18 Jul Thinking BIG with business transformation
Thinking big with Business Transformation
These days, there has been created a significant buzz around the word “transformation”, which can have a completely different meaning among companies and for individuals. Businesses are striving to become more agile, in a world of unprecedented disruption and market turbulence, in order to bend and adapt in the face of rapid change. Transformation today revolves around the need to generate new value—to unlock new opportunities, to drive new growth, to deliver new efficiencies. Being more agile is a top objective for 94 % of the company executives polled. Technological change, efficiency drive, and cost reduction are among the drivers driving transformation today. In order for the so-called transformation to be achieved, it is required by the companies to start thinking differently and big. The constant disruption we experience, demand sustained growth which requires agile reinvention. It’s not about adapting to the trends, but its all about evolving in the future.
The Process of Business Transformation
Creating a plan begins with determining where the company wants to go. Create a map of your firm’s personnel, processes, and systems to better understand its current state. Use this to help you define your company’s future vision. The vision should be consistent with the strategic objectives and business case.
The CEO is the most probable programme sponsor, taking the lead in 41% of corporate changes. The CFO is the second most probable candidate, serving as the transformation’s sponsor in one out of every five transformations (21%). This is not surprising given cost reduction is one of the key drivers of transformation.
A defined strategy can help you design a precise transformation plan to assist you reach your company’s vision. All workstreams, functional areas, people, processes, and systems that will be affected or involved must be identified. It is also critical to plan for the ‘people side’ of the transformation.
Business transformation is a process that might last months or even years – the road truly begins when you take the first step. Staff involvement will be critical, as will the capacity to bend and adapt when new difficulties arise along the way. Therefore, you should make sure on a daily bases that everyone is on the same page.
Getting it right
Knowing when to act is critical to effectively conducting a company change. A ‘people’ and a ‘organisation’ workstream have a greater likelihood of success during implementation. It is critical to choose a sponsor and programme team that will be in charge of the change. Interim executives have the bandwidth to deliver transformation while also running business as usual (BAU). The challenge is maintaining coherence and alignment across all elements of it, including technology, organisation, people, process, and interactions with customers, partners, suppliers, and regulators. The necessity of handling change in the workplace should be emphasised.
Employee engagement will be critical to the success of a corporate change. Despite the fact that 86% of organisations measure and communicate the advantages of transformation to employees, 47% believe employees have grown disillusioned with change.