ROI stands for ‘return on investment’ and it’s an important concept no matter what type of business or enterprise you run. Today, that has been taken a step further through digital ROI, which basically refers to the profits earned via your digital tools and efforts.
But how easy or difficult is it to implement such a digital transformation?
The Four Main Components of Successfully Transforming Your Digital ROI
According to UK IT research and advisory company, Forrester, 75% of digital ROI transformations fail to achieve the expected return on investment. That is an exceptional percentage, especially when considering how much money, time, and other resources are invested into them.
But, instead of looking at what some companies do wrong, let’s discover the tricks the companies in the 25% do right, shall we?
Enterprise Strategy
Enterprise strategy, or competitive strategy, is the process of identifying how your enterprise will fare in its respective market. To deliver services successfully, you need to ensure that the brand purpose and its connection to the shared values are consistent with the enterprise strategy.
An example of this is how Apple capitalises on its brand health and brand identity to enter new markets, such as the recently-launched savings account service in the USA. Combined with the brand’s digital offering, this move into non-traditional banking is built on the fact that millions of people in the USA already trust Apple with their details and money, which it goes above and beyond to protect. This shows that Apple’s enterprise strategy relates to the values.
Customer Experience
Meaningful engagement is the main reason why a new customer becomes a returning one, and why they are more likely to recommend you to their family and friends. In fact, many new digital banks and other digital providers have become successful in a short span of time simply through the act of offering a better customer experience than that expected from traditional banks.
In fact, it’s the quality and consistency of an experience that are essential to consolidating the relationship with a client. That’s why it’s important that all journey touchpoints – be they physical or digital – are invested into, improved, and personalised as much as possible.
Employee Experience
When digital enters the rooms, employees are understandably fearful of losing jobs, which may impact morale and commitment to the company. A new way of working requires a goal for the team to focus on, the emotional connection to brand purpose, and talent development.
What needs to be done here is to explain and show how technology and automation are simply changing the role of the employee, allowing them to dedicate their time and hard-earned expertise to more valuable tasks. Prove to them that these tools are not removing the need for humans, who remain vital in any process we undertake.
So, opt for collaboration, diversity, and inclusion as ways to build stronger employee experience, and use the digital transformation itself to support this. For example, hybrid working environments show how digital has benefits for employees, too.
Culture
We all recognise that change can be difficult, but things are moving fast, and enterprises need to stay ahead of the game if they want to succeed, especially at a time when clients constantly demand faster and better delivery of practically every service.
But while it’s important to keep up with changing habits and behaving according to new models and tools, we must also recognise the fact that there may be resistance to change. Even so, when people push away new requests simply because they don’t want to rock the boat or because things have always been done in a certain way, then you can take that as a sign that there is a problem with company culture. Why? Because experience shows that culture is what can turn fantastic technology into a useless and expensive investment.
To counteract this, you need to tap into the emotional energy of your team and aid change from within. Your culture has to support new ways of delivering services, and you must allow time for employees to build trust in the new way of working. This is just not something that will happen overnight, and you need to focus on everyday actions to ensure you and your team are aligned with the enterprise's culture to deliver more and better.
Digital ROI Requires Commitment and Planning
In short, what distinguishes the successful digital transformations from the unsuccessful ones are the ability to capitalise on strengths and work on addressing the weaknesses. Yet, of course, there is one more thing that can help ensure your digital ROI is successful, and that is good software.
We’re in the business of creating software solutions for financial companies, including products like CYBMIND, which is our investment strategy automation wizard, and AUTOMAN, our data-processing robot.
So, why not get in touch with us to find out how we can help you achieve your goals and keep growing?