CORK, Ireland, Jan. 28, 2020 /PRNewswire/ -- Teamwork, a leading SaaS provider of innovative and user-friendly project management software for large enterprises and small businesses, today announced the results of a recently-commissioned study of Return on Investment (ROI) that organizations experience as a result of using Teamwork.
The Total Economic Impact™ (TEI) of Teamwork study, conducted by global market research company Forrester Consulting, found that Teamwork helps companies increase productivity, realize efficiencies, increase visibility, and boost collaboration among other advantages.
To conduct the study, Forrester interviewed Teamwork stakeholders as well as a number of Teamwork customers to obtain data with respect to costs, benefits, flexibility and risks. Based on these interviews, Forrester designed a composite organization and constructed a risk-adjusted financial model framework to run a case study that showed the complete picture of the total economic impact of Teamwork.
"We believe the findings of The Total Economic Impact™ study from Forrester confirm what our customers have been telling us about Teamwork and its impact on helping them best-manage projects, collaborate and boost the efficiency of their organizations," said John O'Mara, COO and CFO of Teamwork. "Beyond this, what this study proves, in our opinion is the true economic impact, giving us real numbers that show how much of a benefit Teamwork can have on a company's growth and bottom line."
The study revealed that organizations across multiple industries experienced income-earning and cost- saving benefits of $712,000 versus licensing, implementation, and training costs of $133,000 over a three year period, adding up to a net present value of $579,000, and an ROI of 437 percent. Participants in the study also experienced the following major benefits:
- Incremental team member output: Improved communication and automation of manual workflows allows for time to be relocated for increased output
- Centralized work management and collaboration efficiencies: At-a-glance view of project status, automation of reminders and reports, and contextual communication with other team members increases efficiency
- Improved visibility and planning: Being able to track resources and identify future busy periods allows for relocation of resources, tasks, and milestones accordingly, thereby avoiding busy 'crunch' periods and potential need for costly outside support
- Cost avoidance of alternative tools: Enabling the consolidation of five to six different project management tools and solutions reduces subscription fees
- Improved employee experience: Benefits of the software make employees feel happier as they are more productive, are better able to work effectively and there is more transparency
- Strong security: Support of stringent data regulation – along with permissions and privacy features that project managers to control who has access to what – allows organizations to be more secure
The benefits of Teamwork traversed various industries. One Customer Experience Program Consultant in the Energy industry stated that "There's no way we could have dealt with the current volume of work without Teamwork."
A Project Manager and Administration Coordinator in the Healthcare industry stated that "One of Teamwork's main strengths is that it helps in avoiding gaps; previously I would set up via emails and typically forget. Now I have everything under control: the system tells me whether we are on time – and therefore to know when to ask people why we're late etc."
According to the study, the organizations interviewed succeeded in reducing the time employees spent on low-value tasks such as emails, ad-hoc status meetings, and finding information and manual reporting, thanks to Teamwork. A single repository for all project documentation, collaboration, planning and work management not only increases productivity, but also improves the employee experience.
The Forrester Total Economic Impact™ of Teamwork study, along with framework, methodology, testimonials and all findings, is available for free download here.
For more information on Teamwork and the impact the platform can have on your organization, visit Teamwork.com.
Teamwork is a web-based work management platform helping managers, staff and clients work together online. The company's groupware technology is used by thousands of organizations and companies – big and small – to help them stay organized and get work done. Teamwork's suite of products, including Teamwork, Teamwork Chat, Teamwork CRM, and Teamwork Desk, serve to enhance the performance of teams by coordinating both process and people simultaneously. For more information, visit Teamwork.com.