How to Achieve a ROI on an Intranet Investment
So, when investing in the purchase of intranet software, how can you monitor the return on investment (ROI)? To form an effective ROI model, there are many questions to ask, for example; have communication levels and quality increased following the installation of the intranet software? and how does the intranet service compare to traditional methods of communication? To answer these questions effectively, research will be required to assess the current level and method of communication within your organization, against previous services used.
Of course, this only covers key areas; many of the benefits provided by an intranet service are more difficult to measure. Here are additional factors to consider when creating a ROI model:
Intranet Accessibility
An intranet service provides a central storage base for correspondence; this can be monitored to assess productivity. For example; has the addition of a centralized point reduced the amount of time that routine tasks take? Are search times significantly lowered? Recent surveys would suggest that without an intranet service, simple tasks can take up to 3 times longer, with time 'wasted' on lengthy search processes.
Communication via a Intranet
Having documentation stored in one area can also increase the frequency and effectiveness of communication between staff, measure the impact this has had on your organization. Consider documentation such as HR policies, where information can be shared more effectively via a central storage point. Departments may now be able to communicate, whereas traditional methods did not allow this collaboration.
Management
Has the intranet service allowed for more effective management of internal documentation? Is management now shared between several members of staff, increasing knowledge and skills throughout the organization?
Print cost reduction
Take into consideration any documents that were previously printed, or maintained on external systems. Information such as phone lists can be included on the intranet system, substantially reducing print and subscription costs.
Less strain on IT
The intranet allows content management to be shared between multiple users, at varying levels. Monitor how this has reduced the strain on your IT Department.
Staff retention
Investing in an intranet can help to build on morale and increase trust in a company. Staff may feel more 'included' in processes, and in turn, more secure about their future, encouraging staff retention. Return on investment is calculated not only on cost effectiveness and time saving, but also on overall company performance. A good intranet service should be reliable, easy to use, adaptable and should offer excellent support and documentation. Take all of these factors into consideration when assessing ROI.
Importantly, regardless of how you prove the value of a new or improved intranet in your enterprise, putting in place the means to measure both costs and benefits in money terms will be critical to your success. Not to mention helping secure access to funding for future phases.
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