Business Analytics and Data-Driven Digital Transformation
Analytics and data-driven decision making are the critical success factors for any organization’s digital transformation journey. Yet today, less than 50% of documented corporate strategies mention data and analytics as fundamental components for delivering enterprise value.
“Any decision made which is not backed by Business Analytics Data, is a gamble at best,” stated Peter Šimun, CEO at YesElf Digital Adoption Platform.
Digital transformation is enabled by technology. Still, its success highly depends on how fast and effectively you can adapt to the changes integrating high volumes of data to predict, influence, and respond to your consumers, users, customers, and employees’ behavior.
The global Digital Transformation market size is expected to grow in the 2020 to 2025 forecast period, with a CAGR of 12.4%. It will be expected to reach USD 543.7 million by 2025, compared to USD 340.2 million in 2019, despite the prolonged effects of the quarantine. (Orian)
How do you measure the Return on Investment (ROI) of digital transformation?
While priorities change across organizations, and each company does have a particular way of measuring ROI, many face the same challenges. The biggest challenge of all is to accurately measure whether the software solutions were adopted across the company, if the employee/customer engagement goals were reached, or if the operational efficiency was boosted.
There are multiple rules to be considered while evaluating the ROI of digital transformation. In most cases, these are;
Understand your digital transformation objectives.
Define your cost centers clearly.
Take a comprehensive view of measurement.
Set realistic timescales and milestones.
Don’t stop measuring.
What does success look like when you meet your objective? What do you need to track and analyze to gather the right data?
For example, if you are trying to improve customer experience, you may monitor the net promoter score of customer service representatives. Or, if you are adopting a digital workplace for increased productivity, you may measure the number of separate apps your employees are using to complete their daily tasks.
If employees are switching among ten different tabs a day, does this affect their level of distraction and produce a higher error rate?
Do you have a way of tracking/determining bottlenecks where your users struggle the most and churn?
How do you monitor the adoption level or success rate of newly introduced features and upgrades of your application?
To be able to answer all these questions effectively, you must have a way of tracking the change in user behavior. In other words, you need data and analytics.
The most essential rule among them refers to the continuous measuring of user data. One way of obtaining the required data can be from your employees/users if you approach them for honest feedback so you can measure the success of your digital transformation. However, this data may as well include subjective feelings attached to it, which may give you false readings. Because any change always comes with a learning curve that changes on each of your users. When you switch over to a new set of digital tools, your team may appear to spend more time on specific online collaboration than before, causing you to worry about a dip in productivity. You need tools to be able to detect such bottlenecks clearly without subjective feelings attached.
That is where YesElf Business Application Insights come to the scene with accurately, continuously, and effortlessly collected data with the help of Artificial Intelligence and Machine Learning. YesElf collects all the user behavior data without any personal identifiers and stores them in YesElf clouds. Every time a user clicks on a link or visits a new website, they leave a digital footprint. Machine Learning reads and interprets this behavior and cross-references with the database and gets the complete picture of their browsing behavior and determines their confusion level and offers guidance accordingly.
Business Application Insights displays holistic information about your system, especially the time the user spends inside, the number of identified errors, and the detected level of confusion.
Business Application Insights can help you to answer the following questions:
Where are the bottlenecks of the application?
Which screens or processes are the employees struggling with the most?
Where are the employees or users struggling the most, and where do they spend their valuable time?
Which part of the application is the most problematic to them, which creates most of the errors?
In which part of the application are employees confused the most?
Business Application Insights (BAI) In Action
It’s impossible to predict every path a user may take on your application. Yet, YesElf tracks all usage data, as soon as it’s integrated. All the data can then be filtered out in many ways to reveal strategic points that you can improve
How would you know the exact moment your users give up when they can not figure out how your application works?
When you deploy YesElf Digital Adoption Platform for your application, Artificial Intelligence connected with Deep Learning can help you to understand customer/user behavior.
BAI will allow sales enablement and sales operations to understand where users are struggling or abandoning the process. That will enable the process workflow to be altered and optimized for better performance as to which parts they spend more time on and any errors that occur within. One of the unique features YesElf has, is the ability to utilize the power of Artificial Intelligence to accurately, continuously, and effectively collect user behavior data of your application.
Let’s look at an example of measuring the ROI of digital transformation within the HR department of a large organization. Their goal is to automate the travel and expense reporting process to improve overall operational efficiency.
Above, is one of the many reports that can be extracted from the YesElf console.
