As the next era of digital unfolds, consumer expectations will continue to evolve, creating more demand than ever for high-quality, seamless digital experiences. In response, businesses need to accelerate their shift to digital business. Seventy-two percent of APAC decision-makers reported that accelerating this shift to digital business is a high or critical priority over the next 12 months.
While APAC firms understand that digital is a business imperative, many continue to struggle to articulate and measure digital’s impact on the organization. More often than not, digital teams measure initiatives in isolation and fail to quantify how digital promotes agility and innovation, improves operational efficiency, and improves the customer experience, the top three drivers of digital transformation in APAC.
Using inconsequential or misleading digital metrics will not only inhibit your firm’s digital progress — it could even potentially derail efforts if investments are directed toward the wrong initiatives. When measuring digital success, it’s important to use context as an anchor and factor in interdependencies. For instance, when measuring digital acquisition, digital teams need to factor in how acquisition numbers relate to customer problems solved or needs addressed and how this affects customer lifetime value (CLV). Don’t sell something your customer doesn’t need; that will have a negative effect on CLV in the medium to long term.
Join me at Forrester’s Technology & Innovation APAC event in Sydney, where I will introduce Forrester’s digital measurement framework and show organizations how to define the right metrics to track and improve the success of their digital efforts. Looking forward to seeing you there!