Leadership On Digital Transformation

The Metrics for Digital Business Success

Using digital technology will increase lots of incoming data and the company will receive an abundance of available metrics data. It depends on whether you see this as an advantage or a disadvantage. You can pay attention to any metrics data that is offered to you, but you will become overwhelmed if you are unable to sort out which data is relevant. And the consequence is existing insights cannot be used for your business. In general, focussing on some metrics at a time is the optimal approach to get the objectives.

These are the things you need to pay attention to oversee your business growth in the industrial era 4.0.

The Important Metrics

 In order to support specific outcome expectations, the companies need to have good metrics that will influence technical or management decisions. In digitizing the current business in any given area, the companies have to measure: departmental goals, market share, new revenue sources, and new digitized business model, business operations and customer experience. By looking at some metrics such as leaders' and employee’s flexibility, effectiveness of knowledge usage, the companies can accomplish the ROI in each of those areas. 

Refine The Metrics 

As the companies are shipping on a new digital platform, the customer’s feedback is a very important thing to advance the company's improvement program. In order to keep up with digital initiatives, companies can refine their metrics in various ways. With IoT technology, they can revisit and establish new targets or metrics, such as sales, location, cost to serve, and acquisition. Along with new markets and business methods changing over time, the companies always need to incorporate the relevant metrics and goals as part of the strategy to adapt and survive. 

Critical Moves for a Successful Digital Initiative

In any digital initiative, there is always a risk to be faced and causing change that shakes throughout the companies, but don’t let it bother you. As a leader or company’s representatives, your involvement is vital to keep the momentum and minimize the chaos internally. You need to keep all the people in the team to always have the same page and lead them to the objectives. As a result, it can ease the companies to a successful transformation. The people on that team, also should represent operations, finance, technology, and marketing. With the right people in place and IoT technology on board, you can now map out and develop your technology landscape, prioritize your actions in six to nine-month phases, obtain the resources you require, and ultimately set goals and measure.

As you already know the important metrics that you need to look for such as new revenue sources, market shares, or new digitized business model, which will come with new consequences. Don't worry if you're feeling overwhelmed; contact us here and we'll help you in ensuring that your digital transformation goes well.