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Do you know your digital ROI? Increase the Value of Your Digital Investments

 

It’s a new year, and for many companies, that means investing in a new digital initiative. Digital adoption and digital transformation continue to be driving forces for companies of every size.

According to Harvard Business Review, companies spent $1.3 trillion on digital transformation last year, and nearly 70 percent of it was wasted.

Yes, $900 billion wasted on unsuccessful digital initiatives. So how can you avoid a digital disaster and reap the benefits of a successful digital transformation? In this blog, we’re examining your digi tal ROI, starting with what metrics to track to measure digital ROI and ending with tips for improving your return on investment.

Measuring Your Digital ROI

Calculating the return on your digital investments can be difficult. Obviously, you expect some advantage to implement new technology, but how to do you measure its impact and value? Below is a list of some of the metrics you can look to determine the value of your digital transformation initiatives.

 

Focus - Who does the digital investment benefit?

Goal - What value is expected from the new digital technology?

Metrics - How can the value be measured?

Customers

●     Deliver better customer experience

●     Decrease churn

●     Improve ease of doing business

●     Customer feedback surveys and NPS

●     Churn rate

●     Support ticket volume and resolution rate

Employees

●     Improve efficiency

●     Decrease employee turnover

●     Increase engagement

●     Employee output

●     Project completion time and rates

●     Turnover

●     Employee feedback surveys

Operations

●     Increase efficiency

●     Decrease support costs

●     Improve response times

●     Response times and resolution rates

●     Support hours and cost

●     Process completion time

 

In general, digitizing your business processes should make them easier and faster to complete. Digital initiatives should also improve both customer and employee experiences. These improvements should lead to cost savings and better revenue.

Improving Your Digital ROI

Once you’ve identified the value to expect from your digital investments and how to measure it, what do you do when the results aren't what you expected? As we said earlier, most digital transformation initiatives fail or deliver lackluster results. If you need to improve your digital ROI, you’ll need to address these common issues with any digital transformation.

 

Adoption

You’re never going to see a real ROI on your digital investments if people don’t use the technology. For technology to deliver gains in productivity or efficiency, it has to be successfully integrated across your entire business. If users don’t understand the need for change or find the technology too difficult, then they could resist using it. Spending millions to build a new office and then not using it is clearly wasteful. Unused technology is just as wasteful.

You’ll need a thorough change management strategy in place to overcome adoption challenges.

 

Onboarding

One of the main reasons people fail to adopt new technology is a lack of onboarding. A proper user onboarding program will help users understand both how and why they need to use new technology. Onboarding ensures users are comfortable and familiar with the technology and how to complete your unique processes using the new systems.

User onboarding can make or break a digital transformation project. The old cliche is true - you only get one chance to make a first impression. How you onboard your users will influence their views on new technology and processes. If the onboarding is inadequate, people will assume the fault is with the technology or that the new procedures are too complicated. Ensuring you have a great onboarding experience is essential to getting the best ROI.

 

Support

If your adoption and onboarding are poor, odds are your support team will be overwhelmed with tickets and issues related to your new technology. Monitoring your support efforts should be the first line of defense in protecting your digital ROI. If you have to invest significantly more in support, then the digital initiative is most likely not delivering the efficiency you expected. Many people often assume that they’ll need a ton of help to adopt new technology, but that assumption eats away at your ROI. Think about it. If your technology is so cumbersome that users have to stop what they’re doing to get support to complete a routine task, then you’ve just tied up the user and the support team from working on more valuable projects.

Leveraging a Digital Adoption Solution to Boost ROI

If you’re struggling with adoption, onboarding, or support - there’s a common theme. Your digital initiative isn’t intuitive to your users, and that’s lowering your ROI. The good news is you can reverse the trend. Digital Adoption Solutions, like Apty, are designed to make technology easier to use. Apty helps users navigate new software with on-screen guidance and built-in onboarding tools.

Apty also provides stakeholders with advanced analytics for tracking adoption rates and identifying process improvements. If you’d like to see how Apty’s actionable insights can boost your digital ROI, schedule a demo today.

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