Mobility has great benefits for enterprises as it results in higher levels of connectivity with the employees. This improves overall business processes as well as products. It also creates better collaboration within the internal teams allowing employees to share best practices among themselves.
Enterprise mobility strategy offer several benefits, such as increased productivity, collaboration, and better sales efficiency. However, one needs to keep their business objectives in mind to gain these benefits. This involves continuous evaluation and measurement and calculating Enterprise Mobility ROI. Estimating the real value of the mobility strategy will help you in ensuring that your strategy remains successful.
As such, ROI is most commonly calculated as – divide the net profit margin by investment. But to measure the ROI of an enterprise mobility strategy is not that simple.
Identification of the KPIs
The first step is to identify and list the key performance indicators. KPIs should be in line with your organization’s larger goals, which leads to effectively calculate the ROI of adopting enterprise mobility strategies.
Identification of KPIs can be started with three basic questions –
1. What are the key goals for enterprise mobility?
2. What are the expected business challenges to be solved with enterprise mobility?
3. Are you looking forward to improving your employees’ productivity? Or setting up an overall efficient system?
Whatever objectives you are trying to meet should be reflected in KPIs. However different industries and business units may have different KPIs.
There are several indicators which can tell whether you are getting the most out of your investment in a mobility initiative or not. However, some of these indicators are easily quantifiable, but some are harder to quantify. In short, the benefits of an enterprise mobility solution can be categorized into two different types – Quantitative and Qualitative benefits.
Quantitative benefits are the benefits that can be precisely calculated in numbers. For example, an increase in cost savings in percentage, reduced time to complete a task etc.
Qualitative benefits are the intangible benefits which are difficult to measure. And they are equally important. They include employee effectiveness and productivity, customer satisfaction etc.
Here are some of the best methods of measuring the ROI of your enterprise mobility:
Revenue Vs. Costs
Do some number crunching and calculate the revenue generated after implementing enterprise mobility and all the costs involved in achieving it. After calculating, compare both and derive the overall financial gain achieved.
Enterprise mobility strategy leads to –
* Healthy work-life balance
* Access to business contents and documents
* Custom mobile apps
* Reduction in downtime
Such benefits are difficult to quantify but they are equally important in achieving the overall business objectives.
The end user of the enterprise mobility applications are the employees, as a result of which it makes it a very important metric for your bottom line. If your employees adopt the new technologies quickly then you can infer that your strategy has been effective, and your investment is worth.
Usage data can provide insight into the effectiveness of a mobile strategy. Understanding metrics such as time spent or saved with mobility, ease of use, can provide the benchmarks you need to calculate and improve the ROI of the enterprise mobility strategy.
Customer satisfaction is the most important metric which shows the effect of summation of all the metrics listed above. The investment is materialized if your customers are happier with the services and/or the products you provide.
For every business, customer satisfaction is always the key metrics to measure the ROI.
The effectiveness of a mobile strategy can be determined using several measurements, some quantifiable and some not. But, you can find out if you’re investment has materialized through the combination of these metrics and get an idea of how to improve further. However, while calculating enterprise mobility ROI, it is important to keep in mind why you chose mobility for your enterprise. And accordingly, you will focus on the metrics related to it. Thus, picking the right arsenal of metrics is important to get the desired results