Digital Transformation - Part 5 Revise

The 5 Stages of Digital Business - No.5 Revise

The digital transformation reaches a tipping point, and the company becomes a digital business. New revenue and profit from digital initiatives outpace those from conventional business. Profitability goes up. Brand value is dramatically enhanced. The company focuses on refining the digital offering and optimising its technical and business performance. The company also returns to Stage 1 to consider other possibilities for digital business to add to or replace the one it has just successfully deployed.

Example: One key performance indicator (KPI) (digitalising sales) measures the percentage of revenue sold through digital channels such as the web and mobile apps. These KPIs can be adapted for each industry. A life insurance company may measure the percentage of its sales that are made through self-serve digital channels, while a property-and-casualty insurer may measure the percentage of claims submitted through digital channels.

Recommended Reading:

"Steps to Build a Value Model of Leading Indicators for the Digital Era"