Measuring Success & Impact of Companies in the Digital World

Measuring-Success-Impact-of-Companies-in-the-Digital-World
Measuring-Success-Impact-of-Companies-in-the-Digital-World

There is no formula for measuring the success of a company. Most of the focus on measuring the success of a company deals with numbers related to the balance sheets, profits, shares and finances of a company. However, the impact of a company is often beyond these numbers.

The rise of the digital world has created a level playing field for companies. Companies are now able to achieve things that were inconceivable few years back. Today corporations like Apple, Google and Amazon etc are even more influential and powerful than many nations.

The measure of success is different for different companies, while for an early stage start-up, success is about survival. For an enterprise like Google, success is about changing the way people use information and make decisions. For Amazon, it is selling products cheaper at faster pace than ever.

The true measure of success for any organisation depends on its goals. However, there are certain benchmarks that the most successful organisations follow when it comes to success. The most remarkable companies on the planet transform the world into a better place. The other companies also make a positive contribution to the people around them.

successful-organization
successful-organization

The successful companies change the way people do things and create a huge impact by their presence. Consider booking a taxi before Uber & Ola, sending messages before whatsapp, and connecting with friends before Facebook, searching information before Google.

digital-service
digital-service

A company is an agent of change and transformation. A successful organisation creates employment, business opportunities, contributes to the growth and makes a positive contribution to the society. Digitization has made the world more interconnected and companies are using it to influence lives even in smaller cities and towns.

The success of a company can be measured in terms of what it is giving back to the society.  Success of a company is the social impact it creates. Company is a medium to change the lives of people around it.

The evaluation criteria and benchmarking of a company needs a thorough study of various factors. These include the list of parameters that are taken to gauge the performance of the company. Some of the questions that need to be addressed while devising measures of success are as follows:

What is the benchmark of success in the organisation?
How is the success of a company measured?
What are the key parameters of measurement for measuring success?
What is the brand perception and impact of the company?
How is the company performing for its stakeholders?
Has it been able to create employment?
What are the timelines for measuring the goals?
What are the targets for each of the parameters for measuring success?

study-of-various-factors
study-of-various-factors

Below are some of the factors that are used as a reference by boards to measure success of a company. While each company will have different yardsticks and timelines for gauging success, this list indicates some important factors that can be used for evaluating the results. The timelines used for measuring these parameters usually varies between 1-3 years and targets are set depending on the present situation and the projections by the board.

Factor Measures
Employee Satisfaction Personal/Work Satisfaction, Surveys & interviews
Customer Satisfaction Proactive communication, Surveys and accountability
Stake Holders Performance against targets, surveys & stake holders reviews
Management Satisfaction Corporate reputation, Profitable Investments, Surveys and questionnaires
Society Milestones to gauge social impact & role in society
Brand Engagement Digitisation of products & services, Quality Content, Social Media & Customer Engagement
Total Assets Tangible/Intangible  assets Products, Revenues etc.
Intellectual Property Calculate & track the innovation in the company
Rate of Growth & Performance metrics Calculate sales, Revenues, product/services growth
Customer base Use CRM tools to track customers
Employee Satisfaction Personal/Work Satisfaction, Surveys & interviews

It is important for a company to set goals and benchmarks to measure its progress. The most successful companies develop a process for tracking and reporting their business performance using software. The review process examines the results for fine tuning & helps in the performance measurement for driving best organizational results.

Tracking-and-reporting-business-performance
Tracking-and-reporting-business-performance

A truly successful company is the one that leaves an indelible footprint in the history of time, inspiring generations to strive for a better tomorrow with great accomplishments.

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