Today, we’re continuing our digital transformation series and how it impacts the facilities management workplace. Our first article focused on an overview of digital transformation and how it affects the FM industry through improved efficiency, security, and sustainability efforts. While all these factors result in tremendous benefits for your team, there is one area that will always drive growth – ROI. Calculating your ROI and strategizing with decision-makers for facilities growth is vital for success. It provides data-backed results to help your team gauge gaps and goals for continued expansion. Here, our team of enterprise FM software experts discuss how you can determine your ROI from digital transformation, track performance, and establish metrics for growth.
Step 1: Decide What Your Primary Motivations Are
Before using data to determine your ROI from digital transformation, you need to create a plan on what you are measuring in the first place. When calculating ROI, your team must decide your primary motivation for digital transformation and which metrics align with analyzing that. Your decision to begin the digital transformation process can come from various reasons, including but not limited to reducing costs, improved employee performance, collaboration opportunities, competitive advantages, and improved customer experience. Once you identify one or two primary motivations, you can set your metrics accordingly.
For example, if your primary motivation is improved collaboration opportunities, you want to focus on employee software usage once you merge multiple point solutions into your new software platform. With Intra, we have many integration options available so that you can move from outdated, disconnected point solutions to one cohesive platform. Whether you are looking to improve workplace management through OfficeSpace integrations or update mailroom management with OPEX, Fluence, and more, we have you covered.
Step 2: Identify Metrics and KPIs to Monitor
After developing your primary motivations behind digital transformation for your business, you can start to get into the details of how to bring these goals to life. Identifying metrics and KPIs, or key progress indicators, to monitor is a must if you want to gain the most accurate information on your ROI. When it comes to digital transformation, there are seemingly endless metrics that you can monitor, and this will only grow as technology advances. The primary digital transformation metrics for many enterprise organizations will focus on finance, reliability, and usage. Below are some of the most common metrics used for digital transformation:
- Return on digital investments
- Employee productivity
- Adoption and performance metrics
- Customer experience metrics
- Percentage of AI-enabled departments
- Reliability and adaptability
- Revenue from digital technology
When choosing KPIs, there are various items your team should consider for maximum ROI. Outside of KPIs being specific and clearly defined (think like S.M.A.R.T. goals), choosing KPIs that can be easily measured and understood by external partners and non-IT audiences, becoming too specific with KPIs for each department can lead to confusion for stakeholders and potential investors. With Intra managing KPIs is integrated within our system, in which teams can configure a unique analytics dashboard to monitor their unique metrics for growth.
Step 3: Integrate Point Solutions & Continuously Evaluate
Now that you’ve created overarching goals and specific metrics to measure your ROI from digital transformation, it’s time to put your work to the test. The first step to preparing for your digital transformation is implementing a software platform that works for you. For many facilities, employees have been using countless point solutions for years. You might be thinking, what’s the issue with that? Well, using point solutions reduces or even eliminates the ability for systems to connect and talk with one another, removing the ability for you to maintain organization and gather accurate data for your facility. Each point solution will have different data metrics, and trying to collect these metrics to turn into business intelligence is nearly impossible.
Enter, Intra. Since the creation of Intra, we have heard customers relay countless times that one of their most prominent pain points is the lack of integrations and analytics within their current software solutions. As a result, we worked with enterprises, universities, healthcare facilities, and more to craft a platform that integrates with various point solutions so that you can consolidate your facility software with ease. For some industries, data isn’t just a benefit; it’s a necessity. For the healthcare industry, digital transformation is at the top of the global healthcare sector issues, according to Deloitte.
In their 2021 Global Healthcare Outlook, Deloitte states, “digital transformation can help individual health care organizations and the wider public and private health ecosystem improve ways of working, expand access to services, and deliver a more effective patient and clinician experience.” After implementing Intra and connection to integrations, continuously evaluate your set metrics over specific periods, such as monthly, quarterly, semi-annually, and yearly to see both the short and long-term effects of digital transformation.
Step 4: Continue to Scale & Adopt New Technology
You’ve made it through the most challenging parts of digital transformation. Implementation, employee adoption, and evaluation of new technology can be difficult but worthwhile. When it comes to digital transformation, it is not a quick fix, and ultimately, your team will always be learning and growing. With a global CAGR of 8.3%, the FM market is skyrocketing. Merge this growth with the unprecedented growth of the information technology (IT) industry (did you know that 90% of the world’s data was generated from 2019 to now?), and there is no telling what is to come.
When you work with SCLogic, you’re not just working with a company that focuses on “one and done.” You’re beginning a relationship that will last for years to come, where we guide your team through the intricacies and innovations of the facilities management technology industry. Once you have figured out how to calculate your ROI from digital transformation accurately, you can continuously put these skills to use as you digitize your facility for the future.
Begin Your Digital Transformation Process with SCLogic
At SCLogic, we have spent 25 years creating a software platform that would be the go-to facilities platform for businesses of all sizes. Think about how much technology has advanced in these past two decades, and all the while, our team has rolled with the punches, pivoted, and succeeded. When you work with SCLogic, you’re working with a team that prioritizes modern technology and merges innovative updates with an employee-friendly interface, sustainable and secure coding, and more. If you are considering beginning your digital transformation process, we’re here to help you through every step. To learn more about our enterprise and university workgroups, email [email protected], and to get a first-hand look at our software, schedule a demo with one of our awesome team members today!