When choosing a solution in process documentation and training, it can be quite challenging to predict the eventual business impact.
Drawing on industry benchmarks, we can provide you with solid indications on what your company will gain from using Whale to create centralized process documentation and making it accessible to your teams.
Managers and subject matter experts spend 3 hours on average creating static text procedures.
With Whale's screen recorder, step recorder and
AI
Assist they only spend 15 minutes.
Employees dig through scattered information 20 times a month, wasting 15 minutes per search on average.
With Whale they will instantly get that time back.
Managers spend on average 8 hours per month training employees on the same subjects.
With Whale they will win back 7 hours to spend on more valuable interactions and coaching.
We think that when you’re implementing a new solution, not only should you be able to state the value to the business, but you should also be able to quantify it. That’s why we created this piece to calculate the ROI of Whale in your business.
Companies lose billions of dollars a year by failing to share knowledge. $31.5 billion a year, to be exact, has been the exact number stated lost by Fortune 500 companies (International Data Corp). We also know that Employees spend around 26 days each year searching for information, which is valuable time that could be undoubtedly better invested (Critical Knowledge Transfer Book).
Whilst Whale solves a number of challenges within a business we tend to look at two main value contributors for our customers;
You could also look at specific use cases such as sales enablement, the impact on customer service and onboarding but more about that another day.
We’re going to explore the two use cases mentioned here.
In employee onboarding, the aim is to reduce the time it takes to onboard a new team member and reduce new employee turnover.
When calculating the cost of employee onboarding let’s consider the following assumptions, although you may change these according to your specific costs:
Generally, we’ve found that with the implementation of Whale;
Time spent onboarding new team members is reduced by at least 5 days and turnover of new employees is reduced by at least 5%. There are costs associated with the adoption of Whale which include;
For the example of this experiment, we’ve assumed a cost implementation of around $900.
It’s not only the employee experience that suffers when team members need to leave their workspace to go and look for information in a digital environment. There’s a cost to the business termed employee operating cost.
When calculating the cost of time spent searching for information consider the following assumptions, although you may change these according to your specific use case;
Let’s assume the cost for implementing Whale as your Knowledge Sharing solution specifically to include the cost of the platform and the cost of documenting; which would typically occur at the beginning of project implementation.
With Whale, you’d achieve an annual savings of $45 000 and an ROI of 12.5 in lieu of time spent searching for information.
Whale is AI-powered software for documenting processes and training your teams.
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Elevate your team with SOPs, training and checklists
Use Whale to effortlessly document your procedures, policies, and company knowledge, making employee training a breeze — with a bit of help from AI!
