The Ultimate Growth Strategy Framework
One of the primary reasons a business fails is because they haven’t done enough research and lack a clear business model. Successful enterprises...
Digital transformation is an incredibly challenging process - and it’s no wonder so many organisations put their efforts into large scale digital initiatives without seeing any real success.
According to McKinsey fewer than 11% of certain types of organisations achieve their digital transformation objectives.
Most businesses see digital transformation (DX) simply as ‘technology replacing manual processes’. DX initiatives are accounted for as ‘operational efficiencies’.
This narrow view fails to take in other key metrics, metrics that could be invaluable in helping organisations see and fix obstacles that may prevent them from achieving successful digital transformation.
In this post, we’ll look at valuable metrics to measure digital transformation that provide an accurate picture of whether you’re currently succeeding at digital transformation, or not.
Particular metrics can help you measure whether digital transformation is helping you achieve your objectives in reaching a wider audience.
Measure, for example:
Successful digital transformation requires that users are using the technology you’re providing. The following metrics can help you identify usage:
Your new technology should be engaging enough to warrant regular usage. If users aren’t engaging fully with your technology, they’re not finding it useful enough to switch to it on a regular basis. Only when you understand usage patterns can you make improvements.
Metrics around usage include:
Switching operational workflows to the cloud can lead, in some instances, to breakdowns or cause performance issues. While technology vendors promise certain SLA commitments, real-time events can prevent this from happening. So, it’s essential to keep an eye on reliability.
To help you do this, measure:
To assure success in digital transformation it’s essential to engage in risk-reduction around your new technologies. As assets become digital the risks surrounding cybersecurity and data privacy, for example, must be evaluated.
The following metrics can help you to assess the risks associated with digital tech infrastructure, so look at:
One of the main metrics to measure digital transformation is a customer’s perception of your technology. End-user satisfaction will ultimately determine how successful your technology investments are, translating into your desired financial and organisational improvements.
Some metrics to consider using to evaluate customer satisfaction include:
Successful digital transformation can only be achieved with sufficient investment in digital initiatives. Companies that fail to direct enough resources towards the adoption of new digital tools are unlikely to get high returns. However, there needs to be a balance between investment and over-investment in digital. The law of diminishing returns starts to kick in once a balance point is reached.
Gartner calls this point ‘techQuilibrium’, where an enterprise has the right mix of traditional and digital capabilities and assets.
Every company should prioritise digital transformation and find ways to gain insightful feedback to make the right improvements to drive the process forward. Identifying the right metrics to measure digital transformation is crucial.
And once you’ve identified the right metrics to use, you need to find the right KPIs to aim for in your digital growth strategy.
Define KPIs that:
To help you identify the right metrics to measure digital transformation, as well as pinpointing the right KPIs to track, specialist advice from an industry expert could be invaluable.
One of the primary reasons a business fails is because they haven’t done enough research and lack a clear business model. Successful enterprises...
Business growth and development can be looked at in various ways depending on the stage a company is in. Many startups see growth simply in terms of...
Digital transformation is an incredibly challenging process - and it’s no wonder so many organisations put their efforts into large scale digital...