CALGARY, Alberta, June 27, 2013 (GLOBE NEWSWIRE) -- A research study conducted by the Center for Integrated Facility Engineering (CIFE) at Stanford University shows that using SMART collaboration solutions in construction and design companies can be easily justified as a good investment. The study provides examples of estimated net income increases of up to 20 percent and estimated paybacks on investment ranging from one week to two months of implementation. The economic impact study focused on construction and design companies and was conducted by CIFE on behalf of SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions. The study involved 54 participants, which included companies from the construction and design industry and students in the building information modeling (BIM) course at Stanford University. The Stanford study notes that the participating organizations experienced several benefits from using SMART solutions, including an estimated $3 million cost reduction for one of the general contractor companies and an estimated $300,000 savings for a design company.
"The results of a survey of users finds broad and consistently high levels of perceived benefit of technology to support interactive group collaboration for facility design and construction," says John Kunz, Executive Director of CIFE at Stanford University. "The results of an economic analysis of these benefits and associated costs suggest a very strong business case for this collaboration technology for a broad spectrum of design and construction organizations."
The study has been published on the Stanford University website in a white paper titled User Maturity and Benefits Achieved Through the use of SMART Board Collaboration Technology in Collaboration Sessions. Each of the user groups surveyed identified a reduced latency of communication and a better understanding of client requirements in the top three benefits experienced with SMART collaboration solutions. The data suggests that these benefits play an important role in helping companies reduce costs and increase net income.To view an infographic on the Stanford Study click here. "We have achieved a significant return on investment from the implementation of SMART Board ® interactive whiteboards and SMART Bridgit ® conferencing software," says Ken Cartier, Partner and Lead Architect, GEC Architecture. "SMART collaboration solutions enable staff and clients to easily view highly-detailed architectural drawings and experience greater collaboration which has resulted in meetings that are quicker and more productive. Our entire investment in the solution was easily paid for with one architectural project." The study evaluated the estimated economic impact of SMART collaboration solutions in relation to cost reductions, business value and the investment of implementation such as, training, capital costs and labor. Additional benefits, related to group collaboration sessions and quality of work, include:
- Better engagement of team members
- Reduced latency of communication among stakeholders
- Better understanding of client requirements
- Shorter project meetings
- Fewer requests for information (RFI)
- Better quality conformance
- Improved safety