How Do You Measure Digital Transformation?
If you have recently decided to embrace the digital world and welcome digital at your organization, you only see the tip of the iceberg. From strategizing a digital transformation journey, to achieving one, 93% of the businesses give up! Only the remaining 7% are actually able to set up their digital strategy completely. While the numbers reveal the truth, they also highlight a missing piece from the puzzle of digital transformation strategies that determines the success or failure of the process.
The crux of the matter is not limited to the implementation, but the analysis of the implementation too. Let’s try to solve this maze by understanding how can you measure the success of your digital transformation initiatives. And so, ensure a smooth experience ahead.
Why and How to Define the Metrics?
When you are all set to improve something at your organization, you need a progress tracker as well- a tracking mechanism that checks if your new solution is really solving the existing problems. Thus, every digital transformation roadmap requires a parallel measurement system that monitors the progress and pain points being tackled by technology. Sounds simple, right? But this simple idea becomes a huge challenge for most organizations out there. Why is that?
Choosing the right metrics to monitor is paramount. Depending upon factors like the scale of digital transformation, the technology stack being adopted, the fundamental problems being addressed, and the digital maturity of the organization, you need to define the metrics that fit your problem statement and requirements. Distinguished VP Analyst at Gartner, Paul Proctor states:
“Select just 5 to 9 metrics to track, report and act on. The value of a metric lies in its ability to influence business decision making.”
Thus, it would help if you defined the right metrics for measuring business digital transformation. The primary factor you need to take care of is that these metrics should matter. These could be widely classified across scale, usage, and engagement generated with the company’s digital transformation. As Proctor mentioned, these metrics should have a clear relationship with business outcomes. It would be best if you also made sure that these metrics address a specific audience. And additionally, drive real-time actionable change. They should work as productivity indicators and should be capable of measuring the ROI on digital investments.
Once you have a clear set of metrics, you need to establish dashboards and visualizations. Like this, you get your real-time status of all the relevant metrics. Additionally, you net to set up the appropriate technological infrastructure to derive analyses from the monitored metrics and act upon the necessary reforms.
Corteza – Your One-stop Destination for a Successful Digital Transformation Journey
While you use these metrics to understand and improve your digital transformation goals, it is advantageous to have a strong digital companion for your novel objectives. The open-source low-code platform Corteza, developed and maintained by Planet Crust, is here to do just that! Get your free trial today and unleash all the potential that you can harness with the help of the Corteza solution for business.
Nice article! Thanks for sharing this informative post. Keep posting!