Worth It? The ROI in Going Through Enterprise Digital Transformation
We are in the age of digital disruption and the constant evolution of technology is making everyone work on the go. It is all the more imperative for companies of all sizes including emerging startups to grasp that no one is immune to this reality. Across every industry, customers and employees alike are demanding greater mobility; easier and more transparent access to information of all kinds; and flexible, pleasing user experiences. Internal operations, too, are being transformed as companies look to digitize and automate everything — the factory, the supply chain, marketing and sales, HR, administration, even maintenance and ticketing
The success of organizations and emerging startups will certainly depend on their pace to adapt to a Digital Transformation Strategy including the adoption of Enterprise Mobility. Partnering with the right technology company to automate their systems and execute this strategy quickly is imperative. However, if you think your company should be cautious in its approach to digitization, think again, because even if you’re moving slowly and carefully, your competitors aren’t. According to a recent Forrester study, a large percentage of executives think that almost half of their revenue will be influenced by enterprise mobility by 2020.
A good digital transformation strategy will help you synchronize your business by seamlessly improving the interactions between your people, processes, and products. In addition it will help you to streamline processes like unnecessary double manual entry into various unconnected systems and facilitate the best internal practices within all your teams. This not only cultivates a cohesive working atmosphere but also ensures that every team is on track to meet their goals and more focused on being thought leaders rather than doing mundane manual work. The separate components of your digital transformation can work together to help you achieve a holistic environment that benefits you, your employees, and most importantly your customers. At this point, few people would argue against the importance of a good digital transformation strategy— and mostly everyone understands that having a mobile-ready team is indispensable for a modern workforce.
While your technology partner will help you to streamline your business activities, it is equally important to keep a track on the overall cost effectiveness of implementing this technology. Here are some methods of determining the effectiveness of your mobile strategy:
Revenue vs. Costs: Once you have decided to embark on a digital transformation strategy and deployed the platform with the help of your technology partner, you can start calculating the financial benefit it has on the organization as a whole. Some key metrics here would be company process efficiency, less man power on manual processes, increased sales figures, profitability and also time to market.
Turn Around Time (TAT): Another aspect of the ROI of your digital transformation strategy includes how much time does your organization save. Automation plays a huge part in allowing your team to save time and execute multiple activities simultaneously. Since technology helps you to capture raw data, you can easily track the improvement on the turn around time of multiple tasks in your organization right in the palm of your hand and on the go.
Increase in productivity: Automation enables your employees to concentrate on larger strategic roles, while the mundane work is on auto pilot mode. It ensures that your employees have more time to think creatively rather than wasting time on tedious day-to-day activities. Reducing the need for employees to travel—and cutting back on the time they take to complete tasks—are also distinct ways to increase the ROI of a good digital transformation strategy.
Adoption rate: You have to make sure that technology deployed is customized to your business needs. This way your employees spend no time to adapt to new processes, which ensure less time wasted. Involve your team members and take suggestions on what kind of platform and processes will suit their working style. An ideal technology platform will ensure a smooth transformation from traditional to the digital route tailor made to the way that your company operates. Looking at how quickly and actively your employees adopt the new technologies that you roll out can help you understand the strategy’s effectiveness.
Customer experience: Your customers represent your company. How loyal are your customers is as important as the loyalty of your employees. The improvement in your company’s internal performance automatically reciprocates how your customer feels about you. Timely delivery of products and services; prompt replies to customer complaints, and timely resolutions to customer complaints are all parameters by which you can gauge customer experience.
