In September 2013, TIBCO commissioned Forrester Consulting to conduct a Total Economic Impact™ study of tibbr. Over the course of six months, the Project Director, Adrienne Breslin, thoroughly examined the potential ROI an enterprise could realize by deploying tibbr. This is Part 2 of a 5-part blog series presenting a summary of her findings.
Innovation is the life-blood of any business.
In today’s hyper-competitive business climate, companies that don’t innovate don’t survive. But innovation isn’t cheap, and innovation’s nebulous nature makes it understandably hard to quantify and — for products that claim to impact it — hard to justify.
That’s why TIBCO asked Forrester Consulting to include innovation in their Total Economic Impact™ assessment of tibbr. The firm spent six-months doing a financial analysis on the platform and interviewing clients. When it was done, Forrester found five major benefits.
In our first post, we showed how deploying tibbr increased workforce productivity savings by 3X.In this post, we’ll show what effect tibbr has on business innovation and idea management.
{ Benefit No. 2 }
tibbr cut the cost of innovation by 30%.
The Forrester consultant reported that, in providing a platform for employees to share, manage, and aggregate ideas, tibbr reduced the cost of innovation and idea management by 30%(by year 3). And since innovation is an unavoidable and necessary expense, that represents serious cost savings for any company.
So how did tibbr cut the cost of innovation and idea management? By helping companies get new ideas from anyone, anywhere. Using the new tibbr Ideas app, employees from any department or office can not only suggest ideas, but they can easily comment on, offer improvements, as well as manage and execute ideas. Those with the most up-votes rise to the top making it easy to identify the best ideas, and employee involvement in the process increases the likelihood of successful execution.
The Forrester study dramatically demonstrates why tibbr is a great way to make the most of your workforce’s vast knowledge and expertise — because innovation doesn’t happen in a vacuum, it happens in a crowd.
{ Next up: }
Improving work processes
In the following days, we’ll be posting Part 3 of this five-part series which focuses on Improving Work Processes.
If you want to see the total ROI of tibbr and its remarkably short payback period, keep reading this blog over the next few weeks or watch the webinar video. We’ll provide a link to the full Forrester Study at the end of the series. In the meantime, you can see how tibbr can improve workplace productivity first-hand — sign up for a free trial now.
