Cost savings and business benefits enabled by Lyric HCM
Many enterprises today are burdened by fragmented systems, manual processes and outdated tools that slow down payroll, onboarding and performance management, especially as they scale or acquire new business units. Could these organizations benefit from a modern human capital management system (HCM) powered by artificial intelligence (AI) and machine learning in a unified, cloud-native system?
To find out, ADP commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study1 and examine the potential return on investment (ROI)2 enterprises may realize by deploying Lyric.
The quantitative results3 show that Lyric led to a 259% ROI and vast savings including:
- $7.5M from reduced cost of payroll errors
- $3.0M from increased business manager productivity
- $2.4M from improved HCM team productivity
- $1.2M from reduced legacy software spending
Additional value achieved through Lyric’s AI capabilities
Across the organizations participating in the TEI study, Lyric’s AI features are seen as a promising avenue for reducing administrative burdens, improving data accuracy and enabling more strategic HR contributions.
One interviewee said that the AI tools within Lyric significantly reduced the number of steps in the organization’s recruiting process from 23 to just eight. Another anticipates that AI will eventually handle routine employee inquiries, potentially saving up to 60% of the team’s time.
Infographic Lyric Total Economic Impact Study
1 The Total Economic Impact™ of ADP Lyric is a study commissioned by ADP and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis
2 Forrester makes no assumptions as to the potential ROI that other organizations will receive, as results will vary for different organizations.
3 To better understand the benefits, costs, and risks associated with this investment, Forrester used four customer interviews to create a composite organization. The composite organization is $600 million diversified company with 5,000 employees working in corporate, production, distribution, and retail business units across North America.
