It’s important to remember that digital transformation does not happen overnight. Once a person starts planning and receiving your results, how would one truly know their success? Without knowing this, it is impossible to make timely changes to improve its success rate.
A company’s traditional metrics would include revenue, cost, and customer satisfaction. While this is good to look at, a company also needs to focus on the right metrics to receive the right control and visibility of progress. Some metrics a company needs to focus on to measure and improve digital transformation success are:
- Design and digitize customer journeys
- Increase speed and agility in insights
- Achieve customer adoption of digital customer journeys
- Develop agility in delivering journey transformations
While digital transformation is a huge culture change, many companies look at it, as something they should fear, thus, resisting the process entirely. When a company does this, it causes important issues that may pose a threat, to not be addressed. It’s important to have clear communication, to see what benefits would bring to each department, and the employees. To do this, there are metrics a company can focus on.
This is the percent of the digital marketing that had been spent. This is the brand value in the market and is valued for its digital maturity quotient of the employees including board and senior leaders. Each department can make contributions to digital initiatives, like finance, HR, IT, and sales and marketing.
This would focus on the net promoter score, the rate of each new customer acquisition, the percentage increase in customer engagement, and reduction in time to market new products to consumers. Putting the customer at the forefront of the transformation will lead to the company earning more authority, trust, and respect form the customer.
Return on Innovation
The return on innovation is very simple. It focuses on the percent of revenue from new products and services introduced, the number of innovative ideas, and new products/services launched in the market. This will also oversee the number of new business models for different types of customers, and the rate of new apps and AIPs, which will offer new products.