New Independent Study Reveals Significant Efficiency Gains For Wrike Customers
SAN DIEGO, Calif., August 23, 2023 - Wrike, a powerful work management platform, today announced the findings of The Total Economic Impact™ (TEI) of Wrike, a commissioned study conducted by Forrester Consulting on behalf of Wrike. The study revealed a three-year net present value and return on investment figure that demonstrated the potential financial impact Wrike had on customers with a payback period within the first six months of use. Over three years, a composite organization using Wrike discovered a return on investment of 396%, representing a net present value of $9.78 million.
Key results from the investment include productivity improvements for project managers and team members, a reduction in wasted or low-value work, increased visibility and ability to make sound decisions rooted in data, and additional profit through increases in work velocity and customer retention. Benefits that provided value for the composite organization but were not quantified in this study included improved business agility, more efficient resource management and allocation, easier employee onboarding, improved content access and management, better employee alignment and organization culture, and reduced risk.
Specifically, the study found that Wrike delivered:
- Savings of over $6.4 million in labor from work management efficiencies
- $3.6 million in saved labor as a result of improved communication, reduced time spent launching projects and creating reports, and heightened visibility and alignment
- $1.5 million in profit driven by the ability to work at a higher velocity
- A 90% reduction in low-value initiatives
- A 1.25% increase in customer retention
Forrester interviewed Wrike customers on the criteria of benefits, costs, flexibility, and risks, aggregated their experiences, and combined the results into a single composite organization. They found that after investing in Wrike, customers saw cost savings and revenue growth benefits that were driven by Wrike’s centralized work management solution, resulting in more efficient and streamlined collaboration and productivity improvements across teams.
“Wrike really broke down the barriers and has allowed us to collaborate seamlessly and use fewer systems. 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,” said a creative technology manager in clinical research who was an interviewee in the study.
The current macroeconomic climate drives business leaders to prioritize efficiencies and boost productivity by consolidating multiple solutions. According to Wrike’s 2023 Efficiency Report, 81% of leaders say that reducing solutions is one of the most effective ways to improve efficiency.
“Today, organizations face challenges using disparate work management and communications solutions, which result in inefficiencies and security issues, as well as limited cross-team visibility and collaboration,” says Thomas Scott, Interim CEO at Wrike. “At Wrike, we provide a modern solution to address these mounting efficiency challenges by offering leaders a solution that improves productivity and reduces expenses by bringing work into one place, ultimately enabling them to achieve efficiency gains across the organization. This new study examines what we are doing at Wrike to assist business leaders in their pursuit of efficiency.”
To see what the composite organization achieved, download The Total Economic Impact™ of Wrike here.
