest in the office. Projects are managed on-the-go, team members are spread across the globe, and a single deliverable may involve collaboration across multiple teams. The modern team needs one system where they can plan, run, and track processes and projects, and manage their everyday work. That’s where Work OS comes in. A cloud-based platform that is as flexible as today’s organizational needs, enabling custom apps to fit every workflow. We know that monday.com helps teams manage projects and collaborate across their organization, but how can you really measure the effect of a good Work OS and improved productivity?
We asked Forrester to take a closer look – and they found that monday.com Work OS provided a 288% ROI for an enterprise marketing company. Download the full study here.
How to measure impact: Framework and methodology
The Total Economic Impact (TEI) study, constructed by Forrester, is a methodology used to help companies demonstrate, justify, and realize the value of work platforms for key business stakeholders.
To conduct the TEI, Forrester interviewed an enterprise marketing company using monday.com to build a financial model on costs, benefits, flexibility, and risks.
Solving organizational challenges in an enterprise environment
A global enterprise company of approximately 1,000 employees kicked off their adoption of monday.com in their New York office with a team of 100. The team had been dealing with organizational challenges, including:
- Segregated client information
The team had no central, shared database where all client information was accessible to anyone who needed it. This led to disorganization and misinformation across the team.
- Inefficient campaign launch processes
Lack of a clear process for campaign launches led to long, unfocused meetings, miscommunication around updates, and repetitive back-and-forth.
- Lack of visibility on project progress
Without a way to visually track all of the moving parts within a project, campaign managers spent much of their time tracking status updates and addressing bottlenecks.
“We needed a central place to store and organize information about our clients, so that people from any group can easily know what is going on with that client at any moment.”
VP of product operations
The team was looking for a solution that could integrate with the tools they were already using and serve as a single digital workspace for the entire team. They needed something that was easy to adopt but also able to easily automate manual tasks and enhance campaign launches with project tracking capabilities.
288% ROI using monday.com
Forrester conducted risk-factored analysis to model the benefits the company saw after implementing and actively using monday.com:
- 288% ROI and less than 3 months payback period
Improved team productivity and improved revenue due to faster time-to-market led to financial benefits of $659,620 over 3 years.
- 50% reduction in campaign meeting time
With all information consolidated in one place, meetings were shorter and more efficient.
- Total of 15,600 hours saved for the company
By streamlining communication, consolidating files, and visualizing project management, the company was able to save thousands of hours— allowing them to focus on the work that matters.
- Improved team productivity at a value of $525,095
Using Forrester’s TEI methodology, total value to the company as a result of monday.com was almost 3x the company’s initial investment.
“We are able to cut down our launch queue discussions to half an hour now, since things are so clear, and we can move through meetings a lot faster.”
VP of product operations
A Work OS to maximize organizational productivity
All organizations strive for efficiency and productivity, but the processes and tools that aim to help reach that goal, quickly become the bureaucracy that gets in the way. Understanding that your team needs to improve how they manage projects and processes can be easy, but realizing how to quantify productivity is no simple feat.
Monday.com is a Work OS that lets you cut through the noise and focus on the work that matters. Using Forrester’s TEI report, leaders and managers can see the financial impact that comes from improved project management, transparent internal communication, and highly engaged employees.
To dig deeper into Forrester’s findings, you can download the full TEI report here.