It might not be so easy to describe or implement digital transformation as it applies to professional services firms. According to a Hinge Marketing study, “the most common goal firms want to achieve through digital transformation is improving their customer/client experience.”
That would be difficult to quantify under the best of circumstances. But many firms use net promoter scores as a proxy for satisfaction.
Respondents to a survey do believe their annual revenue and profitability has increased.
More than 60 percent of firms cited growth in revenue and profitability as a result of digital transformation efforts.
The caveats are that these are user perceptions of change that might be hard to quantify. It might also be the case that multiple changes are made simultaneously, limiting ability to attribute the success to any single factor.
Many firms undertake digital transformation to improve efficiency, Hinge says, often by automating processes. Some might argue that is “digitalization” but not necessarily “digital transformation. It might not matter much if applying technology leads to performance gains that can be quantified.
Operational efficiency was most likely to increase as a result of digital transformation, as over 75 percent of firms reported they experienced an increase, says Hinge.
A large majority of firms also saw increases in other critical performance metrics such as client satisfaction and awareness.
Or at least that is what respondents claim. Realists will regard those responses with caution. Very few professional services firms likely can actually quantify what their digital transformation projects have produced.
No comments:
Post a Comment