In the wake of the covid 19 pandemic, the world has seen a drastic change in the way both business and personal affairs are conducted. The landscape of business has evolved from the material to the digital world. Hence, it is not an option, but a need for businesses to adapt themselves digitally. While doing so, it may be difficult to quantify your progress. Hence, let us look at some ways in which businesses can measure and track ROI on Digital Transformation.
Identifying a problem that your business is going to provide a solution to through digital means is the first step in measuring your digital transformation progress. Determining which issues you are going to provide solutions for, gives a starting point that can be referred to later to track the progress and calculate ROI.
Once the problem is identified, the next step would be to set goals for providing solutions. Considering the outcome that your organization wants and setting goals accordingly, while not making them impossible to achieve can help narrow down the parameters involved. This would make it an effortless task to monitor success based on the milestones achieved towards the set goals.
With the problem identified and the goal set, it is crucial to monitor the working of each component in the execution stage. This can provide valuable data about the effect of digital transformation on the organization’s affairs. Using these insights and comparing them with the initial investment can paint a better picture of your ROI. While monitoring metrics, it is important to define the key performance indicators (KPIs) as their data is what will communicate the level of success or failure that the digital transformation is receiving. Some common metrics include:
Increase in sales Process quality improvement Increase in customer satisfaction, customer retention, and new customers. The productivity of engineering and design will be enhanced. Product quality improvement
Increase in sales
Process quality improvement
Increase in customer satisfaction, customer retention, and new customers.
The productivity of engineering and design will be enhanced.
Product quality improvement
Setting a timeframe is the final step in the process of determining your ROI. It includes creating a specific timeline for the digital transformation process which is favorable for your business. It also includes creating deadlines for the goals that have been set. Comparing the position of your business and the performance of its digital activities on a timely basis is the best way to quantify the process of Digital Transformation and hence, determine its exact ROI.
Using the aforementioned steps can help you in the process of quantifying and measuring the progress of your business in the digital world. This would give you a proper insight into the ROI you are getting through Digital Transformation.
Stonebridge is experienced enough in the industry to face such challenges efficiently. Have an appointment for cloud computing services.
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