Calculating the ROI of a transition to Wovex

Organisations invest in Wovex as they need a system that not only unifies benefits information and processes but allows for greater control of meeting objectives and delivering key results (OKRs). If you are considering investing in Wovex, you might already be doing some calculations to understand the attractiveness of an investment.

There are many benefits to using Wovex for benefits realisation. Users have highlighted the following critical improvements to their processes as a result of implementing Wovex.

• Increased productivity (less time needed and so money is saved)
• Delivery of more benefits (more benefits delivered at higher levels)
• Reduced costs (from project benefit issues avoided)
• Greater credibility with Treasury/Budget holders that positively impacts the ability to get funding (more revenue is received)
• Reduced time to create outputs (E.g. maps and reports)
• More up-to-date review information (information of greater relevance that is more trusted)
• Better collaboration around benefits
• Enhanced security, so avoided costs of data loss or corruption from sabotage, accidental events and the reputational impact and associated costs/loss of income.

Importantly with Wovex, you are going in the right direction to be a more goal and results-led organisation. Whilst there is an investment needed in Wovex, we have always heard from our customers that the ROI has been significant.

Several factors contribute to achieving a high ROI. This article will help you identify areas that are relevant to you as you read through it. Please let us know if extra benefits pertinent to you are not included so that we can share them, and you will be helping others too!

TANGIBLE BENEFITS

RoI values should be based on tangible benefits. For example, savings can be made with:

1. Time saved, e.g. increased productivity and reduction in time to complete benefit-related tasks
2. Time saved, e.g. from reduced length and number of benefit related meetings
3. Time saved from fewer errors
4. Time saved from improved system reliability, having less maintenance of data and fewer problems to resolve
5. Time saved with improved support from Wovex, e.g. quicker responses and faster fixes
6. Travel reduction, e.g. with online benefit meetings and workshops replacing face-to-face meetings.

In addition to the time savings, the following are common areas of savings, revenue and funding for consideration in your ROI calculations.

Examples may also help with sharing current and past projects where it may be that if Wovex was used in place, the results would have been very different.

1. Avoided cost of additional people needed. Wovex can enable benefit teams to be twice as productive so that you can avoid spending on extra staff and consultants. Automation, information in a central place and standardised process and information are key contributors.
2. Earlier delivery of financial benefits. Will cash flow be improved and so have more funds to reinvest or profit from?
3. Saved money from cancelled/avoided projects, as the benefits cases are clearer in Wovex due to reuse of Measures and greater understanding of them for projects. Is there a percentage of project costs that could be safely estimated, e.g. 1%? The visibility of how projects align to meet objectives and goals can also impact choices.
4. Fewer issues as risks to benefits are more visible and also more proactively managed. This results in fewer financial benefit targets being missed and less cost being incurred.
5. Improved performance of financial benefits delivered by suppliers and internal teams is increased as the governance process highlight issues before they happen. Also, extra clarity of expected benefits enables plans and replanning to maintain a greater ability to deliver benefits. Can a percentage of financial benefits be included in calculations?
6. Increased ability to spot and realise new/emerging benefits.
7. Greater ability to receive funding (lost funding is reduced and levels of funding received is increased). This is caused by the greater confidence and trust of sponsors/treasury to deliver value for money from investments. 
8. Less wasted effort on projects. With Wovex, it can be more noticeable when projects and tasks are contributing to valued benefits or not. This clarity helps reduce unnecessary activities and costs on projects.

These are some examples of the types of key results that an investment in Wovex can impact.

Additionally, Wovex helps you to focus on and be more able to achieve organisational goals and objectives. These can be priceless for some organisations. For others, the reduction of risk in meeting financial objectives can be estimated and significant.

For commercial organisations, with Wovex, projects can result in greater customer satisfaction being delivered. Leading to increased revenues from new sales as well as increased retention rates of customers, and therefore the associated revenue and profit.

EXTRA BENEFITS

Whilst financial benefits are extremely important when looking at an investment in Wovex, let’s not forget that it also enables much more.

