By Matt Radford
As an Indico Customer Success Manager (CSM), I’ve seen the powerful impact of well-defined success criteria and metrics in driving digital transformation, particularly when implementing intelligent document processing (IDP). Clear benchmarks are essential for justifying investments and ensuring long-term success. Success criteria provide a roadmap for transformation, helping organizations track progress, identify improvements, and maintain focus on strategic objectives, ultimately fostering a data-driven culture of continuous improvement.
Even if an organization has implemented new technology without clear success criteria, it’s never too late to course-correct. To start, engage stakeholders to identify strategic objectives, establish aligned metrics, and if possible leverage your CSM for guidance. Success criteria and metrics are crucial for navigating digital transformation, evaluating progress, maximizing ROI, and staying on track.
Clear metrics set benchmarks for success. Common Indico user metrics include hours/dollars saved, increased processing capacity, and improved accuracy. These can be tailored to industry specific metrics as well. For example, an F500 Insurance company worked with Indico, focusing on dollar increase in premiums written and percentage increase in underwriting capacity. Partnering with Indico resulted in a $30M increase in premiums written and a 60% boost in capacity.
Related content: F500 Insurance company increases premiums by $30M with Indico Data
Some example metrics include:
- Processing time reduction: Measure the decrease in time taken to process documents compared to manual processing.
- Increased accuracy: Track the improvement in data extraction and classification accuracy compared to manual methods.
- Compliance improvement: Track the increase in the organization’s ability to meet regulatory requirements and maintain data privacy standards.
- Process automation rate: Calculate the percentage of document processing tasks that are successfully automated using the IDP program.
- Cost saved per task: The financial savings achieved by automating or streamlining a specific task or process, as opposed to performing it manually.
- Increased revenue: Measure the increase in sales growth of net new customers, renewals, and new lines of business compared to previous quarters/years.
Your Next Steps:
- Identify strategic objectives with stakeholders.
- Define and track success metrics aligned with objectives.
- Collaborate with your Customer Success Manager.
- Monitor metrics to ensure progress towards strategic objectives.
If you have any specific questions or want to learn more about setting up metrics, reach out to your CSM!
Additional Reading
- Gartner: How to Measure Digital Transformation Progress
- Mckinsey: The numbers behind successful transformations
- HBR: The Essential Components of Digital Transformation
