How you will know digital transformation is achieved

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How-to-measure-success-in-the-digital-transformation-1024x512 How you will know digital transformation is achieved

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Business transformation for organizations is creating opportunities to have new customers, new experiences, new markets, new business models and to add value to them. This is only for those organizations who clearly comprehend how far and how fast they need to transform their business. A holistic, organization-wide approach to transformation ties the capabilities of all aspects of an organization, starting from customer-facing digital platforms, distribution, billing, supply chain, IT, operations, human resources to finance encompassing all areas of the organization.

All you are doing with the understanding that it’s not a single change but a journey and it does not happen overnight, it is a continues process, a collection of conclusive actions that jointly move an organization forward to achieve its vision.

How do you measure return on digital transformation so that you can make the right decision which improve its success rate? There are many ways to assess the progress and efficacy of your digital transformation progress. The most important point is that who is going to measure the progress, must know the actual meaning of digital and the rationale behind, how and why an organization has started the digital transformation.

CIOs must develop metrics that define their digital transformation voyage and expected business outcomes from 3 key areas: 1-customer experience, 2-Operational processes, and 3-Business models.

Without a framework to measure digital transformation, success will evade you.

Only 4% of organizations have no digital initiative at all according to Gartner survey ‘CIO Agenda 2019: Digital Maturity Reaches a Tipping Point’, this indicates that digital business in not an elective it is the only option for organizations.

While you see it is mandatory for all businesses to digitally transform, it is also very important to know, how digital transformation will be achieved? If we refer to another Gartner survey which establishes out that almost 50% of CEOs have no metric to measure success for digital business transformation.

If we refer to the book, Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World With OKRs, which introduced a management system called OKRs (Objectives and Key Results). We may need to keep simple digital KPIs to be monitored just 5-9 metrics to track, report, and act on (1) Organizations have to go beyond measuring traditional financial key performance indicators (KPIs) as they are no longer effective at measuring the success of a digital business.

You’ll Learn:

  1. Why measuring Digital Transformation progress is important
  2. What are the common KPIs to measure?
  3. What are the frameworks available to define KPIs

Resources:

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Related posts:

  1. What after Digital Transformation
  2. Where to start in organization for Digital Transformation
  3. Why Digital Transformation is required?
  4. How do you start a Digital Transformation?