Several companies are undergoing Digital Transformation and leveraging the latest technology to improve their business. The pandemic has forced companies around the world to speed up digital initiatives to drive their business and respond to the crisis.
Business leaders among several industries tends to spend thousands of dollars on digital, but only 30% of digital transformation efforts succeed. This situation is alarming and needs to be addressed by analyzing the digital transformation progress with the help of clearly defined metrics.
Now there will be a question in your mind that
- What exactly are digital transformation metrics?
- What kind of KPIs can help measure business growth?
- Would it be called growth for a business without even comparing it?
Transforming business digitally from traditional could be difficult sometimes. But when it comes to measuring the growth achieved after shifting it to a digital platform will surely be surprising.
There are some KPIs, which help to boost growth and work for every business model. Those KPIs are measuring revenue, calculating cash flows, client acquisition rate, daily performance measurement, profit margins comparison, and much more. All these elements are analysed precisely, and necessary changes take place.
The most important benefit of digital transformation metrics is that it focuses on current technology, collect and evaluate the data, does the processing with the help of automation, and help to know where an organization needs changes and improvements. These are some bullet points to be focused on for measuring business growth and deciding the direction of a business.
According to the report published by Forbes, Executives say that performance in operational efficiency has increased by 40%, faster time in the market by 36%, and meeting customer requirements has grown by 35%. Metrics have made decisions easy to take and monitor at the same time. When the facts and figures are handy, focusing on business segments becomes easier.
Let’s take a look at some crucial points that how digital transformation solutions can help in business broadening:
Measuring Business Activities:
Working in a digital environment keeps everything organized and well-functioning. Each person is aware of their activities along with other tasks too. It helps to decentralize the work and proper allotment of duties and responsibilities with accountability. Also, the projects are recorded with an appropriate tracking system so that no one wastes any single moment. Records of everything on digital platforms are made available. And, this suits perfectly for future use and fulfillment of past, present, and future records.
Compare sales and Marketing statistics:
The core of any business is to accelerate sales and marketing efforts which can be achieved very efficiently while measuring and comparing the statistics. It will support comparing the results of past and present along with future estimation to achieve goals and meet targets. In this century, customer requirements are different, their satisfaction level is different, and everyone wants customized products and services. All these requirements need to be redeemed for scaling up the business. As it will fulfill the needs of every customer differently and, of course, a happy client is an asset for taking the organization to the next level.
Track Financial records:
To know where a business is moving and what more it requires is to observe within its financial structure. Analysing the financial ratios, monitoring budgets, knowing which investments are made and their ROI, managing profits and losses, fulfilling debt and equity ratios, improving cash flow structure, and many other financial aspects are managed regularly, analysed, and better financial decisions are undertaken. All these are made possible only by using Digital transformation metrics. So, these metrics help to formulate business decisions more effectively by comparing them with the standards.
Employee satisfaction and absenteeism rate:
Managing the records of every employee could cause a headache for an organization. When it operates on a large scale, there is no chance to keep track of records for each employee and measure their performance. So, Digital transformation solutions aids in focusing on all these activities and save a lot of valuable time for an organization. Every employee is monitored and analyzed, performance is measured, and feedback is given to increase productivity.
Hit productivity and manage wastage:
Digital transformation solutions help to scale up business operations by increasing productivity and managing wastage incurred during the production process. Measuring the performances with the standards is made a lot easier with these. Every minor detail of each task is under-observed and recorded, which also aids in reducing the wastage level to a significant level. These changes show a lot of differences in cost management too. Like, Monitoring activities of Cost-cutting, improvement in the production process, R&D of a product, raw materials, inventory management, and more.
Systematic data collection and Data mining:
Everyone knows that data is New Era’s oil. Collecting, managing, monitoring, comparing, and analysing data can consume a lot of time and patience. Also, a person cannot focus on core business activities. Implementing new technologies and software’s during digital transformation journey can help businesses to keep every minute of data under observation and monitored continuously. This process plays a vital role in forming crucial organizational decisions.
Business security and controls:
Keeping data safe and secure is the foremost priority of every business. When a customer feels secure knowing that their data is in safe hands, the business credibility increases exponentially. It is the key to retaining customers for a long-term duration.
Digital Transformation can help you to take the business to the next level. Why have second thoughts? Opt in for our digital transformation solutions today and accelerate your business growth for tomorrow.