Pengukuran Value Creation Digitalisasi dari Perspektif Finansial: Studi Kasus pada PTMN

Ramadani Irawan, Hardo Basuki, Dr., M.Soc.Sc., CSA., CA.,

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Transformasi digital telah menjadi agenda strategis bagi perusahaan energi berskala besar, termasuk PTMN, seiring meningkatnya tuntutan efisiensi operasional, keandalan proses, serta akuntabilitas kinerja kepada pemangku kepentingan. Meskipun berbagai inisiatif digital telah dijalankan, perusahaan masih menghadapi tantangan dalam mengukur dan membuktikan nilai tambah (value creation) yang dihasilkan, khususnya dari perspektif finansial. Banyak inisiatif digital belum sepenuhnya dapat dikaitkan secara sistematis dengan kontribusi terhadap kinerja keuangan perusahaan.

Penelitian ini bertujuan untuk menganalisis pendekatan pengukuran digital value creation dari perspektif finansial melalui studi kasus implementasi program Digital Factory di PTMN. Penelitian ini menggunakan pendekatan kuantitatif deskriptif yang dipadukan dengan studi kasus. Analisis dilakukan terhadap proses identifikasi, prioritisasi, estimasi, serta pengukuran realisasi nilai dari inisiatif digital operasional, dengan mengaitkannya pada indikator finansial utama seperti efisiensi biaya, cost avoidance, produktivitas, dan kontribusi terhadap EBITDA. Kerangka teori Resource-Based View dan Dynamic Capabilities Theory digunakan untuk menjelaskan mekanisme penciptaan nilai digital.

Hasil penelitian menunjukkan bahwa Digital Factory berpotensi besar dalam memberikan value creation bagi perusahaan melalui pengembangan use case bersama fungsi bisnis. Investasi atau biaya yang dikeluarkan akan memberikan dampak jauh lebih besar kepada perusahaan dengan biaya sekitar 22-33%, dapat menghasilkan Return on Investment sebesar 2-3x lipat dan EBITDA Margin 67-78%. Meskipun estimasi nilai menunjukkan potensi finansial yang signifikan, realisasi nilai sangat dipengaruhi oleh kesiapan organisasi, integrasi data, adopsi solusi digital, serta standardisasi metodologi pengukuran dan validasi nilai.

Digital transformation has become a strategic agenda for large-scale energy companies, including PTMN, in response to increasing demands for operational efficiency, process reliability, and performance accountability to stakeholders. Despite the implementation of various digital initiatives, the company continues to face challenges in measuring and substantiating the value creation generated, particularly from a financial perspective. Many digital initiatives have not yet been systematically linked to their contributions to the company’s financial performance.

This study aims to analyse the approach to measuring digital value creation from a financial perspective through a case study of the Digital Factory program implementation at PTMN. The research employs a descriptive quantitative approach combined with a case study methodology. The analysis focuses on the processes of identification, prioritization, estimation, and realization measurement of value derived from operational digital initiatives, linking them to key financial indicators such as cost efficiency, cost avoidance, productivity, and contributions to EBITDA. The Resource-Based View and Dynamic Capabilities Theory frameworks are utilized to explain the mechanisms of digital value creation.

The findings indicate that the Digital Factory has substantial potential to generate value creation for the company through the development of use cases in collaboration with business functions. The investments or costs incurred, estimated at approximately 22–33%, can generate significantly greater impacts, yielding a Return on Investment of approximately two to three times and an EBITDA Margin of 67–78%. However, despite the significant financial potential indicated by the value estimates, the realization of value is highly influenced by organizational readiness, data integration, adoption of digital solutions, and the standardization of value measurement and validation methodologies.

Kata Kunci : Digital Transformation, Digital Factory, Value creation, Return on Investment, EBITDA Margin