Digital transformations require investments of both time and money, so it’s important to have a system in place to measure the return on investment (ROI).
To establish how you’ll measure and track your digital transformation’s success, follow these three steps:
- Set goals — What does success mean to you? What is your ideal outcome?
- Establish key performance indicators (KPIs) — What metrics will you monitor? How will those metrics tell the story of your digital transformation? What level of KPI growth are you hoping to achieve?
- Monitor progress — What types of reports will you use to keep an eye on your KPIs and the progress of your transformation? How often will you run reports and adjust your strategy?
To illustrate how a business might apply these steps in a real-world scenario, here’s a simple example:
- Goal: Decrease customer support queries without negatively affecting customer satisfaction
- KPIs: Number of support queries received each day, time spent responding to support tickets, average support query response time
- Monitor: Run weekly reports on KPIs and send monthly surveys to customers to gauge satisfaction
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