Efficiency, Productivity & Efficacy: 3 Ingredients for Growth
Business survival depends on a baseline level of productivity, but business growth depends on more than that. The amount of output and level of return must be ever-increasing, in order to achieve real growth.
In Forrester’s recently published Total Economic Impact study on the impact of WalkMe’s Digital Adoption Platform, tried and true methods for accelerating the business are carefully analyzed. Efficiency, productivity, and efficacy are 3 ingredients for growth. Here’s a breakdown of what they each mean, how to tap into them and how to measure results.
Efficiency – Is this the best way to do it?
Efficiency: the ratio of the useful work performed in a process to the total energy expended.
Business leaders, from CEOs to managers, are always looking for the best way to accomplish a goal. There are usually multiple ways to do something, but efficiency is finding the way that drains resources the least and accomplishes the highest quality results.
If employees depend heavily on training support in order to use their technology, it’s worth asking: Is this the best way to do it?
Forrester found that companies that used WalkMe were able to increase their training and onboarding efficiency by over 100%. This breaks down into an average of 50% saved onboarding time and 60% training time on applications. The numbers speak for themselves when it comes to efficiency.
“In-person training and training content are not always efficient ways to coach and educate staff, especially during programs that include large change management efforts. Leveraging efficiencies in this area was a priority for all the interviewed customers, whether it was for new employees using the applications for the first time or for existing employees using new applications or new features and capabilities of application upgrades.” – TEI
Productivity – How far can we get like this?
Productivity: the effectiveness of productive effort, as measured in terms of the rate of output per unit of input.
No matter how great a product is, a business cannot grow without talent. Employees are a company’s most valuable asset, and their ability to perform and produce is ultimately what makes or breaks growth. So with the best talent an HR team could recruit, and with the top-of-the-line software and hardware, how can businesses still fall short of their growth potential?
Miserable, stressed, and overwhelmed employees are not going to be productive. This has been proven time and again, and as digital tools for businesses continue to make work more satisfying, the bar of productivity continues to rise. WalkMe’s Digital Adoption Platform reduces change fatigue by streamlining and simplifying tasks. In fact, TEI states that one company found their employees gave higher ratings to their applications with WalkMe included.
An enhanced employee experience is driven by the concept of work “flow” according to Forrester. This means that employees are supported and equipped to simply focus on their work, without the hassle that drains employee motivation.
“Interviewees reported a high engagement of employees with WalkMe content which led to completion of their tasks in simpler, faster, and more productive ways. This increased flow while improving employee experience and loyalty.” – TEI
Efficacy – Are we achieving our goals?
Efficacy: the ability to produce a desired or intended result.
Software can start to feel like a never-ending process of realizing that now that you’ve invested in one tool, you simply need another. The truth is that as a business evolves and becomes more complex, its digital needs become more complex as well. Instead of getting lost in the labyrinth of technology, business leaders must assess their investments with the company’s bottom line goals in mind. Ultimately this comes down to ROI and customer satisfaction.
Forrester found that WalkMe customers reported that their own customer satisfaction improved after implementing WalkMe’s Digital Adoption Platform.
“Interviewees reported that their customer satisfaction metrics increased after implementing and using WalkMe. A key reason for this is due to the increased effectiveness and ease of the experience customers had with the mobile application and product/service. Forrester research correlates that CX improvements have a direct impact on customer retention, enrichment, and advocacy, all of which positively impact revenue.” – TEI
Not only is there a quantifiable ROI on WalkMe of 368%, but the study indicates that the value of DAP on a company continues to grow with time, and with more use cases implemented.
This is an impactful way to drive business growth and watch the benefits continue to increase exponentially.