So if the idea is to simplify day-to-day operational or marketing tasks for employees, an ideal KPI for this is to judge how comfortable they are with the tool provided. This can be broken down more tangibly into:
How many are taking advantage of it efficiently and utilizing all the resources,
Total time saved monthly using the software.
KPIs focused on financial performance
In addition to optimizing productivity and customer experience, it is also crucial to determine whether newly introduced digital solutions are having a positive impact on revenue generated and increasing your overall profitability.
Here are the KPIs your business needs to consider:
Revenue generated
To judge the performance of any tool used internally, the KPI must analyze its financial output.
Ideally, the use of the tool should impact revenue generated and oman mobile database indicate a future increase in the scale of growth. If the numbers indicate otherwise, this is a warning sign that companies need to reconsider this element in their overall strategy.
Innovation rate
Another crucial KPI to judge your company’s overall performance is tracking growth efficiency and innovation rate.
So this includes analyzing the ROI of technology-related changes in business models, your product offerings, and their subsequent effect on your business revenue.
How to choose the best digital transformation metrics
Once you have defined and selected the metrics your company will use, it is important to find the inflection point of the digital KPI growth trajectory.
For example, you will maximize the financial ROI and operational efficiency of digital transformation when 80% of your user base has adopted the technology. So increasing adoption rates may require a disproportionately high amount of financial investment and organizational policy changes. As such, this should be done with caution, as it could cause your digital transformation project to fail.
Therefore, it is important to follow proven industry best practices. This is what has enabled countless industry leaders to push the boundaries with their digital transformation projects. Here’s how to achieve this balance:
Set specific KPI objectives that align with your organizational goals,
Focus on a limited set of metrics that are most relevant to achieving those goals,
Ensure that information can be compared with past performance or with accurate, industry-accepted benchmark data,
Make sure metrics are quantifiable, accurate and assertive,
Get stakeholder buy-in to ensure acceptance of metric results across the organization.