When providing information on the RoI of Wovex then other benefits should also be included.

A. Extra STRATEGIC VALUE delivered from projects and portfolios.

1. Extra strategic clarity: Increased ability to set clear strategic goals and objectives to focus on, and drive projects forward with the ‘end in mind’.
2. Strategic alignment of projects: Having projects prioritised and aligned to strategic goals, so they make a stronger contribution to organisational performance.
3. Collaborative benefit maps: Use of benefit maps to understand and agree on the investment logic. Be clear on objectives, key results, how they are expected to be realised and easily see gaps in the logic.
4. Project and scenario selection: Gain the ability to choose projects based on value, and so be more informed when selecting the best business cases and investments.

B. Greater BENEFITS DELIVERED – meeting objectives, goals and key results.

1. Performance reviews: Evaluate and understand how projects and portfolios are performing, based on evidence and complemented by additional information. More areas carry our benefit reviews and so benefit risks are reduced.
2. Ability to achieve objectives: See the objectives agreed on and if they are likely to be met. You can proactively take action to reduce the risk of missed objectives and avoid their implications.
3. Optimise performance: With Wovex you can identify ways to ensure that benefits are delivered, and goals met, more consistently.
4. Reduce the risk of missing targets: Understand and better manage the risks to benefits. Focus resources on the most important and urgent risks and so Wovex helps reduce issues that need to be dealt with and their impact.
5. Ability to measure more, and for longer: As Wovex helps automate benefits realisation processes, you can continue measurement and reporting of benefits after the project has ended and the people have left.

C. Move valuable INSIGHTS gained.

1. Reports and dashboards: Automate the building of dashboards and reports, share insights. It will be easier to evaluate performance and highlight priorities, issues and successes.
2. Track and report on financial and non-financial measures: Struggle no more with defining, tracking and comparing financial (hard) and non-financial (soft) benefits. Do this easily and see and compare these side by side on dashboards.
3. Manage benefits based on evidence: All the data captured as evidence of changes in performance are available for the dashboards. Data used in reports and dashboards are from agreed measures. Have this information at your fingertips to help you manage performance.
4. Increase peoples trust in benefits information: Information provided by Wovex will be of higher quality, timely and consistent. Confidence in the information provided on benefits will increase with Wovex.

D. Increased ENTERPRISE PRODUCTIVITY.

1. Use a centralised system: Move from dispersed and complex spreadsheets to a robust central platform, provide a ‘single version of the truth’ for your project and portfolio objectives, benefits and key results.
2. Follow a standard process and reuse measures: Wovex supports a proven set of efficient processes with tools that lead to increased productivity and greater results. Reduce the reliance on experts as you manage the benefits of more projects and portfolios.
3. Increase your productivity, speed and ability to scale your benefits activities: Use Wovex to reduce response times, effort and costs. Wovex is completely scalable, unlike spreadsheets, and enables you to work faster and easier. Increasing your ability to be benefits-led across your organisation.
4. Integrate benefits data and process with your existing ways of working: Wovex has REST APIs that open up the data in Wovex for access by your other systems. You can use benefits data from Wovex easily in your corporate systems, with additional simple integrations into systems like Power BI. Boost your other systems with extra benefits data.
5. Increase the security and auditability of benefits data: Use a central knowledge base that is secure, with controlled access and changes that can be audited. Your benefits data is safe and secure with Wovex.
6. Have more people meeting their benefits accountabilities and responsibilities: Provide benefits data and information to your teams easily. Unlock it from a small number of people, to all those who need it. Wovex can automatically notify people of when data is needed from them and helps people to see the value of managing for greater benefits.
7. Increase the number of projects having their benefits improved, and the number of benefits that can be managed: You may be limited to the number of projects and portfolios that you can manage the benefits for. With Wovex you can include unlimited numbers and a wide range of benefit measures with a very small amount of extra effort.

These are key areas of additional benefit, and you may have more. If you’d like help on your RoI or business case for Wovex then do contact us.

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Wovex: Benefits Realisation Software.

September 2021. © Wovex limited 2021.