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Home / Insights / Blog / Key Takeaways from Forrester’s Total Economic Impact Study
October 6, 2021 - by Synoptek
Organizations across the world are constantly struggling to quantify and justify the financial impact of their technology investments. For organizations not in the business of IT, this often means an inability to dispel the C-suite’s apprehensions in investing in systems and solutions that can digitally transform their business. But for IT outsourcing organizations, the repercussions are more extensive, as they fail to convince and persuade customer organizations to partner with their business and invest in their solutions to streamline their operations, improve employee and customer experiences, and boost revenue or growth.
Forrester’s Total Economic Impact (TEI) consulting practice sets the stage for sufficient business value justification and financial impact of a technology investment. Read further to learn more about TEI, how insights from the study can be utilized to enhance an organization’s technology decision-making processes and assist in communicating their key value propositions.
Forrester Consulting provides independent and objective, research-based consulting and analysis that helps organizations understand the financial impact of a technology investment. The study helps both business technology customers understand the financial benefits of their own internal technology decisions and IT outsourcing organizations showcase the economic impact of the solutions they devise.
Using a proven, industry-standard framework, the TEI study helps enhance a company’s technology-related decisions by demonstrating, justifying, and helping realize the tangible value of IT initiatives to both senior management and other key business stakeholders. This analysis model examines all aspects of a technology solution or decision and states the associated bearing on the business by illustrating the ROI over a three- or five-year period.
Each year, there is much to grasp from Forrester’s TEI study: from cybersecurity to data protection, cost savings to a range of business benefits. Being used for over 20 years now by technology customers and technology providers, the TEI methodology includes interviewing key stakeholders and provides plenty of insights to learn from. The study analyzes technology decisions across four components:
As an IT services organization, if you’ve invested substantial time, money, and effort in commissioning a Forrester TEI study, it also makes sense to pull the results and findings into your business strategy. Here are some tips:
Organizations – both IT and non-IT – have a lot to benefit from the TEI study. While non-IT organizations can get detailed analysis of the financial impact of their internal technology decisions, IT organizations can clearly demonstrate the costs, benefits, and flexibility customer organizations can achieve by opting for their services while also being aware of associated risks.
As a Global Managed Services Provider, Synoptek recently commissioned Forrester to carry out a TEI study of its services and the tangible value and ROI customer organizations can achieve by opting for Synoptek’s services. The study concluded that organizations can achieve a 188% ROI by partnering with Synoptek while achieving an NVP of $5.94 million over a three-year period. At the same time, Synoptek’s services also help deliver $413K cost savings via increased productivity, $1.6 million via increased operational efficiency, $2.9 million through improvement in the IT environment as well as $4.1 million via improved reliability of the IT environment.
If you have any technology requirement, we can help! Synoptek’s global IT outsourcing can deliver dedicated and shared expertise to integrate and manage the technologies required to modernize your environment, advance your IT maturity level and also help increase revenue, employee productivity, and operational efficiency – all while reducing overall IT expenditure. Contact us today!
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