“Digital transformation statistics” is the buzzword in most business circles today. The need to understand digital transformation has emerged due to the growth of digitization and globalization. The buzzwords are not new. In fact they have been used many times by business analysts. However, there is a difference between quantitative and qualitative analysis. There are many challenges that lie ahead and it is very necessary for any organization to adopt the right type of analysis.
Transformational change is also referred as Digital transformation because it refers to the adoption of new digital tools and techniques to achieve organizational objectives. If this subject is not well understood and analyzed then it can create havoc in an organization. The need for an analysis of digital transformation started nearly two decades ago.
Today most of the business units around the globe are adopting digital transformation. There is no dearth of transformation metrics and trends available. The question that arises is how do you choose the right kind of digital transformation statistics from the wide range of available data?
Transformational change is related to the transformation of numerical data into information that can be used or forecasted. This data is collected through the various channels like data capture, analytics, dashboards, etc. These days there are several transformation metrics available. Transformational metric values give a clear picture about the changes that have taken place in the enterprise. It helps managers in making quick and correct decisions.
Digital transformation metrics can be classified into four main categories. They are: Financial metrics, Customer satisfaction metrics, and Social metrics. Let us see in detail what each one of them stands for and how they are used in the transformation process. Let’s now have a look at the financial, transformational metrics.
Financial metrics measures quality of financial service delivery. It measures the value of an organization as a whole. This measure does not only include profit and loss situation but also takes care of quality aspects like the service, reputation and technology. In financial metrics, there is a special term called Quality Return on Investment (QROI). It measures the cost per action (or price per action or price per sale) and compares it with the original or expected value.
Customer metrics are used to get a clear idea about customer satisfaction. The measurement is based on the need of the customers to get satisfying experiences. In digital transformation metrics, the most widely used measurement is Demography. It measures the variety of customers in the organization and also the characteristics of those customers. This is one of the most important transformation metrics.
Digital transformation metrics help managers in decision making. They help in aligning the internal resources and the external business processes. This helps in the identification of the new organizational roles and their implementation in the business. The main objective of the digital transformation Metrics is to create quality benchmarks and reduce process bottlenecks.
There are many benefits of digital transformational change reports. It gives the necessary detail information on the status of any specific business activity. In addition to that, the digital transformational change reports helps to measure the performance of people, identify problems in a certain area, set goals, make improvements and identify opportunities. It is the only way to do this kind of analysis.
The metrics also provides a number of interpretations. It can be used for determining the performance of one person as against another. It helps to compare the results obtained by quantitative and qualitative techniques. They provide insight into the problems, issues and challenges faced by a specific organization. The information provided in digital transformational change reports can help make better informed decisions for the organization and bring in positive results faster.
Digital transformational change reports are usually prepared for a specific organization or department. Metrics used are normally those that have been collected over a period of time in order to give a more accurate picture of the trends and developments. There are no hard and fast rules as to what the metrics should be. The ones that can be used depend upon the specific situation and the relevance it has to the functioning of that particular department. This makes it possible for managers to customize the metrics and make it fit better with the specific tasks and functions.
Digital transformational statistics are important in the present world. Metrics provide critical information that managers and leaders can use to determine where their strengths are and where their weaknesses lie. Being able to see where their strengths and weaknesses lie is a very useful tool. The right kind of management that takes advantage of the right kind of metrics can surely take the organization to the level that it aims for. This is a very important factor to consider in today’s world.
Deepak Wadhwani has over 20 years experience in software/wireless technologies. He has worked with Fortune 500 companies including Intuit, ESRI, Qualcomm, Sprint, Verizon, Vodafone, Nortel, Microsoft and Oracle in over 60 countries. Deepak has worked on Internet marketing projects in San Diego, Los Angeles, Orange Country, Denver, Nashville, Kansas City, New York, San Francisco and Huntsville. Deepak has been a founder of technology Startups for one of the first Cityguides, yellow pages online and web based enterprise solutions. He is an internet marketing and technology expert & co-founder for a San Diego Internet marketing company.