How can you know that you’re making progress? Here are the top digital transformation KPI or key performance indicators you need to know now.
Read on to learn more.
Digital Transformation in 2021
Digital transformation is not an endpoint or a destination. It is compared to a journey. With that, you need to monitor its ongoing success.
Now, digital transformation is more important than ever. With the pandemic all over the world, DX is now a matter of survival for businesses.
In fact, COVID-19 is accelerating the demand for digitalization. Businesses have also realized the importance of technologies.
That’s why many have regretted not transforming pre-pandemic. The crisis we’re facing now has truly exposed the mass inefficiencies of old business models.
But, digital transformation is not just about applying technologies or tools. Every industry should also make sure that they’re making the most of their efforts.
So, they can ensure the continuity of their business. At the same time, compete with other businesses in the market.
Importance of Digital Transformation KPI
What signs indicate that your organization is on the right track with its digital transformation initiatives? Specialists say look to look for performance indicators.
The harsh reality is that more than half of digital transformation projects fail. But, you can avoid the same results if you check on how it’s going.
There are different key performance indicators or KPIs for different industries. Certain ones also depend on the company’s goals. While others are more universal.
For example, some businesses plan to get into digital channels. So, their KPI will focus on driving internal efficiencies through digital initiatives.
5 Digital Transformation KPI to Watch For
Consider the following five factors that signal your success.
Repeatable processes for digital initiatives
Processes depend on the maturity of any company. Generally, it’s about developing digital projects and programs. And companies should ensure that it will have long-term benefits.
Initiatives also include defining goals and identifying gaps between your pre and post-transformation.
Happier customers and employees
Digital technologies can result in more satisfied customers and employees. Why so?
For one, efficiency and convenience are something that people demand now. With the lockdown restrictions, our daily activities were shifted.
We shop online, go to school online, and work online. We’ve also gotten used to using technology.
If a business or company goes digital, this meets the demands of consumers and employees, too.
If they are satisfied, customers will feel more engaged. They are also more likely to stay.
After the COVID-19 pandemic, customers are also more willing to try new things. And if companies are willing to apply to DX, they can capitalize on people’s trends.
At the same time, employees will feel valued. Especially if the company strives to provide their needs.
IT leaders will also experience more efficient processes. They will meet their timelines better with the help of tools.
Automation will also help make processes automated. So, it can reduce rework due to errors.
Employees will also be freed up from redundant tasks. Then, they can use this extra time for more complex tasks that give value to the company.