How Do You Measure The Value Of Your Digital Whiteboard?
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More than half of full-time employees in the United States can do their jobs remotely, thanks to the rise of digital workspaces. That number will only rise as remote work continues to become the norm.
These digital workspaces allow teams to collaborate, share ideas, and communicate without physical proximity. The benefits feel endless but sometimes can be challenging to quantify. Making the business case for investing in a digital workspace solution or digital whiteboard can be complicated.
To get your team onboard with the idea of using a digital workspace, you must ensure an easy-to-understand return on investment (ROI). Showing how much money and time is saved by utilizing the technology will be vital in getting buy-in from decision-makers.
Below, we'll take a closer look at digital workspaces, some of the common complaints that delay adoption, the major benefits they can provide, and how to accurately measure the ROI of your digital workspace solution.
What is a Digital Workspace?
Simply put, a digital workspace is a platform that allows teams to access information and collaborate in real time. It’s an online hub for team members to work together on projects, communicate with one another, share files, and more.
Some popular digital workspaces available today include Microsoft Teams, Stormboard, Slack, Asana, Trello, and Basecamp. These platforms are all cloud-based solutions that allow users to access their accounts from anywhere with an internet connection.
One of the primary selling features of these tools is that they enable more efficient communication and collaboration within hybrid and distributed teams.
Common Complaints of Hybrid/Remote Work
The benefits of hybrid workforces have been written about ad nauseam. However; they aren’t without their own drawbacks.
One of the main complaints about hybrid or remote work is that it can be difficult for teams to stay connected. Many employees miss out on the day-to-day interactions and conversations that happen in an office setting.
Additionally, the tech stack required to support a more distributed team can lead to some challenges. Some digital workspaces are not user-friendly or intuitive, which makes them difficult to operate — especially for those that aren't tech-savvy. This can lead to frustration from team members who have difficulty finding what they need when they need it.
For many in-office workers, the option has always been to walk over and ask a question in person. But with remote work, this isn't always the case. That can lead to a feeling of isolation and disconnection from the rest of the team, which then ripples through worker output and end result quality.
Seeing everyone around the coffee machine, heading out for after-work drinks, or even having a casual chat in the hallway isn't possible when everyone works remotely. This can be difficult to adjust to, leading some employees to miss that sense of camaraderie and belonging.
ROI of Collaboration
Collaboration and communication are at the heart of a successful business. A digital workspace solution can help teams stay connected and productive, no matter where they are based.
It also eliminates many common problems associated with remote work — such as difficulty finding information or staying in touch with co-workers — and makes it easier for team members to collaborate on projects in real-time.
The benefits of using a digital workspace solution go beyond just making it easier to communicate; there is also an increase in productivity due to improved collaboration and streamlined processes. Additionally, having all documents stored securely online means that employees don’t need to worry about losing important files.
For some workers, the concept of digital collaboration and communication may help remove any anxiety or social pressure that comes with working in an office.
Cost Benefits of a Digital Workspace
Tracking exactly how much money and time are being saved with any solution can be difficult. But, it's still possible to complete a cost/value analysis for digital whiteboards and workspaces by looking at metrics like meeting reduction, employee satisfaction, cost savings, user adoption rates, and productivity gains.
Below, we'll break down four specific benefits of using a digital workspace for remote work and suggest three key performance indicators (KPIs) to measure the effect of each.
Time Savings
The first and most obvious benefit of using a digital workspace is a response to those initial complaints. The time spent around the coffee machine, or chatting in the hallway, can be drastically reduced by operating through a digital interface.
The saved time can come in much broader, tangible, and more impactful ways, though.
Travel time & allowances: Using a digital workspace can eliminate the need for team members to travel long distances just to attend meetings.
Administrative tasks: Having all documents stored in one place and easily accessible makes it much easier for teams to manage their projects. This helps reduce time spent on administrative tasks, freeing up more time for productive work.
Onboarding: With group video or chatting, onboarding new employees can be done remotely. This reduces the time it takes to bring a new team member up to speed and get them working on projects quickly.
Here are three KPIs to track when measuring the value of your digital workspace
Travel costs: Measure the amount of money saved on travel costs when teams don’t need to meet up physically.
Administrative tasks completed: Keep an eye on the number of administrative tasks being completed with the help of digital workspaces, like document organization or project management.
Onboarding efficiency: Track the time saved when new team members are onboarded remotely.
Efficiency Gains
Another benefit of digital workspaces is that they help teams become more efficient. Having all the necessary documents and resources in one place allows teams to work faster and more efficiently.
Document sharing: Having team members collaborate on documents in real-time means everyone can access the most up-to-date version. This helps them to save time trying to locate missing or outdated files - it allows enables asynchronous collaboration, which can result in better outcomes in shorter time periods.
Project tracking: Digital workspaces also make it easy for teams to track their progress across projects, allowing them to stay organized and on top of deadlines.
Communication: Finally, these platforms enable seamless communication between team members, which helps reduce misunderstandings or miscommunication.
Here are three KPIs to consider when measuring the efficiency gains of a digital workspace:
Time spent searching for documents: Track how much time is saved by having all documents in one place and easily accessible.
Project completion rate: Measure the number of projects completed within deadlines and track any improvements over time.
Miscommunications per project: Pay attention to the number of communication issues that arise during each project, as this can indicate how efficiently your team is working together.
Reduced Material Costs
The days of printing out documents and bringing physical copies to every meeting are over. With digital workspaces, teams can share files easily without printing them out. This means you’ll save on costs associated with printing paper and any other office supplies used in the process.
Here are three KPIs to track when measuring the value of your digital workspace:
Paper and ink: Keep an eye on how much money is saved by not having to print physical documents for meetings or project management.
Office supplies: Track how much money is saved from no longer having to purchase other office supplies like sticky notes, markers, and whiteboards.
Theft or loss prevention: Monitor the amount of money saved by not having to replace documents or supplies that were stolen or lost.
Even overhead, like electricity, rent, and other utilities can be reduced when using a digital workspace.
Sustainability
With reduced material costs come reduced emissions, waste, and energy consumption. With digital whiteboards or other collaboration tools, teams can work together without traveling for meetings or events.
This means less gas is burned in cars and planes for business trips, which is a definite plus in reducing your company’s carbon footprint.
Here are three KPIs to track when measuring the value of your digital workspace:
Carbon emissions reduction: This KPI will measure how much emissions are lower by reducing travel and other energy-intensive tasks.
Waste reduction: Track how much waste is being reduced by no longer having to print physical documents or purchasing office supplies such as whiteboards and markers.
Compliance tax or credits: Monitor any tax incentives or credits your business may be eligible for by reducing its carbon footprint.
A report from The Economist explains that 65% of consumers now believe that brands bear the same sustainability responsibility as governments. Even beyond the direct savings, there will be increased loyalty, brand recognition, and customer satisfaction from digital workspaces.
Final Thoughts
There are significant value adds when adopting a solution like Stormboard, a digital whiteboard. Measuring that value can be a bit tricky, but if done correctly, it can strengthen your case and inform all key stakeholders of the benefits of going remote.
Reach out to one of our experts today to book a no-obligation product tour or personalized demo and let us show you how Stormboard can help your organization can deliver a positive ROI from Day 1.
About the author:
A programmer by trade, Nick Saraev is a freelance writer and entrepreneur with a penchant for helping people excel in their careers. He's been featured on Popular Mechanics & Apple News, and has founded several successful companies in e-commerce, marketing, and artificial intelligence. When he's not working on his latest project, you can find him hiking or painting.
