5 Steps to calculate your savings: The AR Value Creator Tool for Industrial Enterprises

5 Steps to calculate your savings: The AR Value Creator Tool for Industrial Enterprises

Introducing new work tools such as AR to business operations requires thorough evaluation of the immediate benefits and long-term value they can bring. The current pandemic and its restricting effects on business plans and budgets has made it even more important for industrial enterprises to establish how much cost and resources they could save before committing to a new solution. With the AR Value Creator Tool, industrial enterprises can do exactly that: Identify the value AR technology can bring to their specific use case compared to the existing tools they are working with in operations, maintenance and training. 

In this post we talk you through the 5 steps it takes to calculate your own savings using the Value Creator Tool during a personal consultationBefore we dive into each step, below a quick overview of the major reasons why we recommend using this tool and how it can contribute to your decision-making process.

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Why should I use the Value Creator Tool?

  • Cross-industry toolIn addition to our standard Value Creator Tool, we have different frameworks for different industries to exactly match your needs. Those frameworks are based on our experience from working with over 100 leaders in machinery, energy, medical, automotive and other sectors. 
     
  • Use-case specific: The tool also considers your specific use case. You simply need to provide the specific parameterfrom your current processes to establish how these could improve with AR solutions.
  • Real savingsThe direct comparison, of your current cost when using your existing toolswith the potential cost after introducing AR solutions, reveals realistic financial and time related savings. 
  • Value beyond numbers: AR solutions do not only bring quantitative savings but also qualitative benefits which add to the full value of AR solutions. These include for instance an improved learning experience in training or easier communication in technical support through visual guidance.

  • Results for your AR-pitch: All results from the Value Creator help you support your argument when pitching AR technology to your management or other decision makers in the company. 

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How do I use the Value Creator Tool? 

Together with our Business Technology experts you will work through the following five steps in a personal consultation: 

 

1. Workload– Determine which activity fields are relevant for your business. 

Our standard value creator showcases the average results achieved by our customer base in four activity fields: 

  • Operations Efficiency 
  • Business Continuity 
  • Remote Collaboration 
     

Choose the activity fields that apply to your use case and identify the average time your workforce spends per month completing tasks related to each chosen field. Insert the time in minutes, hours or days into the tool. This step forms the foundation of your calculation.

2. Workforce - Consider the number of technicians in your team
In this second step you relate your chosen activity fields to the number of people working in them to identify related cost in the next step.

3. Cost– Identify your cost per worker
Based on thcost of your entire team, this step is about calculating the average cost per hour for one worker as for example a technician, operator or trainer in either Euro or Dollar.


4. Savings – Calculate the time and cost you could save with AR technology
At this stage your existing cost for the chosen use case have been established. Based on those the Value Creator Tool derives the potential cost and time savings AR solutions can bring to the same scenario.


5.
Value –Recognize the full value AR solutions can bring to your business
The final step is about evaluating the numbers and also identifying any non-tangible benefits. This way you have the full picture and see the entire value or AR technology can bring to your use case. 

Various RE’FLEKT customers, especially in the medical and healthcare sector, have already identified the benefits AR solutions can bring to their business using the Value Creator Tool.



Are you ready to calculate your own savings in a personal consultation?
Or do you have any questions before we start?
 


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