Focusing on ROI during Digital Transformation As businesses gain the confidence to plan further ahead than the pandemic has previously allowed, many will be looking to technology to help cater to a new, digitally savvy customer base and solve challenges thrown up by the last 18 months. Customers are getting more and more used to a self-service approach â apps and web apps allowing them to access their account or records and interact with a business at a time thatâs convenient to them. Technology can be used to enable businesses to automate to save money, but it can also provide a digital solution, aiding internal systems, boosting efficiency, and providing better customer service. Itâs important to make sure that any implementation of technology is a commercial decision that will create real business value â rather than simply adding on technology and seeing what happens. Every investment made in technology should deliver a greater return on investment than the financial investment upfront. If you enlist the help of a technology company, see it as a partnership â a collaboration. It shouldnât be about the company selling you the flashiest piece of technology, but rather working with you to identify how to deliver as much business value as possible for your investment. A good technology partner will work with you to identify a number of different opportunities, and by evaluating the relative costs and cost saving of delivering each one, you will very easily be able to rank those technology ideas in order of ROI. At Headforwards, we take an agile approach to delivering the most business value for each stage of investment, meaning we can stop the investment when weâre nearing the maximum return. The focus is never on building the biggest, shiniest piece of tech, itâs about how we can make the technology work to make the business run better â through things like internal efficiencies and customer experience.
Read more Toby Parkins, co-founder and director of Headforwards | 