March 26, 2021
Know you want to transform but don't know where to start? Want to gain $9-12 for every dollar you spend? Read on to find out why starting with your people is the best first step to prioritizing digital transformation projects.
Digital transformation is at the top of the to-do lists of most companies, but one topic that is often missing from a discussion on digital transformation is which areas to prioritize. Most businesses can’t afford to completely overhaul a core function of the enterprise top to bottom, along with the technology that supports it, at any one time. Instead, they’ll target specific areas for transformation. That approach minimizes disruption to the business, keeps costs manageable, and helps the business apply lessons learned to future transformation projects. The question, though, is which areas to target first?
Let’s take a look.
1. Focus first on the tools that help you hire the right people.
The best investment you can make is in the technology that helps you hire the right people, right from the start. The ideal tools will help you identify the best candidates sooner, but more importantly, they can also dramatically boost the downstream ROI of smart hiring decisions. In other words, not only will you find the right candidate to fill an immediate need, you’ll find the right people for your culture over the long term—people who will stay with your organization as their skills expand and their careers evolve. You’ll also have the potential to improve performance across a wide range of measures. For example, one retailer that used Infor Talent Science to guide their hiring decisions saw a 46% boost in sales. A healthcare provider achieved 32% lower turnover of its nursing staff. Another organization boasted a 31% lower safety incident rate.
2. Next, improve the employee experience
A study by Nucleus Research estimates that WFM solutions deliver $12.24 for every dollar spent within the first 3 years of deployment. One of the key reasons is that a leading WFM solution will provide a rich set of employee and manager self-service tools. These tools streamline and simplify administrative tasks for employees, while driving down the cost of employee support. They make work more enjoyable while improving the bottom line.
3. Finally, help employees grow.
Nucleus also found that human capital management (HCM) systems deliver a $9.20 return for every dollar spent. HR, payroll, and benefits are the bread and butter of effective management. Get them right, and you free your staff to focus on nurturing the workforce and helping employees fulfill their potential.
The reality is that most companies don’t take a big-bang approach to digital transformation. Many take a progressive approach that targets high-value areas first and builds on initial successes. Prioritizing people should be the first step.
To dig in more, read the Nucleus Research reports:
Would love to hear your perspective and experience as you are planning or implementing a digital transformation project. Reach out anytime.