Just three in ten Digital Transformation projects are ultimately considered a success, with the new technology meeting the set KPIs and ROI goals. That’s a 70% failure rate — a metric that is sure to make virtually every business leader’s blood run cold. That said, the right Digital Transformation strategy can go a long way toward maximizing both your ROI and your overall chances of success.
Developing Software and Business Requirements Documents
Software requirements documents (SRD) and business requirements documents (BRD) provide comprehensive, in-depth outlines that serve as the foundation for a Digital Transformation development project. Simply compiling these documents requires a significant amount of analysis which can bring about a high degree of clarity and insight into the organization’s technology, process and overall needs. A SRD entails a more technical approach, while a BRD focuses more on the business, the users and the organization’s Digital Transformation needs.
These documents will serve as the core of your Digital Transformation strategy by providing a roadmap of sorts for your development partner and your company’s leadership. You can expect to explore the following components as you develop business and software requirements documents for your Digital Transformation project.
- An overview of the organization’s challenges; specifically, those that served as the impetus for the Digital Transformation development project. This is key to creating a successful problem → solution Digital Transformation strategy.
- An outline of the exact technology that will be implemented and precisely how that technology will be deployed.
- Information on the integrations that will be required between your new technology and existing software and systems.
- Information about the different types of users, their challenges, their objectives and precisely how they will interact with the platform.
- A plan for user testing and user training so as to maximize ROI and user adoption rates.
- An overview of the KPIs that will be used to gauge success.
SRDs and BRDs tend to be rather lengthy and are comprehensive. While it may take some time to fully complete them, it is wise to invest the time filling out these documents since they will serve as the foundation for your project. They’re also a central component of a successful Digital Transformation strategy.
Notably, you can also leverage business use cases to develop a more robust Digital Transformation strategy. Learning about how other companies are using new and emerging technologies such as artificial intelligence (AI) and machine learning can bring exciting new insights to the table.
Determining KPIs for a Digital Transformation Project
The term “digital transformation” is rather nebulous and it’s not uncommon to encounter a development project that deals with the deployment of multiple technologies and “solutions.” So how can you tell if your Digital Transformation was successful? Enter: KPIs. Measurable and quantifiable traits that can be used to evaluate a development project. ROI is a central component of a project’s KPIs, but there are many others that ought to be considered, including the following.
- Productivity indicators
- Efficiency levels
- User adoption rates
- Conversion rates
- Lead and sales figures
- Number of customers, users and/or members
Digital Transformation KPIs will vary dramatically depending upon the industry and the nature of the development project. That said, all good key performance indicators are:
The latter trait — actionability — comes into play if it’s determined that a project has fallen short. A good Digital Transformation strategy will include a contingency plan of sorts, with information on how a particular issue may be addressed in a way that helps the organization to meet its KPIs.
Reevaluation of a Digital Transformation Development Project
A Digital Transformation strategy must include a plan for periodic reevaluation of the project. This is critical for maintaining a strong ROI in the long term, while simultaneously ensuring that your organization is getting the most out of your new technology. These reevaluation sessions also offer an opportunity to discuss updates, platform maintenance and the development of new technology that will complement the first portion of your Digital Transformation development project.
A reevaluation session should include company leadership, representatives of the different user groups that are interacting with the software on a regular basis and your Digital Transformation development partner. The frequency of these meetings will vary according to your needs, but generally, you can expect to meet weekly, then monthly and ultimately, every 60 or 90 days.
Generating a Strong ROI With Digital Transformation Business Cases
Even the best technology — developed by the best Digital Transformation company — won’t bring about a high ROI if you fail to create a well-thought-out Digital Transformation strategy. But a reputable development partner like 7T will have the experience and insights to guide you through the process of developing a BRD, SRD and overall strategy for your Digital Transformation project.
At 7T, we have a variety of Digital Transformation business cases available to prospective clients, with information and insights into how each project generated a strong ROI and brought other significant benefits to the client. The business use cases that comprise our client successes not only instill a sense of confidence, but they also provide examples of how different technologies can be utilized to an organization’s advantage. This is especially true for newer, more novel tech such as AI where a business leader may know that they want to leverage AI, but they’re unsure of exactly how to put it to work for their organization.
The Digital Transformation development team here at 7T is guided by the approach of “Digital Transformation Driven by Business Strategy.” As such, the 7T development team works with company leaders who are seeking to solve problems and drive ROI through Digital Transformation and innovative business solutions such as multimodal machine learning-powered AI implementations.