JLL (NYSE: JLL) this month unveiled the results of a commissioned Total Economic Impact (TEI) study by Forrester Consulting that finds an organization can experience a return on investment (ROI) of 238 percent, among other benefits, by deploying Corrigo, among the world's most widely adopted facilities management platforms and part of JLL Technologies (JLLT), a business division of JLL dedicated to commercial real estate (CRE) technology.
"The digitalization of facilities maintenance has fundamentally changed building management," explains Sharad Rastogi, chief product officer, JLLT. "Corrigo delivers an intelligence-driven platform uniting operations, asset and work order management, maintenance, and analytics for smarter facilities management. When companies fully embrace the power of Corrigo's platform, the cost savings and returns are significant."
As further stated by the company, "Corrigo serves more than 4.3 million users in 122 countries, generating 19 million work orders resulting in billions of data points annually. Corrigo puts that data to use for customers, whether they have 10 locations or 1000. It simplifies the lives of facilities managers, empowering them with critical tools that help demonstrate value on a daily basis."
The TEI study by Forrester provides customers with a framework to evaluate the potential financial impact of the Corrigo platform on organizations.
To better understand the benefits, costs and risks associated with this investment, Forrester interviewed decision-makers from organizations with experience using the Corrigo platform across a range of industries including quick service restaurant (QSR), retail, healthcare and real estate property management; aggregated their experiences; and combined the results into a single composite organization.
Prior to using Corrigo, Forrester says participating organizations reported dependency on multiple siloed solutions with limited functionality, which forced them to rely on inefficient and manual practices to complete invoices, track warranty information, measure quality of work and report on facilities spend.
Since adopting the Corrigo platform, the study finds organizations have been able to invest in more preventative maintenance workflows, eliminate wasted spend on assets covered under warranty, optimize invoicing workflows, identify and send work to quality providers, and expand facility management solution investments to new locations without needing to increase the size of facilities teams.
According to the key findings of the TEI study by Forrester, a composite organization deploying the Corrigo platform can:
- Experience benefits of $4.7 million over three years versus costs of $1.6 million, adding up to a net present value (NPV) of $3.1 million, ROI of 238 percent and payback period of less than six months.
- Save $1.6 million over a modeled three-year period by investing resources in preventative maintenance.
- Drive cost savings of more than $1.3 million by utilizing various parts of the Corrigo platform.
- Accelerate employee workflow completion by 75 percent.
- Eliminate the cost of adding additional staff while supporting more locations.
For additional information, read the full TEI study by Forrester. The study and its findings will also be discussed at length during a Corrigo webinar with Forrester, Express Scripts and Jack in the Box on May 19 at 11:00 a.m. PT. Registration details can be found here.
JLLT cites itself as "a first-of-its-kind team that combines commercial real estate experts with world-class technologists to deliver solutions that transform the way organizations acquire, manage, operate and experience space." To learn more about JLLT and its technology portfolio, including Corrigo, visit www.jllt.com.
To request a demo of Corrigo, visit www.jllt.com/corrigo-cmms/.