Organizations have entered their efficiency era. At Wrike, we’re well aware from our recently published 2023 Efficiency Report that companies around the globe are scrutinizing budgets, justifying spending, and wringing the most from every resource. Our Efficiency Report revealed that 77% of business leaders are prioritizing efficiency in 2023 and beyond, making business decisions even more pressurized.
In this current environment, managers and executives will need to understand exactly what a software platform can do for their organization so they can ensure they’re choosing the right fit for their complex needs.
That’s why we commissioned Forrester Consulting to deliver a Total Economic Impact™ (TEI) study on the full economic benefits Wrike has to offer. This study is designed to help potential customers better evaluate Wrike work management software and objectively examine the financial impact of the Wrike platform.
We’re proud to report that, according to this 2023 study, the three-year net present value of Wrike is $9.78 million with a 396% return on investment (ROI) with a payback period within the first six months of use for a composite organization representative of interviewed customers. We believe that, no matter how you scrutinize those numbers, the bottom line is they fit in perfectly with the efficiency era.
Forrester Consulting interviewed four Wrike customers on the criteria of benefits, costs, flexibility, and risks. Forrester then aggregated their experiences and combined the results into a single composite organization representing a global company with $500 million in annual revenue, one million customers, and an operating profit margin of 5%.
The study dives into the quantified and unquantified benefits of the Wrike platform with customer interviews to support those financial estimations, as well as the costs associated with Wrike over a three-year period.
Determining which work management solution is right for an organization can be difficult in a crowded field — and in an uncertain economic climate. Forrester Total Economic Impact™ studies are valuable resources for business leaders and managers who are evaluating potential solutions.
Wrike by the numbers
So how exactly did Wrike deliver 396% ROI for the composite organization with a payback period within the first six months? Forrester Consulting aggregated the quantifiable benefits for the study’s composite organization and determined that the biggest value came from the following critical categories:
- Savings delivered in labor from work management efficiency over three years due to increased visibility, alignment, and communication that save team members and decision makers time. Team members used Wrike to engage in enhanced collaboration within internal teams and with clients, and enjoy faster approvals, task automation, and standardization. Executives spend less time in planning meetings and tracking down status updates because Wrike gives them direct visibility into work taking place and reports across teams.
- Savings delivered in project manager time over three years. Wrike increased productivity for project managers by improving communication, reducing time spent launching projects and creating reports, and heightening visibility and alignment both within and across projects. As one customer noted, “Of the tools that we reviewed, Wrike was the only one that allowed us to meet our day-to-day work and cross-team collaboration requirements while also giving us an environment to support the project management practice that we were trying to build.”
- Savings due to a reduction in low-value work. Wrike empowered customers with better visibility, communication, and prioritization, as well as optimized resource management that enables organizations to eliminate low-value work and wasted effort. Using Wrike resulted in a 90% reduction in low-value initiatives and 95% reduction in instances of end user disruption over three years.
- Profit from increased sales revenue due to a higher velocity of work. Wrike helped employees complete work faster by speeding up approvals, detecting and eliminating bottlenecks, and standardizing processes.
- Profit due to increased customer retention. Wrike helped employees more effectively allocate resources, meet or exceed project deadlines more consistently, provide real-time project updates to customers, and reduce data errors — resulting in a 1.25% increase in customer retention over three years.
- Savings due to software consolidation: Organizations are able to retire legacy project or work management solutions and replace them with Wrike. Wrike delivered cost savings by retiring 300 seats within other software solutions over three years.
The study also showed the benefits of having more users across a company working in Wrike: “The greater proportion of an organization that uses Wrike, the greater breadth of access leadership has to top-down visibility that can tie strategic OKRs to departments, teams, and individuals.”
The more team members that joined Wrike, the more impact Wrike had on our customers.
Above and beyond quantifiable benefits
Beyond the tangible, quantified benefits offered by Wrike, the Forrester TEI Study outlined even more benefits for the composite organization that would result in a positive impact from using Wrike.
Improved business agility
Wrike can easily adjust to different ways of working, allowing teams that want to work differently to remain aligned to one work management solution. Wrike’s flexibility gives organizations the opportunity to adjust things on the fly and pivot to new goals or new types of work without expensive customization.
More efficient resource management and allocation
With greater visibility into employees’ individual and team workloads, managers can more easily allocate resources across teams and tasks within teams to better balance workloads.
“Wrike really broke down the barriers and has allowed us to collaborate seamlessly and use fewer systems,” explained a creative technical manager, “We’re not getting hung up on having to send an email [or] sort through things on a server that other people can’t access.”
Improved employee alignment and organization culture
Wrike enhances trust by fostering open communication. This cross-company alignment can help organizations align on, set, and achieve broad organizational goals.
One director of R&D reported, “Of the tools we reviewed, Wrike was the only one that allowed us to meet our day-to-day work and cross-team collaboration requirements while also giving us an environment to support the project management practice that we were trying to build.”
Wrike takes security seriously and provides advanced security features for organizations that need them. In addition to preventing miscommunications and project errors, Wrike helps de-risk valuable cross-functional projects by keeping projects from exceeding their timelines or budgets.
As one Wrike customer put it, “Improved visibility helps establish trust between management and employees.”
That’s a factor that can’t be quantified, but that everyone benefits from.
Wrike is the solution in the efficiency era
There’s no disputing the fact that efficiency is going to be top priority for organizations for the foreseeable future. As experts in the field of work management, we know that companies can beat their competition simply by excelling in efficiency. And work management software is a critical way to eliminate wasted time and low-value work, while supercharging collaboration and visibility. This enables organizations to deliver on business outcomes, faster.
Wrike does those things — and much more. We’d like to invite you to read a complimentary copy of the Total Economic Impact™ of Wrike, August 2023 study and get a better understanding of just how Wrike delivered for customers’ organizations, starting in the first six months. Our team is ready to put our platform into action to give your company an efficiency boost.