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Blog
Digital strategy: 'you can't improve what you don't measure'
Jun 09, 2021
A familiar quote to many, largely attributed to Peter Drucker, “You can’t manage what you don’t measure” is as relevant in the fast-paced, fast-changing digital environment today, as it was in the 20th century. However, taking that one logical step further, you also can’t improve what you don’t measure. In the life sciences world, the COVID-19 pandemic triggered, an already underway, rush to implement new digital strategies and channels. This gave rise to hybrid online/offline stakeholder engagement models as we discussed previously in our Business Insights Podcast.
However, companies are now more than ever taking stock and asking the time old question, “is what we are doing working”? Having an effective digital engagement measurement strategy becomes paramount to answering that question as well as some of your organization’s key business questions:
- What is the most effective digital channel to engage and create a meaningful experience for my stakeholders?
- What digital initiatives are contributing the most to achieving my business goals?
- How can we continuously enhance our performance and allocate resources most appropriately?
While those questions may seem simple and straight forward, one of the biggest pitfalls is the temptation to rush into attempting business impact and return on investment (ROI) analysis immediately without realizing you may not have the data to support it.
Thus, after the first step of confirming your business goals and how your digital measurement strategy will tie back to them (click here to read about digital mandates being rooted in business challenges), the next step is identifying gaps in your data’s maturity (for example, silo’d data across channels, inconsistent formats, levels of granularity and frequency of availability, etc.). This allows you to put together a roadmap to reach your future state of business impact visibility. While it may be less glamourous, it’s necessary to realize the true value of your measurement program.
Understanding the few and critical KPIs
Another challenge our clients typically face is trying to track and measure ‘everything under the sun’. Key Performance Indicators (KPIs) can range from very strategic to very tactical, and cut across digital and non-digital channels – through structured, interactive workshops with key stakeholders (business, IT, digital and marketing teams), you should systematically select the few and most critical KPIs aligned to the business objectives you have set. The selection process consists of:
- Exploration of all the possible KPIs per digital and non-digital channel relevant to your business goals.
- Benchmarking by comparing KPIs to best practices (within your organization or from subject matter expertise), as well as to competitor trends. A KPI in isolation is not useful, so this allows for you to track indicators over time and compare to previous initiatives or industry
- Alignment to a logical framework through bucketing the KPIs across what is useful to your organization. We typically group framework dimensions across reach and frequency, engagement and experience, loyalty and finally impact. Within each of these buckets, we label KPIs that are possible both today and in the future, while having teams rank their importance
- Final selection from a priority shortlist, selecting the KPIs that are actionable and relatable to the business objectives of your therapy area, brand or focus area
Building to measure and improve
The last step is taking the final digital KPIs and flexible framework to develop custom, user-friendly, dashboards that can integrate data in a consistent way across markets and business teams. An interactive digital performance dashboard enables business users to align, track, and improve performance of their activities – it provides a single source of truth for all stakeholders.
In our extensive experience in supporting companies with their KPI dashboard development, this is where the identification of improvement opportunities surfaces. The importance is for teams to view the KPI dashboard as a decision making tool – so having an operational plan to socialize the tool, receive feedback from business teams on its importance/value, and consistently refreshing input for continuous improvement is key.
In today’s environment, having a digital mandate and measurement process is just the baseline. To thrive, you must not only “measure to manage” but “measure to improve”, and moreover continuously find ways to support generating value for your business.
To find out more about delivering a digital mandate or how IQVIA can help you with your KPI strategy and dashboards, please feel free to contact us.
Authors
Nicholas Mageras, Principal, IQVIA Technologies, APAC
Ruthie Burr, Enterprise Marketing Lead, IQVIA, APAC