What does it take to become a high performance organization and win with E-Business? Benchmark To Find A Better Balance Between Enablers, Readiness And Performance!
How come some organizations are able to repeatedly deliver results while others struggle to keep up the pace (or never reach it)? High performance E-Business organizations have several things in common but most notably, they are better at balancing E-Business enablers, readiness and performance while using benchmarking to identify improvement areas. So start using the E-Business Monitor to benchmark where you are and get actionable insights on where to improve.
Why Other E-Business Benchmarks Fall Short?
The last decade has shown a tremendous growth of online channels. Now, organizations find themselves facing tough questions concerning the effectiveness of their E-Business (including digital marketing and E-commerce). Key questions faced are:
- How does my E-Business really perform?
- How do we measure up against our sector and/or best practices?
- Do we have the right team and organization structure to keep improving?
- Are we able to successfully sustain E-Business?
- How is E-Business adding value to our organization and how can we capitalize on this?
- Do we have what it takes to take the next step, and what do we need to focus on?
To answer these questions and more, a number of benchmarks, maturity models and other tools have been used, adopted or launched. In itself a great step. The more (and better) tools are available, the better we can grow E–Business for our company and the E-Business industry as a whole. When working on creating the E-Business Monitor, we identified three key pillars of success. Let’s discuss them:
Three Pillars Key To E-Business Success: Which Areas Do You Need To Balance?
Enablers: What Is Your E-Business Net Promoter Score?
First step towards winning at E-Business is knowing what drives your E-Business initiatives and what is holding them back. Start by taking a look at customers, market and internal drivers. The E-Business Monitor benchmarks 6 key areas which impact your organizations E-Business: customer / market readiness, your companies customer & competitor orientation, how much your company is geared towards the future, the internal view on your E-Business team abilities and internal commitment and sponsorship from management and employees.
Readiness: Is Your E-Business Organization Really Ready?
Second step is to review your internal organization. What is the focus of your strategy, is the process clear and at what level are online and traditional business aligned? Is governance clear and at sponsored at the right level. Has you online team the ability to execute in terms of skills and supporting processes? Do they have the means to execute: are your online channels and tools up to the task? Are you able to work with your internal IT and are your internal systems linked to the online channels? And of course last but not least: do you have a process and tools in place to measure results?
Performance: What Are Your E-Business Results and What Is A Good Target?
The hardest part was finding the right key to measure performance and a means to balance the results. In the end, we chose to use the Balanced Scorecard as the basis to create one for the E-Business Monitor. We have chosen to use % scoring only to enable comparison. In order to be able to establish how effective the online channels are, we compare to the company’s other channels and budgets.
E-Business Monitor offers an internal assessment and external benchmark
The E-Business Monitor offers a platform which can be globally used by E-Business, digital marketing and E-Commerce executives, managers and specialists who are willing to challenge the norm, build successful (e)businesses and lead the way. The E-Business Monitor helps them to:
- Determine where they are
- Identify areas to improve current performance
- Clarifies which steps need to be taken to grow
- Offers organizations the benefit of benchmarking against cross-industry best practices
The E-Business Monitor is more than just another survey, it is an improvement tool, offering an internal assessment and an external benchmark. This means that participants need to invest about 45 minutes in answering all three key pillars: readiness, performance and enablers. Underlying these three pillars are 16 different topics and 64 questions. After completing each topic, results are directly available in the Reporting section (My Report). Your results are presented on 4 levels (the E-Business Monitor Index):
- Innovators: are well balanced across all disciplines, indicating both a well performing team, effective channel and the ability to get results. These organizations are well under way to become truly ‘E-Business’ organizations.
- Professionals: are well balanced across all disciplines but also have some areas that need improvement. These organizations are above average performance and represent the 50-75% of participant scores.
- Learners: score well in at least one section but typically have multiple areas that need improvement. These organizations have potential for improvement, often relatively easy to realize. This group represents the 25-50% of participant scores.
- Starters: are the least performing organizations, facing challenges in multiple areas. They have an average score low 25% of participant scores.
Please note: your classification changes with each participant on the E-Business Monitor!
The E-Business Monitor also offers custom benchmarking (My Benchmark) against global, country, sector and custom peer groups. Enabling you to verify your objectives and help set new ones.
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