In a previous article, we highlighted the importance of key performance indicators (KPIs) and a step-by-step process on how to incorporate KPIs into your digital transformation strategy. Finding the right KPIs to measure the performance of your organization can be stressful. Since no KPI is a “one size fits all” solution, the KPIs you select will be representative of the clarity with which you envision the overall goals of your business.
To help you gain a better understanding of how to best incorporate KPIs in your strategy, this article highlights an example of a business with a successful KPI execution. The key factor in this example is the company’s ability to define actionable KPIs that are directly linked with their objectives.
Work Backwards from Your Goal
In our example, a software as a service (SaaS) company is looking to optimize their data to achieve full data transparency for their employees, in order to inform strategic decision making and boost sales. With this goal in mind, the company identifies the key components required to reach this goal.
- Optimizing Information Architecture: The company chooses to reassess their current information architecture and Enterprise Content Management (ECM) systems to ensure the correct data is stored securely and accessible for the correct employees.
- Strategic Support: Ensure data is leveraged and conveyed to employees through legible information streams to inform their short- and long-term strategic decisions.
Identify the Benefits
The SaaS company then establishes the potential benefits of their data optimization objectives, including:
- Informed decision making.
- Streamlined information architecture resulting in all data shared and accessed in one place.
- A vetting process that ensures consistent quality and accuracy of data.
- Optimized data can be utilized for other business operations and partner relations.
Identify Gaps Through Data Analysis
After analyzing their information architecture and ECM systems, the SaaS company then identifies a gap in their operations: while monitoring their sales team’s interactions with customers looking to purchase their software, the sales team did not have updated information regarding ROI in specific markets. This was a result of a security measure taken by the company when storing certain data that contains sensitive information. The information was stored, but it was not readily accessible.
Design a Roadmap to Success
The SaaS company then decides to invest more resources in their ECM systems, establishing an extra step in their records management process that ensures up-to-date, market-specific ROI data is readily accessible to the sales team without compromising sensitive information. Extra support is given to the sales team, as members of the data team act as frequent liaisons to ensure they have the most updated and accurate ROI information when communicating with customers.
Identify KPIs to Track Success
The SaaS company then identifies the KPIs that would quantify the success of their operations:
- The rate at which their data team securely stores information.
- The rate at which the correct ROI data is conveyed to the sales team after it is stored.
- The rate of sales increase when a customer receives updated ROI data.
- The amount of time and money spent on these new ECM systems in relation to their yielded increase in sales.
The above example highlights the power of KPI execution; rather than planning a business objective and then assessing its performance through KPIs after the fact, this SaaS company first takes the time to identify the KPIs that would ensure the success of their objectives in the strategic process.
When it comes to information architecture and the optimal management of ECM systems, along with the KPIs that will lead you to success, Elantis has you covered. Contact us today to talk with one of our ECM experts and start building your roadmap to success.
