Navigating the Digital Transformation Roadmap (Schneider Downs)

Talent Development
May 4, 2022 - Schneider Downs & Co., Inc.


This is a thought leadership article on how to Navigate the Digital Transformation Roadmap, from PrimeGlobal member firm Schneider Downs in the United States.

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Schneider Downs defines Digital Transformation as, in its simplest terms, the use of technology and business process optimization to improve the stakeholder experience. Digital Transformation involves evaluating the purpose, efficiency and effectiveness of processes, reimagining how processes should work and identifying and leveraging technology to execute upon the reimagined process. To better help organizations understand the digital transformation journey Schneider Downs have created this white paper which shares their digital transformation methodology, project framework, and best practices for defining ROI on initiatives.

Most organizations that pursue a digital transformation initiative do so because there is evidence of shortcomings in one or more of the areas, 'People, Process and Technology', this could be anything from delayed financial reporting to poor customer service scores. When researching root causes to the pain, it inevitably ties back to a “People, Process, and Technology” issue.

Methodology

All Schneider Downs Digital Transformation projects follow a methodology focused on these three main elements, and establishing a project framework that ensures the focus is on People, Process, and Technology is fundamental to the success of the project. 

Following a three phase strategy a Schneider Downs Digital Transformation project will:

1.Discover 

This includes a thorough evaluation of Goals, Objectives, Processes, and Technology.

2.Plan

Planning first requires a review of the initial prioritization from the Discover phase in order to develop detailed project plans containing budgets, timelines and resource requirements. Input from management is essential in this phase to identify the right mix of internal and external resources to execute the plan and set an achievable timeline.

3. Execute

Once the opportunities are identified and a digital transformation plan agreed upon, success depends on establishing a project management framework that involves the appropriate blend of both internal and external resources, and it is a critical factor that within the organization there is a level of management with the responsibility to oversee the implementation of the plan. 

Most projects are organized into areas identified as critical to the success of digital transformation, including: 

- Data Governance 

- Business Process Automation

- Enterprise Risk Management

- Corporate Performance Management

- Change Management 

- Data Integrations 

- Policies & Procedures 

- Data Analytics

- Application Capabilities Optimization

- Internal Controls & Implementation 

- Employee Training 

- Benchmarking

- Workflow & Approval

- Security

- Infrastructure & Cloud 

 

Digital Transformation: Defining Success

Determining a realistic return on investment (ROI) in digital transformation takes careful planning and consideration of several factors. It begins by first reviewing the goals and objectives defined in the Discover phase. As mentioned above, having clearly defined and tangible objectives is necessary to establish a basis for measuring success.

Once the objectives have been reviewed, you need to identify the investment metrics, which represent the costs of the digital transformation project related to the objectives. You will then need to determine the value metrics, and finally, it is important to determine the expected timeframe in which success will be measured.

Once a project is considered complete, the value metrics and tangible objectives are measured over time and compared to the baseline. At this point, all the ROI components are known and a calculation can completed.  You can hear more about how Schneider Downs offer thought leadership on Navigating the Digital Transformation Roadmap in this short video. 


Content by:

Schneider Downs & Co., Inc.

Schneider Downs is a top regional accounting and business advisory firm located in the northeastern part of the United States with a significant international reach. For more than 60 years, we have provided professional services to public and private companies, nonprofit organizations, professional associations, service firms and government entities across the United States and around the world. We have more than 450 employees and 42 shareholders and offer more than 80 services with dedicated teams from five business units: Assurance and Tax Advisors, Business Advisors, Corporate Finance Advisors, Technology Advisors and Wealth Management Advisors.

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