Digital Transformation: Defining success in your SaaS strategy

Planning key targets to measure return on investment is key in a digital transformation strategy for your secured finance business. But what exactly does success mean? According to Deloitte, 3 in 4 leaders are unable to define exact impacts or metrics in their digital transformation. As a result, it can be hard to know if your digital transformation has been successful. That’s why knowing how to define success is so important – otherwise, you will find yourself losing the buy-in from key stakeholders, and this could potentially put a stop to your transformation goals. 

Harvard Business Review outlines the four pillars of digital transformation. Successful businesses will hit all four pillars, although the order in which the pillars are tackled depends on your needs. This framework is a great way to both plan your digital transformation and measure your success.  

• IT uplift – By upgrading IT infrastructure, businesses can access modern tools that improve employee efficiency, and lower IT costs. 

• Digitizing operations – Using digital tools, businesses can optimize their existing processes, saving both time and money. 

• Digital marketing – Interact with customers and drive sales by investing in data capturing and tools such as AI. 

• New ventures – Take advantage of new opportunities, especially disruptive ones, by investing in digital tools. 

This framework is just one of the ways you can plan for and measure success. But it’s not the only way; here are some of the other approaches to evaluate the success of your digital transformation strategy. 

You have the ability to achieve quick wins 

One of the biggest benefits of a SaaS digital transformation is the ability to make changes and react to the market rapidly. Quick wins should be easy to achieve with the right software. If you can make a big impact on a small budget, you are on track for success. While you should always consider the bigger picture, these quick wins are a great way to boost morale, while also contributing to the overall success of the business. 

You can work collaboratively 

Digital transformation is only successful when it benefits the entire organization. If there are roadblocks between teams, that is a sign that your digital transformation is unsuccessful. Ensuring an environment where everyone has the tools they need, and can work together on a shared goal, will create success. 

You see better results with the same (or lower) investment 

This is an obvious marker of success – have you made more profit or won more deals since implementing a digital transformation? Success in this instance means that you have achieved  more without any additional investment, as a digital strategy is all about maximizing your resources. 

And, of course, you’ve met your objectives 

As we’ve mentioned in the previous blogs of the series, having clear objectives at the start of your digital transformation is key to your success. If you can look back on those objectives and consider them all met, then it’s clear that your digital transformation has been successful. The next step in your journey is learning about best practices, so you can enjoy continuous success. 

Our expert team at Solifi are ready to help you define what success is for your business. Start your digital transformation journey today.