Cut the Chase – Get Faster Returns from Your Investments

Technology | 9 minutes to read

05th Nov, 2018

One of the secrets to long-term success in implementation and reaching full productivity of any solution is how strategically you have incorporated the solution or investment into the business model.

As it is said, much of the success or failure gets defined in the planning stage itself, the same is true with business investments. With extensive technology penetration in the industrial landscape, it would be a common scene to see organizations put in their money in multiple tech solutions, aimed at increasing their efficiency, productivity and ultimately, the revenues.

Gartner recently issued a prediction stating that worldwide IT spending is projected to increase by more than six percent this year to total $3.7 trillion that is the highest growth rate seen since 2007.

To validate the common sentiment shared by businesses, recent findings from the MIT Centre for Business show that companies which have embraced digital transformation are 26 percent more profitable than their average industry competitors and enjoy a 12 percent higher market valuation.

While everyone is vying towards reaping the same benefits, there ought to be something which differentiates the benefits which one gets from what the rest receives. And one major parameter responsible for this is the entity of time. How soon can one start seeing the results of the investments being made, makes all the difference.

After all, today the investment in disruptive technologies should ensure a quantifiable value to the business, unlike in the past when it was a challenge to correlate the direct contribution of digitization to business outcomes and attribute a value to it.

The age-old story around the Chinese bamboo tree and how it takes stupendously long to germinate, may not be completely relatable to the business landscape in the present.

The quicker one shows the results, faster they move further onto more advanced technology adoption while the slow and steady may eventually spend their time in compensating for the time lost in waiting for the deployment and profits to come in.

What goes in this transition for investment to deployment?

Before getting into the elusive ingredients of a successful transition, let’s understand what a standard implementation-deployment process of the disruptive technology solution is like.

The very first step of any technology solution implementation process is Identification. It is very important to determine the RoI targets of your business followed by identifying and analyzing products or services that are available in the market which will help you achieve the targets.

After an exhaustive analysis of the products & services available in the market, the apt product or service to be used for implementation is finalized.

The second step of the process is Implementation. Now that the apt product or service is finalized, this step majorly involves identification of the right implementation partner. This is an important phase of the process that will determine the success of the implementation course. Before the actual implementation of the solution takes place, the SOPs are mapped out to produce workflow and the solution is tested for bugs.

Once the solution is implemented, the next step of Deployment comes into the picture. The user departments within the organizations are trained for its use. This step further involves initial user integration and monitoring of the usage.

Now that the solution is altered and implemented according to your business targets, integration of the solution is needed with external Business Intelligence & Analytics platform for obtaining reports to derive actionable insights.

In this extensive process of implementation and deployment and process integration, several hit and trials will happen. And going by the traditionally practiced process timeline, this might take months to start impacting your business in a positive and beneficial manner.

The duration of the implementation period depends on how complex the solution is and what is the process that is being followed. And the most challenging part is that this whole plan does not guarantee success for the near future. But this need not be the case always.

Shortening the Cycle

The prolonged journey from investment from implementation can be cut short through making the right choices like,

  • Choosing the apt product and not always the most sought-after or talked about a product or the most cheaply available one which may save you some cost now but may cost you dearly later.
  • Choosing the right implementation partner as in scenarios like these where the stakes are quite high, we can understand how disastrous a mismatch can be.
  • Establishing a structured implementation strategy, which is tailored as per your business and requirements. This will not only save valuable time but will also ensure that the implementation costs do not go too high and the risk of failure gets minimized.

For getting the right fit for your business need, one can begin with choosing a product that requires minimal process mapping. If that happens, it translates into significant savings on the fronts of time and investments. For example, instead of opting for a standard CRM platform, one can go for an intelligent Sales CRM, or, instead of going for a pure Sales Force Automation tool, one can opt for a trade marketing or Retail management specific tool.

For a quick integration with the teams to set up sales and marketing campaigns, it’s important to opt for products that come with a pre-defined campaign configurator. This will again save valuable time and integrate the processes without flexing the existing processes and will ensure a smooth incorporation.

 

Quick integration and the technique involved for speeding up the adoption by the team are critical elements which make all the difference.

For example, when one of the world’s largest OnG company was facing challenges with managing its Field Marketing Reps both in terms of tracking productivity as well as reaction to real-time field inputs from the Trade, Denave offered its Trade Marketing Solution platform – DenTrack. The OnG major was able to resolve its challenges around field marketing rep productivity and started receiving real-time updates with reduced error and was able to draw out live market insights while reacting to real-time market feedback and concerns.

This led to better alignment with its trade partners along with the ability to understand the RoI of their trade marketing offerings for the partners. This resulted in more than 500% growth in DenTrack adoption and user base leading to better penetration across 31 cities for the OnG major.

Business Intelligence plays a key role in gathering actionable insights. So, choosing products that integrate well with one’s existing or any other easily available BI platform for process-specific static and dynamic reporting, is important.

To further ensure a smooth deployment across the department processes, one can choose a product that has an intelligent and customizable user interface. A product with a simple, easy-to-understand user interface will see a quicker adoption by one’s teams across the board.

Another advantage can be experienced if the product comes with built-in Machine Learning capabilities so that it learns on the job and keeps the processes updated using actionable intelligence.

Further, to manage the total cost of ownership in a better manner, it is the best bet to invest in a product that leverages the cloud.

In the end, it all comes down to making the right choices in the whole procedure, right from identification to deployment. The right choice has the potential to drive long-term impact and enhance the productivity of your business which will eventually help one achieve their ROI targets.

The listed factors, if taken into consideration will not only ensure a shorter deployment period but also optimize the investments, along with minimizing the hidden costs. Without a doubt, a short investment to the deployment cycle is the hallmark of a successful digital transformation story.

This article was originally published here.

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