Many companies have already gone along their path of digital transformation. By accelerating the transition from pilot solutions to scalability the question of the real return on investment has become a focal point for them. Here are the key aspects of calculating ROI.
Decide on the goals
If your company automates manual processes, it is crucial to know what exact goal it will support in your operation. Increased efficiency could free up employees who can handle other tasks. On the other hand automation can also contribute to bigger transparency or by optimizing processes like your warehouse and logistics you can achieve lower inventory, faster supply chains or better incident handling. With assessment and examination you can decide on the goal that is the most relevant for your company.
Make the goals understandable
Different people may understand the same goals differently. For example, if management seeks to increase EBITDA by introducing AI throughout the value chain, then at the operational level, managers might be too focused on indicators such as user experience (UX) without concentrating on the EBITDA. The solution is to involve and engage all people in the main goal by breaking it down into manageable sizes that different departments will be able to handle. In that way they can ultimately contribute to the company’s objective.
Once the goals are clearly defined at all levels, relevant and measurable indicators of success should be set, tracked and analysed. If your company wants to improve the quality of customer service, collect and analyse their response and track loyalty. If you are refining the sales process, the metric may be the conversion at certain stages of the sales funnel or the size of the average deal. If you automate the routines of your employees, calculate how many man-hours you save per month.
It is also vital to understand that specific indicators may not improve immediately. If you provide your team with new digital tools, they will probably spend more time doing their work than before. However, this is only a temporary effect. When people learn how to use digital tools efficiently, you will see increased productivity. Besides you can support them with tailor made adoption programs and continuous trainings.
Rely on experts
Precise understanding and vast experience are major contributors to smooth digital transformation. If you are embedding a digital platform in your business, engage the success teams of other clients at the very beginning of the process. You can improve your strategy, solve problems and track your return on investment from day one.
Softline provides customers with access to a huge archive of successful digital transformations in a wide variety of industries. Practical, measurable benefits and real returns can be expected to customers irrespectively of the current level of digital transformation.