Business Transformation
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What is Business Transformation?
Business transformation is about identifying techniques or processes that aren’t being serviced to their maximum capacity, and how alternate solutions can be applied to digitise or streamline technology, to further gain market share, increase revenue and customer satisfaction or reduce inefficient expenditure.
This strategy ensures that the absolute best processes and systems are being implemented within an organisation, in order to achieve measurable improvements in efficiency, effectiveness and, of course, satisfying shareholders.
For many organisations, this is not a simple process, particularly if out-dated technological systems have been in place for decades and staff hold a mindset that fears change. Whilst leaders may need to make tough decisions relating to their business, ultimately it’s how you deal with the people that will dictate how successful a transformation is.
Why Businesses need Business Transformation?
- To direct the business in the way of a newly identified strategic goal
- To keep innovation at the forefront for the business
- To reduce costs where possible
Getting the right strategic vision is critical
This means being able to anticipate what the customer is going to want and how best to achieve it. It also includes defining the depth and scope of the changes and the redesign of internal processes and structures. The survey revealed that the majority of companies take a strategic approach to transformation by continually aligning their business models with strategy; the rest are split between those who view transformation as a wholesale turnaround that leads to an overhaul of the business model and those who adopt a narrower view, limiting themselves to transforming specific processes, functions or areas.
Before embarking on a transformation, consider these questions: Is a major transformation necessary or will a more surgical, limited repositioning be enough? Is the current state of your organization optimal for the type of transformation you are choosing? Or do you need to transform your organization before transforming the business?
Execution is the hardest part of transformation
Most companies get the vision right, but the execution is the hard part: more than half of companies undertaking transformation fail to achieve the desired business result.
Take a broad view of customer demand when embarking on business transformation
Customers need solutions, not specific products or services. Business transformation needs to be aligned with customers’ needs—in fact, it needs to anticipate them. Broader research on this topic reveals that customer demand can be decoded by figuring out transformation triggers that are affecting customers
