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Offshore Heritage Service Providers Are Now Open to Digital Investments

By Bob Thomas 23/07/2022 2 mins read

The digital investments of offshore heritage service providers have prompted them to increase their efficiency. Learn more about digital investments' technology and return-on-investment. To understand these investments better, there are several steps. Here are a few:

Technology that allows digital investments

Companies should not ignore digital investments. But investing against the wrong goals is just as bad. For the greatest return on your digital investments, it is important to balance short-term business decisions with long-term investments that are aligned with strategic goals and COVID-related business case. And if you do make the wrong decisions, you'll be doing yourself more harm than good.

A $3 billion mid-tier mining company, for instance, invested in AI and machine-learning capabilities and has experienced significant success. EY was hired by the company to help them build a digital replica of their legacy system. This allows them to predict optimal operational settings and identify opportunities to improve yield quality and throughput. The digital twin generated business value increases of more than $50,000,000. Additionally, it is cost-effective in driving digital investments to maximize company value.

Return on investment

Although digital investments can bring benefits to an organisation's bottom-line, measuring the ROI can prove difficult. The most difficult part of measuring ROI is the identification of specific problems and opportunities. Organizations tend to allocate digital budgets in a random fashion, without much thought about who will be the most affected. Although ROI can easily be calculated, it is very difficult to measure ROI when an organisation's investments are not tracking or communicating a clear message. A collaborative approach is needed to identify and leverage new opportunities and maximize ROI.

High ROI organizations have centralized governance and formal processes. They also use metrics to measure digital investments. They need to be able to understand the metrics that determine ROI. For all stakeholders, accountability and measurement must be clear. To ensure that everyone is working towards the same goal of increasing sales, reducing costs and complying with regulatory requirements, ROI and measurement must be coordinated across the company. However, ROI measurement by itself is not enough.

Steps to get a feeling for them

While it may seem that a company's digital investment strategy is unproven, there are steps you can take to get a sense of the ROI. Many businesses have invested huge amounts of money into digital initiatives that have not had a positive impact on their bottom line. These businesses are more likely to overspend or not see the benefits promised. These mistakes can cause financial problems for your company, as well as a loss of revenue.

First, make sure you choose a platform that offers a high degree of flexibility. This will let you test the waters before you commit to a full program. Companies that have successfully built their businesses using a product-based approach to business management are worth your consideration. You want a platform that is simple to use and provides real-time results. To have a successful partnership, you need flexibility as well as efficiency. The platform provider should offer flexibility for you to try the technology and get a feel for how it will work in your business.

FAQ

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