We know some of you are sick of listening to all this talk about digitalization. We have a way that works - why change it, right? Well, even though we hear you and we get it, there are some really good reasons as to why certain digital transformations are worthwhile. We are here to prove our point!
So, first of all - digital transformation is a very wide concept. It can be applied to any part of the organization basically. Let’s narrow it down. Let’s take meeting rooms as an example (just randomly, for no reason at all). In that way, we can make the arguments crystal clear.
ROI - Relying On It!
Return of investment can be calculated on almost everything, including your office space. As we all know, office space is expensive. How we utilize it has, therefore, a great impact on the ROI. And if you’re also considering doing a digital transformation we would really recommend you to investigate how your office space is utilized before you start.
To know what you can actually gain we might have to start by looking at what you’re losing today. Since office space is so expensive it means that empty meeting rooms are basically bleeding money. In fact, 40% of all office spaces globally are empty. According to Density that equals 150 billion dollars in losses due to unused space.
The answer to this predicament is for every company to analyze their use of space by collecting their own data. A meeting room booking system does exactly that (Hey! Check out the perks with Meetio Admin here!). By allowing your coworkers to use a digital system instead of booking their meetings only through outlook or putting their name on a paper stuck to the wall, you immediately see the bottlenecks and which spaces are wasted.
But wait, weren't we supposed to talk ROI. That is right. By digitizing your meeting room management you:
Optimize your meeting room utilization
Save valuable time on every meeting
How do you measure it?
If you want to measure the ROI of a meeting room booking system you just look at your data. How much does your space cost? How much does every meeting room cost you per hour? When you know that you also quickly find out what a wasted space costs you as well.
There are different angles you can choose when measuring your ROI. We’ll give you an example. Let’s look at the time you waste when looking for a meeting room for spontaneous meetings.
25 % of all scheduled meetings are spontaneous ones. So, let’s say 50 meetings take place in your office every day. 25% of 50 is 12,5. If you don’t have a system for booking rooms for these meetings people will have to find their own way and localize an unbooked room. Say that takes 5 minutes. 5 x 12,5 = 62,5 minutes wasted on looking every day. If you translate that time into money you’ll find a way to calculate your ROI of a booking system pretty quickly.
Metrics to keep track of if you want to secure your ROI
If you want to be extra cautious and really make sure you secure your ROI there are some specific office metrics you can keep track of:
The ideal is for your meeting rooms to be booked 60% of the time. Compare your space utilization today to that ideal, how does it look?
How many coworkers attend the meetings? In what room? Most meetings have fewer participants than the room can fit.
Can you see patterns in which rooms are booked? Do your coworkers have favourites?
It’s not a question of whether you will have a return on your investment but rather how big it will be. By monitoring the right metrics you’ll quickly optimize your space utilization. Check out how Meetio's solutions can help you calculate your office space need here.