WESTON, Fla.--(BUSINESS WIRE)--Ultimate Software (Nasdaq: ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today the summary results of a series of return on investment (ROI) studies conducted by third-party analyst firm Nucleus Research from Q4 2015 to Q4 2016. The Ultimate customers analyzed during the studies achieved a significant ROI ranging from 158% to 475% through HR, payroll, time management, and talent management process efficiencies; increased productivity; enhanced reporting; reduced administrative costs; improved payroll accuracy; and other direct and indirect cost savings. With UltiPro, several employers experienced well over four times the return on their initial investment. Additionally, the average payback period for these customers was 4.7 months.
The Ultimate customers, ranging from mid-sized organizations to large global enterprises, represented a wide range of industries including manufacturing, law, financial services, and hospitality.
“We found several factors that consistently contributed to the ROI of UltiPro deployments,” said Brent Skinner, principal analyst at Nucleus Research. “Companies experienced timely, predictable implementations, which shortened the time to payback, a factor in ROI. In addition, the cost to activate UltiPro was often significantly less than the cost a company faced to keep its incumbent solution in place. By deploying UltiPro, some companies avoided paying for costly, required upgrades to the systems they replaced.”
Nucleus Research identified indirect and direct benefits from UltiPro that contributed to ROI. Indirect productivity gains averaged 32% of all benefits contributing to ROI, and were achieved by eliminating inefficiencies and simplifying workflow across a wide breadth of HCM. These indirect benefits included:
- More efficient onboarding of new hires
- Faster and better-structured talent acquisition
- Expedited workflow related to performance reviews
- Improvement in staff productivity during annual benefits open enrollment
Direct benefits from UltiPro, which accounted for 68% of customers’ ROI, included eliminated or avoided costs such as UltiPro’s ability to lower payroll error rates, and the elimination of recurring expenses related to printing and mailing hard copy checks or paystubs, as well as quarterly or year-end tax forms.
“We deployed UltiPro to replace a legacy system and centralize payroll activities for all locations,” said Debra Punke, senior vice president of human capital for Concord Hospitality. “By reducing technology costs, standardizing processes and reporting, and significantly increasing staff productivity, we were able to achieve an average annual benefit of over $1.3 million.”
“UltiPro is designed to increase business efficiencies, increase productivity, reduce time spent on manual tasks, and provide executives with the important business-management tools they need to make strategic decisions that result in better business outcomes,” said Greg Swick, enterprise chief sales officer at Ultimate. “These results from Nucleus demonstrate that UltiPro can help companies achieve exceptional savings, boosting bottom-line results.”
About Ultimate Software
Ultimate is a leading provider of cloud-based human capital management (HCM) solutions, with approximately 33 million people records in the cloud. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. Founded in 1990, Ultimate is headquartered in Weston, Florida, and employs more than 3,700 professionals. In 2017, Fortune ranked Ultimate #1 on its list of the 10 Best Workplaces in Technology, Ultimate’s second year to top this list, and Brandon Hall Group honored Ultimate with a Gold Award in Technology. In 2016, Fortune ranked Ultimate #15 on its 100 Best Companies to Work For list, the fifth consecutive year to be ranked in the top 25. Ultimate was also ranked #1 on Glassdoor’s list of 25 Highest-Rated Public Cloud Computing Companies to Work For, #8 on Forbes’ list of the 100 Most Innovative Growth Companies, and ranked #1 in customer satisfaction in G2 Crowd’s Summer 2016 Core HR Software Grid report, based on user reviews. Ultimate has approximately 3,700 customers with employees in 160 countries, including Bloomin’ Brands, Culligan International, Feeding America, Major League Baseball, Red Roof Inn, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate’s products and services for people management can be found at www.ultimatesoftware.com.
UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.