If you’ve already researched the costs of a corporate intranet, you know it takes more than chump change to deploy one. You’ve also heard that many companies are achieving great things with them, so you might be wondering what ROI to expect from SharePoint.Return on investment is determined by two factors: reduced costs and increased earnings. Some of these benefits are easier to quantify than others, but even intangible ones have value. After setting measurable objectives and attaching values to them, you can make a good case for investing in a SharePoint intranet.
What Challenges Will The Platform Solve?
Start by looking at the big picture. What business outcomes are you hoping to achieve with your intranet, and what monetary or performance benefits could you place on those objectives? In some cases, your goals may be directly linked to a revenue-generating project that needs better management and collaboration. Regardless of the improvements, you are trying to make, a successful intranet creates efficiencies – and efficiencies save money.
After assigning values to the overarching goals, take a look at the individual parts that make up your intranet. It’s usually much easier to examine how individual apps impact cost savings and revenue.
Where an Investment in SharePoint Pays Off
An intranet can benefit several areas of your business, each of which contributes to an overall return on investment.
- Expenses – SharePoint can help an organization save money on a variety of expenses. The most obvious example is printing costs. How much does your company dish out annually for printing and distributing materials like memos, timesheets, and other notices? Probably more than you’d care to admit. SharePoint’s document management capabilities make it easy for people to find information online using any device. Your printing costs should start to decline as soon as employees embrace this new way of accessing and managing information.
- Sales & Service – By integrating SharePoint with a CRM, businesses can improve communications with both existing customers and new prospects. Through enhanced departmental communication, customer service can resolve complaints faster, and sales teams can access time-sensitive information that will improve your sales and marketing efforts.
- Software Installations – End-users can download software directly from their dashboards, eliminating the need for IT to do patch upgrades on each individual computer. This saves a ton of time for your technicians, allowing them to concentrate on other urgent challenges.
- HR Documents – Human Resources has a lot on its plate at all times, but your portal can cut down much of the time spent on administration. By creating a self-service hub where users can access training documents, performance reviews, and benefits information, you can free up HR staff to focus on more critical, productive tasks.
- Business Processes – Intranets simplify processes and even prevent people from making expensive errors. For instance, some apps allow you to monitor files as they move through a predetermined approval process, making sure the chain of command signs off on sensitive documents when needed. Your portal can also send automated alerts, letting you know when to schedule training sessions for compliance and certification requirements.
- Reduced Employee Turnover – Communication problems are one of the top reasons why people leave companies, and we all know how expensive and time-consuming it is to replace quality people. A high-functioning intranet can slow the revolving door by improving the flow of communication at all levels. A company news feed is a fantastic way to keep people informed about everything going on, including project initiatives, employee announcements, and, everyone’s favorite…birthdays! From virtual project workspaces to social apps, an intranet can ease the flow of communication from top to bottom.
A SharePoint intranet is a substantial investment for most businesses, and just like any investment, you’ll want to measure the impact on your balance sheet. By setting benchmarks for success and knowing what they are worth, you can see how the platform transforms the company on all levels. When you see improvements in staff collaboration and the bottom line, you will know the company is moving in the right direction.