Above, we are looking at a sample from the SAP Concur application. The chart consists of proportionally sized rectangles. Size of the rectangle is defined by all three metrics:
Metric is a quantifiable measure that is used to track and assess the status of a specific business process. Defining metrics is essential since each of the metrics has equal weight and capability to affect overall user experience, and BAI will be measured through those metrics. Any recent change in your application, such as upgrading a process, changing UI, or adding a new service, can have a direct effect on fluctuating the metrics dramatically. After implementing any change, companies need to monitor it closely and define the right metrics. This way, the performance can be monitored, and efficiency can be improved. When you go inside the expense report screen, you can detail on the component level, which will help you to pinpoint the exact moment where the error occurs, most time spent or confusion spots. Let’s explain the metrics used above:
It is the average time a user spent in a specific part of your application in a given time frame. Above, it shows each user spent two hours per day in the Expense Report, which is the most significant time.
The biggest rectangles are often the first things that usually draw attention because their improvement may give you the best bang for your buck. Imagine you reduce ten minutes of each of your employees’ processes multiplied by the number of your users can reduce the cost while increasing the productivity.
But the smaller rectangles hide treasures within as well. You may think the time spent in the Profile update screen in the sample isn’t as significant. However, the employees are wasting too much time filling up their profile (especially for travel and expense management software). You can integrate HCM application for prefilling required data, which can save up to 30 minutes per user per day.
An error does not mean that your application is not functional. Error count may represent any different data provided by the user than what was expected.
An example would be when the user was expected to provide a telephone number, but rather a text was entered into the field, which counts as an error.
This is the critical information you would want to have. Let’s say, in a particular part of your application, you have discovered that each of the employees/users is making an error. The users only become aware of the mistake after submitting the form. Then they come back to the field, correct the error, and resubmit it. In this process, let’s say a user lost some amount of valuable time and was also distracted from the flow. Multiply that amount with the number of users you have and how many times this app is used per day. This amount equals the accumulated time lost, and it leads to a considerable loss of productivity and more time spent in the application, which then increases the frustration. Moreover, if you have multiple bottlenecks like that, it disrupts the flow, frustrates the user, increases the churn rate, highly likely loss of customer/employee/user, and ultimately loss of revenue for you.
YesElf utilizes Artificial Intelligence with Deep Learning algorithms. It then learns the typical user behavior and cross-references the user’s behavior and defines if the user is confused. The chart above shows the confusion rate at a level of 60%. Therefore, 60% of the users were confused and needed some kind of help or support to complete the given task. On the other hand, 40% of the users knew the process and completed all the tasks within the expected time, and error counts.
Business Application Insights (BAI) In Change Management
Change management is the discipline that guides how we prepare, equip, and support individuals to successfully adopt the change to drive organizational success and outcomes.
Change is planned by the management but executed by the people. Often stated,” Organizations do not change; people do.” If you want your organization to dominate in this competitive landscape, you should be equipped with the tools which enable you to manage the change.
When asked what keeps the upper management up at night, CEOs involved in transformation often say they are concerned about how the workforce will react, how they can get their team to work together, and how they will be able to lead their people. They also worry about retaining their company’s unique values and sense of identity and about creating a culture of commitment and performance while managing the change for the better.
BAI can give you the ability to detect the effects of the recently implemented changes as well as the adoption rate.
Do your experiment with a control group
Every planned change is an experiment, a journey, and a risk. If you have based your decisions on BAI, you will be better off with the anticipated results.
YesElf co-operated with an enterprise and divided its users into two groups. The Variable Group consisted of 1000 users, and the Control Group consisted of 1000 users. When the planned change applied to the variable group and cross-referenced with the control group, the results were not a surprise to us. The variable group monitored by BAI and guided by the YesElf Digital Adoption Platform showed a reduction in activity time by 20% and a decrease in the level of confusion by 23% compared to the control group. Imagine all of your users stopping to struggle with the everyday used applications and finishing 1.6 hours earlier every day. This was only possible thanks to the correct application of Business Analytics Insights and contextual step by step guidance by YesElf.
Tip of the iceberg
Every day, the companies you interact with collect several terabytes of data about almost all aspects of your life. YesElf Digital Adoption Platform as well collects the digital footprints of your customers, users, or employees, excluding the private identifiers. All the data can then be filtered according to predefined parameters as aforementioned or according to your requirements.
In addition to the BAI, YesElf offers you many other analytical reports about the behavior of your users.
Some examples would be;
Display and categorize the unique visitors of your web application by the country.
Display the number of visits to your web application by the country.
Display unique visitors by the language they are using in the web browser.
Display the most visited pages by unique visitors.
Display the percentage of visitors who stayed on your website and followed the guidance until the end created by YesElf. And so on.
Have the power of knowledge on your side to make successful decisions backed by YesElf Business Analytics Insights.