Enterprise leaders are struggling to analyze why they are falling behind in their digital transformation journeys. They need to check for the early warning signs and best practices to hit the reset button on time.
Due to the pandemic, most industries have had to make substantial changes in the way they do business. Firms cannot afford to put their digital transformation initiatives on the backstage, nor can they rely on the older KPIs and metrics for measuring success.
Below are the warning signs to look out for, along with some actionable best practices to help stay ahead of the curve:
The digital channels aren’t delivering
To digitally transform, enterprises need to ensure that each of the digital channels – email, mobile applications, website, social media, e-commerce, and customer support – is aligned with the business objectives and goals delivering single, unified customer experience.
Wherever the company interacts with the customers, the experience should be seamless. And, the messaging, design, and content need to be optimized to reflect the customers’ interests, incorporate personalization, delivering a consistent brand message.
If any of these things aren’t happening, it’s the right time to redirect every penny spent on digital transformation to more meaningful goals. Delivering omnichannel, friction-free excellence will reduce costs, improve the customer experience, and increase operational efficiency leading to more revenue.
Revenue from digital channels is stagnant
It is important to assess how much revenue one is driving through the digital channels vs. brick-and-mortar locations – and now is the perfect time to do this. But as consumers move to online fulfillment channels, much of what has been traditionally happening in person is now being transacted over a chatbot, app, or recommendation engine.
Due to the dynamic buying behaviors — mainly generational behaviors — it’s important to not miss out on newly evolving revenue opportunities. It’s important to weigh the impact of digitizing the customer touch points against a revenue target, so that one can see at what point they’ll realize meaningful ROI, then plan the budget accordingly.
Investment in app development isn’t paying off
In the current pandemic climate, cutting down on costs is essential. Spending a ton of money doesn’t necessarily translate to success. While assessing the digital transformation success, lack of ROI is a red flag that things are moving too slowly.
Employees are fleeing
It is important for employees to be satisfied to translate the efforts into speeding up the success rate of digital transformation.
Transformation isn’t limited to technology – it’s majorly about culture. Remote working is a great example of this. Work from home has always turned to be a hallmark of forward-thinking companies, and COVID-19 made it necessary for many other organizations to get on board.
It’s important to develop a culture that makes work meaningful, advances employees from within, and hire managers who especially care and are committed to helping the talent grow.
Reset and accelerate the digital transformation
The pandemic has made everybody rethink what to do and why to do it. It has provided a reset button of sorts. That goes not only for individuals, but companies as well. Now’s the chance to hit that reset button, get rid of what is not working, and more importantly, to make data-driven decisions about accelerating the business into a digital future.
That doesn’t mean that one has to change everything right now. The pace of change is faster than expected, and if the company changed everything today, one has to rebuild again a year from now. Few firms have the budget or flexibility to do that. A better strategy is often to witness what transpires for the true disruptors – essentially being future ready!