Nucleus Research published an ROI guidebook examining the benefits of deploying experience management software provider, Qualtrics. Nucleus interviewed multiple Qualtrics customers and found the solution delivered an average ROI of 100 percent, with an average annual benefit of $6.3 million and an average payback period of 1.5 years.
“With an all-encompassing experience management platform, organizations can mitigate vendor management costs and complexity while enjoying the advantage of a single source of data that more effectively delivers outcomes at the intersection of customer and employee experience,” said Research Manager Evelyn McMullen. “Qualtrics’ CrossXM offering brings together customer experience (CX) and employee experience (EX) data and processes to improve decision-making and maximize business impact across experiences.”
Key benefits highlighted in the guidebook include:
- Increased revenue. Nucleus found that organizations were able to increase annual revenue attributable to the use of the Qualtrics platform by an average of $1.2 million, depending on the industry and scale of the deployment.
- Increased customer satisfaction scores. Organizations deploying Qualtrics experienced a 7-12 percent year-over-year improvement in their respective metrics.
- Improved scalability. Some organizations were able to avoid additional per-survey costs incurred by a previous provider, translating to savings of approximately $90,000 to $650,000 annually.
- Increased productivity. Organization’s EX teams saved 160 to 200 hours annually upon implementing Qualtrics and automating dashboard creation and reporting tasks, representing a 62 to 65 percent productivity improvement across dedicated employee groups.
- Strong frontline engagement. By instituting new strategies, and diligently tracking changes, one organization observed a 1.2 percent reduction in its caregiver attrition rate attributable to the use of Qualtrics.
- Improved compliance. An organization in the healthcare industry realized a notable decrease in the workload of risk executives, who saved an average of 32 hours per week on escalations.
- Technology cost consolidation. Organizations experienced an average reduction in survey and XM technology costs of 37.5 percent by consolidating the functionality of several platforms and tools into Qualtrics.
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