Value Realization Plan: An Imperative In Solution Implementation

Across industries, the focus on leveraging digital technologies within the enterprise has never been greater before. We are seeing the rapid rise of Digital enterprises which are looking at how they could re-think every aspect of their business to create business value and thereby succeed in the digital era.  

Companies are transitioning their mind-set from delivering products and services to creating experiences for customers. Creating delightful moments, depending upon the business scenario may result in improved customer satisfaction leading to increase in customer patronage and possibly enhancing process efficiency as well.

Customer experiences are now integral part of business strategy and these experiences are being enabled through a mix of technologies and services such as Cloud, Mobility, Analytics, IoT etc. Successful deployment is leading to benefit realization, expanding profit pools for companies.

Digital transformation involves a series of small to large project initiatives which require varied skills and investment over a period of time. Such a program gets kicked off based on a business case sign-off. It becomes imperative to monitor and measure the value drivers and realization of benefits throughout the transformation program journey. A robust benefit measurement plan helps in timely course correction and also mitigate scope for any value leakage.

Here are two examples of how business transformation by leveraging digital, successfully delivered significant value to customers.

Consider a B2B scenario; Here is a sales Manager at a leading Power equipment company who is enabled with a cloud based mobility application which enhances her ability to sell effectively to enterprise clients.  

Prior to a client visit, the Sales manager is now able to access insights on her hand-held device about the client company background, current business dynamics, past engagement history, new and on-going projects, possible product options to pitch, any risks in that account etc. This sales assist solution is immensely useful to the Sales manager to make an informed conversation with the client and helps in driving the sales pitch decisively to a positive closure.  

In this example, if the Sales manager is unable to derive meaningful decision-making insights on the Power equipment buyer from this application, then the utility of the solution gets diminished. Hence, at the outset of the Digital transformation journey, it is imperative to understand what insight is valued by the sales manager, accordingly monitor the outcome and measure the impact. 

Consider a B2C scenario; a leading Home interior renovation solutions company has set-up a network of premium design stores offering customized home furniture and modular kitchens.  

The retail manager is provided with a digital studio application with an array of design configurations and virtual interactive experience screen within the retail store.  

A couple walks into the store for a bedroom décor solution. The customer couple is able to personalize the bedroom visualization, with freedom to click and configure within the set parameters on the interactive smart screen. Customer’s choice of color, size, pattern, material etc. for say a king size bed or living room sofa or modular kitchen can get visualized. Solution is able to provide customized alternatives along with a priced proposal and delivery schedule.  

In this example, the customer and retail store manager are able to interact and leverage the digital studio solution such that the cumulative experience is a delight to the customer. 

In each of the above two scenarios, it is essential to have a precise understanding of the target outcome to be delivered from the solution. The outcome should be measurable and someone ought to be accountable for the delivering the experience.  

Benefit realization measures get be defined in each scenario and monitored through a periodic review mechanism. In absence of a benefit measurement plan, it would be impossible to gauge whether the desired outcome is being realized or not.

In a nut shell, measure, monitor and manage becomes the mantra for benefit realization and success in a Digital transformation journey!