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Are You Tracking What Matters to Ensure ROI?

  • February 18, 2021
  • Help Lightning

There are a number of reasons to incorporate Help Lightning into the way you do business. Companies typically decide to onboard remote visual assistance technology to increase productivity and revenue, as well as improve their customer experience. These are important objectives that lead to business success, but once remote assistance software becomes integrated into operations, companies often forget to track whether the technology is actually moving the needle. Or they want to track success, but aren’t sure how to do it. Tracking ROI is one avenue to plotting that success.

Tracking Return on Investment (ROI) ensures companies get the most out of their investment in remote visual assistance. Measuring ROI helps illustrate successes alongside areas that may fall short of expectations. These successes and failures amplify where more opportunity exists; therefore, they will help teams decide how to best leverage remote visual assistance software.

There’s no exact formula for ROI, as every organization and business measures what’s specific to their particular model. Also, some successes are difficult to quantify, such as organizational culture or readiness for adoption. We’ve outlined several Key Performance Indicators (KPIs) that can help define the ROI of Help Lightning.

What KPIs Make Sure You Get ROI?

Tracking KPIs provides proof that the systems companies use work the way they want them to. Consequently, it’s important to track KPIs that measure success for an organization’s specific needs, and not fall into the trap of tracking metrics that don’t matter. 

Below are some examples of the most effective KPIs organizations use when tracking ROI. Use these metrics to determine whether the use of remote visual assistance tech in operational efficiency, revenue, cost reduction, and customer satisfaction is up to par. Most of these KPIs can be applied to a range of business sectors, for example:

  • service industry
  • food services
  • manufacturing
  • energy
  • oil & gas
  • construction & engineering

Warning: do not try and track all of these KPIs. More is not better, and too much KPI tracking is a waste of time and effort. Choose KPIs that are actionable. The KPIs you choose should indicate whether business is meeting success criteria that is specific to your organization.

KPIs Measuring Operational Efficiency & Productivity

Remote visual assistance software supports merged video streams. As a result, teams can collaborate and engage with each other and their customers anytime, anywhere. Whether it’s training a team member, getting tech support to a jobsite, or responding to a customer’s problem in real-time, remote visual assistance software results in streamlined operations and increased productivity. 

Here are some of the KPIs our customers use when tracking ROI:

  • Cycle time
  • Mean time to install/repair/service
  • Overtime
  • Training hours
  • Safety
  • Downtime
  • On time delivery
  • Machine set up time
  • Number of customer issues resolved
  • First Time Fix Rate (FTFR)Rework
  • Average reply time
  • Backlog

Financial KPIs

Generating healthy revenue and profits is typically at the top of most companies’ priorities. So, it’s good to know that a number of your financial gains can be directly linked to the use of remote visual assistance tech. Therefore, the ability for teams to work from anywhere in the world and respond to colleagues and customers in real-time translates to reduced travel costs, faster project cycles, an increase in higher-value work, and more.

So, here are a few financial KPIs our customers track to determine ROI from remote visual assistance:

  • Profit & net profit margin
  • Operating cash flow
  • Revenue per employee
  • Budget variance
  • Cost of managing processes
  • Service revenue
  • Travel costs
  • Operating expense ratio
  • Sales growth
  • Resource utilization for billable work

KPIs Measuring Customer Experience

All companies want happy customers, yet many struggle to determine which KPIs indicate they are improving their overall customer experience. Good service typically translates to happy customers who repeat their business and refer your business to others. But the question is, does remote visual assistance tech improve overall customer experience? And will it continue to improve over time?

Tracking whether customer experience has improved can be tricky, but these KPIs are measurable and actionable:

  • Meeting SLAs (service level agreements)# of client issues resolved
  • Call pickup time
  • Abandon rate
  • Order accuracy
  • Rework
  • Net Promoter Score
  • Customer referrals
  • Customer issues

Are You Tracking What Matters?

In conclusion, we’ll leave you with a final note on KPIs. Once it’s determined which KPIs make the most sense for your organization, project managers and department heads should plan to revisit them at least once per year to conduct a KPI audit. Yes, even KPIs need to prove their usefulness! 

After monitoring certain KPIs for several months, you’ll likely find that some are more useful than others. Or, new KPIs might provide richer context on how our software is being used.

Have more questions about which KPIs to track when using remote visual assistance tech? Help Lightning’s team of customer care experts can show you how to track the KPIs that deliver ROI for your organization.

How Help Lightning Works

When someone encounters a complex issue, they need an expert onsite immediately. With Help Lightning’s remote visual assistance software, two video streams become merged into one. Therefore, users can collaborate and resolve an issue together. The remote expert can actually insert their hand, use tools, and share documents. This simplifies the problem-solving process. Easy, right?

Using mobile devices, experts can now work with a partner as though they were side-by-side. You can telestrate, or write across the screen. It’s easy to freeze images and use hand gestures. You can even import documents and add real objects into the merged reality environment. So, using Help Lightning, experts can solve any problem, even from thousands of miles away.

To see Help Lightning for yourself, schedule a free demo here.

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