How to Trigger Business Transformation
Business transformation is an interconnected business management strategy to modernize business operations to drive efficient real business leads. It enables a data driven approach to switch-on business potential.
Key facts of a successful business transformation strategy
By 2018, only 1 out of 10 companies (10%) are ready to adopt business transformation for their enterprise. Full-scale business transformation strategies changes the entire core of business operations such as customer experience, adopted technologies, business goals, ways in which the business processes are done. About 80% of the companies are highly wary of business transformation strategies, since one miss-step could lead to a terrible loss for a business. 10% of the companies adopted partial business transformation to see how it turns out for their business operations.
Many companies are troubled about adopting business transformation into their business, since they are concerned about the following.
1. The present situation of the company?
-It is always advantageous for every business to know the status of their own business before embarking on a journey to transform their business. In order to achieve successful transformation, each business need to have significant control over their business operations. Instant shift to transformation strategy is not a reliable for small businesses.
2. Why the company need to adopt business transformation?
- By mid 2019, business transformation strategy could be the key to a successful businesses. Reports show that more than 80% of the CEO would adopt transformation strategy in the latter half of the 2019 in order to gain competitive advantage, better market share, interactive customer experience & for better business insights.
3. What kind of potential impact does it have on their business?
-It allows business to reshape their own corporate strategy to suite the market needs and requirements. Successful transformation strategy increases the chances of better business survival. Each day more and more companies are forced to adopt, transformations into their business thus creating a sense of urgency for their business. It supports better real time transactions and helps to acquire new customer. It hence, improves the overall revenue and income of the workforce.
4. What are the key elements in business needed to make it work for their business?
-The aim to adopt business transformation is to re-align business goals, technology & business processes with that of the market requirements in order to transform customer experiences. It could even be a merger & acquisition as long as it improves the overall efficiency of the organization. Depending upon the type of impact the transformation strategy have on the organization, they could be broadly classified into core, organizational, operational, strategic, technological & distributional.