How can organizations measure the ROI of using an AI meeting assistant?

Optimizing meetings to be efficient is a crucial goal for businesses trying to be more productive. This is where an AI meeting assistant becomes invaluable. An AI meeting assistant can transform meetings and how information is shared, leading to substantial time savings and enhanced decision-making. But how do organizations quantify the benefits? Understanding the return on investment (ROI) is key to justifying the implementation of any new technology, including an AI meeting assistant.

Understanding AI meeting assistants

An AI meeting assistant acts as a virtual participant in your meetings, leveraging artificial intelligence to automate tasks, like taking meeting notes, and enhance the overall effectiveness of the meeting. Before we dig into their ROI, let’s first understand some of the functionalities an AI meeting assistant can offer:

• Transcription: AI assistants transcribe meetings in real-time, allowing participants to focus on the discussion. Not only are these more accurate than human-generated transcriptions and available instantly, but, because they’re digital, they are also searchable records of the meeting.
• Action item management: AI assistants can identify action items during meetings, assign them to responsible parties, and track progress. Rewatch’s action items can be checked off or even be utilized to generate synched tasks in favorite project management tools, like Linear, GitHub, and Asana.
• Meeting summarization: Get a concise overview of the discussion. AI assistants generate summaries that highlighting key decisions and provide a concise overview of the discussion. Tell Rewatch’s AI meeting assistant the type of meeting, such as a Sales call, and it will generate notes specific to that call.
• Meeting scheduling and booking: Some AI assistants can integrate with calendars to find optimal times for all attendees or can simply attend on behalf of the invitee, allowing that person to focus on active work. Rewatch’s AI meeting assistant can automatically record and share meetings.

We're transparent about Rewatch's ROI. Learn more →

Measuring ROI

By implementing an AI meeting assistant, organizations can improve efficiency, save time, and foster better collaboration. Here's how to measure the impact on these key areas:

1. Time savings

The most direct benefit of implementing an AI meeting assistant is the reduction in time spent organizing, conducting, and following up on meetings. To quantify this:

• Pre-implementation data collection: Track the total hours spent by employees in meeting-related activities over a specific period.
• Post-implementation analysis: After implementing the AI tool, track the same metrics and compare. Consider the time spent using the tool versus the traditional method.

The difference will provide a clear indicator of time saved, which can be translated into cost savings by multiplying by average hourly wages.

Rewatch calculates this for all Enterprise users. Admins can view time saved by users watching recordings at increased speeds and time saved by utilizing AI summaries.

2. Cost savings

Calculating overall cost savings involves considering not just the direct costs (like idle salary), but also indirect costs such as opportunity costs and costs due to errors.

• Total cost comparison: Analyze the total cost of meeting management pre- and post-AI implementation, including technology costs, to capture a complete picture of financial impact.

Rewatch tells Enterprise users exactly how much money they've saved by implementing Rewatch. We calculate this by using a company's self-reported average salary and the time-savings.

3. Enhanced productivity

Increased productivity is another significant ROI. An AI meeting assistant ensures meetings start on time and adhere to allocated slots more strictly, possibly providing prompts to keep discussions on track.

• Productivity metrics: Look at the output pre- and post-implementation. If the AI enables quicker decision-making or faster project completion, quantify this improvement.
• Employee feedback: Use surveys or software tools to gauge improvements in employee satisfaction and perceived productivity.

Rewatch's time-savings allow users to spend more time on productive work. Plus, users can also skip meetings without concern they'll miss out on info, or they can share a screen recording instead of scheduling a meeting.

4. Decision-making efficiency

By recording and analyzing meeting discussions, AI can highlight important topics and decisions and suggest action items.

• Quality of decisions: Evaluate the impact of quicker and data-backed decision-making. This could be measured through the success rate of projects or strategies deliberated in meetings.
• Speed of decisions: Track the time from discussion to decision before and after implementation.

All Rewatch admins can see how many meetings have been automated at their organization. By automating the recording and sharing of meetings and their AI content, users ensure immediate knowledge-sharing, which creates a better informed company that is able to make efficient decisions.

5. Reduction in errors

By automating administrative parts of meetings such as minute-taking, AI meeting assistants reduce human error.

• Error rate: Measure inaccuracies in meeting minutes or schedules before and after AI integration and analyze the impact of these errors on project outcomes.

Rewatch has flexible, affordable plans for teams of all sizes and integrates with your existing best-in-class tools.

Getting started with measuring ROI

Rewatch built an ROI calculator that can be accessed by anyone. Simply input your company or team’s average number of weekly meetings, meeting length, and salary, plus the company or team size. We’ll tell you exactly how much money you’re currently wasting on having meetings without an AI meeting assistant and how much you’ll save by implementing Rewatch.