Cision PR Newswire

Study Highlights Significant Cost Savings and Enhanced Efficiency, Enabling Engineering Teams to Accelerate Innovation

DENVER, Nov. 25, 2024 /PRNewswire/ -- Accuris, the market leader in merging authoritative content with cutting-edge technology to significantly reduce the time engineers spend researching, referencing and embedding standards, today announced the findings of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Research. The study reveals that organizations using Accuris Engineering Workbench (EWB) can achieve a 305% return on investment (ROI) over three years, with a net present value (NPV) of $13.35 million.

The Forrester study, based on interviews with four Accuris customers across various industries, found key results from the investment in EWB include enhanced compliance, improved efficiency in accessing and updating standards, and a notable reduction in operational costs. These customers:

• Avoided costs through centralized standard procurement: Consolidating standards into a single source for purchasing multiple industry and government standards, worth $7.1 million over three years by eliminating multiple subscriptions and manual retrieval while reducing administrative costs and improving compliance.
• Increased engineering efficiency: EWB increases engineering efficiency by reducing the time spent researching, referencing, and embedding standards, saving $7 million. This streamlined process allows engineers to focus more on design and innovation, reallocating substantial hours to higher-value tasks and boosting overall productivity and innovation.
• Increased productivity due to reduced rework on technical engineering tasks: The implementation of EWB saved $3.7 million over three years by reducing technical rework while simultaneously improving the quality of engineering outputs.

"This study validates what our customers have been telling us – Engineering Workbench is revolutionizing engineering organizations," said Claude Pumilia, Accuris CEO. "By providing a centralized platform for accessing and managing standards, Accuris is helping companies streamline their processes, improve compliance, and unlock new levels of innovation."

Beyond measurable financial gains, EWB delivers significant unquantified value through enhanced compliance and risk management, improved cross-team collaboration, and streamlining digital workflows that boost operational efficiency through features like direct standards integration into management systems.

The study also found that EWB significantly reduces the time engineers spend on administrative tasks. One interviewee, a Chief of Engineering Standards in the aerospace and defense industry, stated, "Engineering Workbench significantly reduced the time spent on researching and referencing standards, allowing engineers to focus more on design and innovation."

Another interviewee added, "Using a single platform to access both industry and government standards streamlined our processes and reduced the time spent on procurement and document management."

The comprehensive Forrester study reveals EWB as a transformative solution for engineering organizations, delivering an impressive return on investment through $17.4M in cost savings, increased operational efficiency, and enhanced compliance capabilities – making it an essential platform for engineering-intensive industries seeking to modernize their standards management and workflow processes.

For more information about Accuris Engineering Workbench and to download the full Forrester TEI study, visit: https://accuristech.com/resource/uncover-millions-in-cost-savings-and-drastically-improve-efficiency-with-engineering-workbench/

About Accuris (formerly IHS)
For more than 60 years, Accuris has empowered engineers and innovators to solve the world's greatest challenges. Today, our customers leverage intelligent software to optimize their engineering, supply chain, and product lifecycle workflows. Accuris helps professionals extract more value from technical information, effectively leverage the world's largest collection of 2.5M+ standards from 450+ global standards publishers, 77M+ technical articles, 107M+ patents, and 1.1B+ electronic parts data. Accuris helps professionals harness the power of digital transformation, unleashing builders to build a better future. Discover more at accuristech.com. 

Media Contact
Danielle Scotto
ICR Lumina for Accuris 
Accuris@luminapr.com

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SOURCE Accuris