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Offshore Heritage Service Providers Step Up With Digital Investments

By Dylan Smith 26/09/2022 2 mins read

Digital investments are becoming more popular among offshore heritage service providers. Learn about the technology and return on investment of digital investments. To get an idea of these investments, there are many steps you can take. Here are some:

Technology that can be used to make digital investments

Companies shouldn't ignore digital investments in today's economy. It's almost as dangerous to invest in the wrong goals. 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.

For instance, a $3B mid-tier mining company invested in AI, machine-learning capabilities, and has seen significant success. EY provided assistance to create a digital duplicate of their legacy systems that could predict optimal operational setups and identify opportunities to increase yield quality. A digital twin has brought business value enhancements of more than $50,000,000. Additionally, it is cost-effective in driving digital investments to maximize company value.

Return on investment

Digital investments can be beneficial to an organisation's bottom line, but the ROI can be tricky to measure. The biggest challenge is identifying specific problems and opportunities and measuring the ROI. Most organisations just randomly allocate their budgets for digital investments, with little consideration for who will benefit most. 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. To maximize ROI and identify new opportunities, a collaborative approach is necessary.

High ROI organizations have centralized governance and formal processes. They also use metrics to measure digital investments. They must be aware of the metrics driving ROI. For all stakeholders, accountability and measurement must be clear. All stakeholders must agree on how to measure and track ROI. This will help them all achieve the same goal: increased sales, decreased costs, and compliance to regulatory requirements. But, measuring ROI is not enough.

Steps to getting a feel for them

Although it might seem like a company's digital investment strategy has not been proven, there are steps that can be taken to determine the ROI. Many businesses have invested huge sums in digital initiatives with little or no return on investment. These companies often spend too much on digital initiatives and don't see the results they promise. These errors can lead to significant financial losses for your company and negative consequences for your bottom line.

First, select a platform provider that provides a high degree flexibility. This will allow for you to test the waters prior to signing up for an entire program. You should look for companies that have developed their business using a product-based solution. Look for a digital investment platform which is user-friendly and offers real-time results. Flexibility and efficiency are key ingredients to a successful partnership. Look for a platform provider with flexibility that will allow you to explore the possibilities and test the technology to determine how it can work for your company.

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