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Digital Transformation: How to Measure Your Success
Digital transformation isn’t easy, but something maybe even more difficult to do is to get a grip on how well your attempts at digital transformation are working. The best way to track success is to use metrics or key performance indicators (KPIs) that can gauge the extent to which transformation tools are working. Rather than relying on gut feeling, metrics are essential to understanding the extent of progress made. It’s a great idea, but a study by Boston Consulting Group found that only 40 percent of organizations have adopted metrics to track digital transformation progress.
The exact choice of metrics is very industry and organization-specific and one set may not be a good match for all businesses, but what follows is an example of some of the types of metrics some businesses have found valuable.
McKinsey recommends the adoption of the following five CEO-level type metrics for tracking success:
A more granular approach to measuring success was suggested by Michael Wade, professor at the IMD Business School. Wade’s approach is to measure how digital solutions business performance across four areas: Operational efficiency, customer engagement, employee engagement, and new value creation. It’s a results-based approach and doesn’t specifically try to evaluate the internals of the technologies used.
