There are several ways to measure success of a specific individual initiative on your digital roadmap.
Typically, it’s best to tie these to the objectives for the individual project. And may be different for different projects.
As an example. You may measure the roll out of a new chat-bot agent by the quality of leads that you gain from it. And then alternatively measure a new self-serve knowledge base by a decrease in service calls over time.
There are several alternative themes to consider, when choosing a measurement:
Key performance indicators (KPIs): Identifying and tracking specific KPIs can help measure the success of a new digital initiative. For example, a retail company may track sales and customer satisfaction, while a healthcare company may track patient outcomes and operational efficiency.
Return on investment (ROI): Calculating the ROI of a digital initiative can help determine whether the benefits of the project outweigh the costs. To predict ROI you might compare the expected benefits to the costs of the project, such as the cost of new technologies and the time and resources required to implement them. And over time measure the actuals.
User feedback: Gathering feedback from customers, as well as employees, can help gauge the success of a new digital initiative. Feedback can be collected through surveys, focus groups, or other methods of gathering customer and employee insights.
Process improvements: Measuring the improvement of key processes can help determine the success of a digital transformation project. For example, a manufacturing company may track the efficiency of its production processes, while a financial services company may track the speed of processing customer transactions.
The best approach to measure success of a digital initiative factors in the specific goals and objectives of the project.
You also might want to look at these over time to get a better determination. Say at 30-, 90- and 120-day intervals. It may take time to fully see the benefits realized.
Results can the be used as part of an overall periodic review of your roadmap and strategy. And will help shape the next steps in your strategy.
