SOUTH JORDAN, Utah, May 9, 2023 /PRNewswire/ — Lucid Software, the leader in visual collaboration software, today announced the results from a commissioned Total Economic Impact™ study conducted by Forrester Consulting that reveals the benefits and value of customers using the Lucid Visual Collaboration Suite, which include, for a composite organization based on interviewed customers, a 410% return on investment over three years and a $9.7 million net present value with payback in less than six months.
“As the leader in visual collaboration, we’re enabling over 60 million knowledge workers around the world to align faster and improve the quality of the way they work to achieve great outcomes,” said Dave Grow, CEO of Lucid Software. “This study reinforces the benefits Lucid provides for enterprises, and we’re committed to continue innovating and bringing meaningful value for our customers to see and build the future.”
Forrester Consulting interviewed six Lucid customers across a variety of industries to better understand the benefits, costs and risks associated with using the Lucid Suite, which includes both Lucidchart and Lucidspark. The results were combined into a composite organization that is global and industry-agnostic, generating $15 billion in annual revenue and supported by 10,000 full-time employees.
Forrester Consulting identified key quantified benefits totalling $12.1M in present value and 692,000 hours saved over a three-year period, including:
- $1.4 million saved in onboarding cost from 76,000 hours of training prevented
- $758,000 saved in operating expenses by streamlining tech stack with the Lucid Suite
- 344,000 hours saved with improved synchronous collaboration, worth $4.1 million in organization-wide user efficiencies
- 146,000 hours of follow-up meetings avoided, saving organizations $2.6 million
- 126,000 hours of overhead saved, worth $3.2 million by adopting Agile methodology
In addition, the study also revealed valuable unquantified benefits, including:
- Improved user experience, SLAs and accountability for team objectives, cadence of onboarding new systems and dependable delivery
- Streamlined mergers and acquisitions, opening new revenue streams
- Breadth of security and compliance controls
- Reduced technical debt
- Quality documentation and presentations
- High-quality and attentive customer support
“The Lucid Suite provides a key collaboration tool, which is important in this hybrid world,” stated a manager of IT governance, biotech and Lucid customer interviewed for the study. “Our teams can continually collaborate both in and outside of meetings, [work] in a visual format, [and bring] together integrations to some of our other tools so that people can collaborate better.”
To learn more about the full findings of the Total Economic Impact™ of Lucid, visit lucid.co/tei.
About Lucid Software
Lucid Software is a leader in visual collaboration, helping teams see and build the future from idea to reality. With its products—Lucidchart, Lucidspark, and Lucidscale—teams can align around a shared vision, clarify complexity, and collaborate visually, no matter where they’re located. Top businesses use Lucid’s products all around the world, including customers such as Google, GE and NBC Universal. Lucid’s partners include industry leaders such as Google, Atlassian and Microsoft. Since the company’s founding, it has received numerous awards for its products, business and workplace culture. For more information, visit lucid.co.
SOURCE Lucid Software
