Business Transformation - The need for survival

Business transformation is the most coined phrase in the corporate world where most of the consulting and technology firms offered to their clients as a service. As we know, any change in current scenario usually comes with a push back and business transformation is not an exception. There were several questions arise when an organization decides to undergo transformation which can either positively or negatively impact their core business performance. Transforming the business unit into a high performing entity requires deep insights into all aspects of the business and its operations along with deep understanding of changing customer needs and industry standards. The use of obsolete tactics and practices to manage and run the business operations are persist in many organizations and it should give way to strategies that deep deliver and provide real time insights to the managers and executive leadership about the operational efficiency of all departments within the organization.

The overall business transformation of an organization can be broadly categorized into 6 stages as depicted in the below picture.

The Business Transformation journey

The transformation journey starts with breaking the patterns by throwing away the assumption about “what cannot be changed”. The performance oriented organizations challenge the status quo and bring innovative ideas and changes into their operational environment.

In this section, we will discuss briefly about the business transformation stages and how it helps the organization to achieve the desired outcomes. The business transformation starts with evaluating the vision and strategy of the organization and its viability at current business situation. Redefining the vision and strategy as per the changing customer needs and market condition helps the organization to align its core business with the changing market trends and continue to improve its performance.

The frequent changes in the technology has compelled the organizations to upgrade the technology infrastructure to be at par with the competitors and improve their businesses. However, it is very important to evaluate the transformation need of technology since the frequent changes in technology can bring adverse effects and unstable technology environment which can reduce the operational efficiency. At the same time, the implementation of right technology and tools can improve the efficiency manifolds and take the business into new heights.

Digital Transformation is the need of the new age we live in and if your organization is not in the digital transformation path, you are out of the race and cannot sustain and deliver high quality products and services to your customers as your competitors do. All business activities must undergo thorough scrutiny and evaluation and should create a blueprint for digital transformation which will sustain and improve the efficiency and growth of the organization.

A strong integration of Front-Office, Middle-Office and Back-Office operations are extremely important for the smooth functioning of any organization. The evaluation of all business activities within all these areas must be done periodically and should encourage innovative ideas of automation which will eliminate the waste and improve the turnaround time. This will help the organizations to maintain their operational efficiency at higher standards.

If your business want to succeed in the transformation efforts, it needs the complete support from your employees. The organization must motivate and re-skill their employees and engage them in more productive and core business activities. Transforming your work force through training and certification initiatives will improve the involvement of more motivated and skilled employees into the core business activities.

And finally, a safe, pleasant and challenging work culture is required to retain the talents within the organization. The organizational strategy should be aligned and assure the well-being of its work force. Continuous evaluation and monitoring of the work culture and environment will help organization to provide a better work place for their employees.