Sunday, September 24, 2023

Strategies to Improve Digital Transformation ROI

By Nikhil Sonawane - July 15, 2022 4 Mins Read

Strategies to Improve Digital Transformation ROI

Enterprises have spent a substantial amount of money to digitally transform their entire work processes. CIOs should consider evaluating the edge-to-cloud transformation performance and ROI generated through it. 

As enterprises are embracing digital transformation in every aspect of their business operations to ensure continuity, a few organizations are still struggling to monetize their digital transformation investments. 

Businesses have put money, effort, and resources to embrace the digital revolution. Hence, they need to ensure they are getting a substantial amount of ROI through edge-to-cloud transformation. CIOs should consider implementing strategies to measure the ROI generated through transforming their business processes. Here are a few ways to improve digital transformation ROI:

Determine a long-term digital transformation goal

Enterprises that aim to increase the ROI of edge-to-cloud transformation have to set clear goals from the start. The goals of the digital transformation should be transparent and made clear to the entire organization. Businesses can choose goals such as enhancing customer experience, improving conversion rates, expanding business operations, or other objectives they plan for. It can also vary from improving workforce efficiency, robust IT infrastructure, or increased profits. CIOs should consider analyzing aspects that need immediate attention and prioritize digital transformation to achieve that goal. 

Set measurable goals to determine the ROI

Depending on the goal, CIOs need to set relevant measurable Key Performance Indicators (KPIs) to measure the edge-to-cloud transformation ROI. It is a perfect way to set transparent, quantifiable metrics to evaluate whether the digital transformation initiative was a success or not. Setting quantifiable measuring metrics to evaluate the influence of tech adoption will help to get a higher ROI and ensure success. 

Also Read: Three Digital Transformation Projects CIOs Should Place a High Priority On

Train the clients and workforce on how to embrace digital transformation

One of the most significant reasons for edge-to-cloud transformation failure is that resources or clients are not aware of the new technologies and their influence. Work culture is a crucial factor that influences the success or failure of digital transformation initiatives. CIOs should consider empowering clients and the workforce with training and support for such initiatives to increase the ROI.

Make a strategic ROI action plan

A few organizations just want to deploy a project and do not think it through before adopting transformational tools. They tend to forget to collect vertical requirements or forecast the time required to test applications or train the workforce or clients. Organizations that accelerate the digital transformation initiatives without considering the long-term influence are determined to fail. CIOs should consider evaluating all the possibilities of embracing a digital transformation that will hamper business productivity and revenue to design a robust plan with realistic expectations.

Analyze and choose digital transformation tools vigilantly

The choice of technology has a significant impact on the ROI generated. Implementing a cheaper technology stack to increase the ROI will not be effective in the long run. Enterprises need to select a robust tech stack that is easy to use, which might have a higher upfront cost, but will streamline operations and help to increase the ROI in the long run. 

Monitor edge-to-cloud transformation performance and ROI in real-time

Edge to cloud transformation is a continuous process that doesn’t stop after implementation. In fact, the journey starts after successful implementation or up-gradation of the tech stack. CIOs should consider implementing a process that continuously monitors the digital transformation to calculate the ROI. It will help enterprises to spot the patterns and make more strategic data-driven changes to generate more ROI. 

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Nikhil Sonawane

Nikhil Sonawane is a Tech Journalist with OnDot Media. He has 4+ years of technical expertise in drafting content strategies for Blockchain, Supply Chain Management, Artificial Intelligence, and IoT. His Commitment to ongoing learning and improvement helps him to deliver thought-provoking insights and analysis on complex technologies and tools that are revolutionizing modern enterprises. He brings his eye for editorial detail and keen sense of language skills to every article he writes. If he is not working, he will be found on treks, walking in forests, or swimming in the ocean.

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