In the ever-evolving digital landscape, enterprises constantly seek innovative solutions to propel their operational efficiency, productivity, employee satisfaction, and sustainability efforts. Cisco Spaces has emerged as a leader in this quest, creating a whole new industry standard – Smart Spaces – that is pivotal for enterprises aiming to future-proof their buildings. Forrester Consulting conducted a comprehensive Total Economic Impact™ (TEI) study, commissioned by Cisco, maintaining Forrester’s editorial objectivity.
Key Insights from The TEI of Cisco Spaces
The study delves into the multifaceted benefits and considerations of implementing Cisco Spaces by adopting Forrester’s TEI framework. This methodology examines investment impacts through four principal elements: benefits, costs, flexibility, and risks. It’s tailored for today’s sophisticated Return on Investment (ROI) analyses.
According to the report, Cisco Spaces has helped organizations realize:
- 172% Return on Investment (ROI)
- $6.84 Million in Net Present Value (NPV)
- Payback in under 6 months
Economic & Operational Highlights
Key findings from Forrester’s analysis underscored the significance of Cisco Spaces in:
1. Employee Productivity
A significant benefit observed with the deployment of Cisco Spaces is enhanced employee productivity which translates directly into economic savings:
- Time Savings and Productivity Increase: Cisco Spaces helps employees avoid a cumulative 12 minutes per meeting usually spent navigating and finding meeting spaces. This amounts to 171,000 hours of productive time recaptured, over three years.
- Economic Impact: These time savings have been quantified to provide a productivity lift worth approximately $8.9 million over three years for the organization. This boost is not just a reflection of monetary savings but also an improvement in the Return-to-Office (RTO) experience and overall employee efficiency.
2. Asset Tracking
The asset-tracking capabilities of Cisco Spaces ensure time efficiencies and operational improvements, particularly for healthcare and IT:
- Efficiency in Tracking: The platform assists in real-time tracking of IT assets and critical medical equipment, which typically saves about 10 to 15 minutes per tracking instance.
- Operational Improvement: Asset Tracking directly impacts operational efficiency by reducing the time spent by staff in searching for these assets, thereby allowing them to devote more time to patient care and other functions.
3. Personalized Engagements
In the retail sector, Cisco Spaces facilitates enhanced customer engagement through technology-driven personalization:
- Engagement and Conversion: Cisco Spaces’ location-based notifications have led to a significant increase in customer engagement. Retail customers who received these notifications were about 20% more likely to activate the offers compared to those who did not, boosting sales and enhancing customer experience.
4. Improved IT Productivity
Cisco Spaces contributes to IT efficiency by significantly reducing troubleshooting times and associated costs:
- Resolution Time: IT issue resolutions are expedited, with troubleshooting time dropping drastically by 90%, from 75 minutes to just 7.5 minutes per issue.
- Cost Savings: Additionally, the decommissioning of legacy on-premise solutions has led to cost savings of $1.9 million, showcasing the dual benefits of enhanced productivity and reduced expenditure.
Smart Spaces as Strategic Assets
Cisco Spaces leverages the power of Cisco hardware infrastructure and turns buildings into Smart Spaces that become a strategic business asset. The deployment of Cisco Spaces across various business units demonstrates not only a powerful tool for increasing employee productivity and operational efficiencies but also a significant driver of economic benefits. Using Cisco Spaces allows enterprises to harness the power of data and technology and better position themselves to navigate the complexities of modern business landscapes while fostering sustainability, efficiency, and innovation.
The Forrester report highlights how Smart Spaces are becoming indispensable to organizations in boosting productivity and efficiency, reducing operational and real estate costs, achieving sustainability goals, delivering exceptional people experiences as well as driving revenue and customer loyalty. For those considering an investment in Smart Spaces, this report offers a robust framework to evaluate the potential returns on Cisco Spaces.
Learn more about the Cisco Spaces TEI report and customer testimonials. Read the complete report here.
Note: This study was commissioned by Cisco and conducted by Forrester Consulting, ensuring the integrity and depth of research findings.
