Pace of change, digital, innovation

The nature of transformation is the subject of much debate, and the recent crisis has only increased the scrutiny of transformative business practices. What does ‘transformation’ mean? What does this concept look like when applied to the world of business? As we watch profound change come to every corner of the global economy, how can we say something meaningful about business transformation in the twenty?first century?

I have always considered transformation as an essential part of the process for corporate development and the strength of our global and local economic fabric. As CEO of Orange Business Services, I am personally involved in our own transformation and that of our customers.

This is why I wished to share experiences with a number of leaders from all over the world, who have carried out major transformations in their field, to understand how they did it and what, in their opinion, were the circumstances and the human qualities needed to deliver successful results.

Impactful Transformations is a collection of essays by some eminent leaders, from large multi-national companies, medium-sized enterprises and international organizations of the modern era. It gathers together their contributions on this topic in an innovative look at the ways in which business leaders can transform their companies.

As the recent crisis unfolded, many of my deep personal convictions about transformation were reinforced. In an era when technology is becoming omnipresent, the impact of innovation cannot be overstated. New digital ecosystems are creating products and sectors that did not exist previously. Not only are businesses having to adapt to a commercial environment that is radically different, they are having to deal with external constraints of an unprecedented nature.

Going digital is not only an optimal approach for an innovative tech company, it is now a business imperative for all sectors. Digital value chains, data?driven services, and the rise of the Internet of Enterprise are not just the future, but they are essential for surviving in a world where a general shutdown may be ordered overnight.

These new challenges come with opportunities of their own, and transformative leaders must have a steady yet firm hand on the tiller as they seek to steer their companies and their teams through the storm.

Several of the contributions in this book insist on the fact that technological innovation has accelerated the pace of change.

We have had far more change in the modern era than there has been throughout history. Change was happening at a faster and faster rate, but the pandemic has triggered radical acceleration of change. Looking at the changes that took place in the economy in the early part of 2020 will no doubt be a case study for students in the years to come.

Our modern and innovative economy rose to the challenge, and accelerated again. Change suddenly had to become instant: companies that were playing catch?up were having to make changes overnight. Even well?equipped and fully digital companies had to make adjustments.

Leaders no longer have the luxury of merely changing things. They must build a curious, proactive and resilient culture and seek out new opportunities before they even begin to arise. Reacting to a new development is already too late; a more innovative or nimble competitor will be taking the opportunity ahead of them.

One of the best weapons in the fight to stay ahead is investment in digitalisation, innovation, and people.

Knowledge needs to be unlocked and de-siloed, allowing innovation to spread throughout the organisation, and a fully digital working environment is an excellent way to achieve this. Not only is a modern digital workplace an optimally innovative workplace, it is also the most resilient.

Similarly, a fully digital customer experience will allow for constant and incremental improvements in the way a business operates, as well as allowing the business to interact with its customers regardless of sanitary restrictions. In our new post?coronavirus economy, this is just as true for an energy sector company running a network of physical infrastructure, or a logistics company as it is for a software company updating its key products.

Ultimately, people and the skills that they develop are the best growth vector for allowing innovation to flourish. Investment in people, the tools that they use, and a better digital organisation of the way in which they work, can pay extraordinary dividends, and keep the wheels of our companies turning when we are facing a significant international crisis.

The contributors to this work have their own personal approaches and styles, adapted to their experience and tailored to the companies and organisations that they lead, and they all combine different aspects of these factors in a unique way. Beyond their differences, they all share my passion for transformation, and they have all achieved great success in transforming a business in the twenty?first century. Their impact on their respective companies has been significant, and this book represents a fantastic and timely opportunity to learn from some of the most impactful business transformations of the first decades of the twenty?first century.

I would like to warmly thank them all again for this collective reflection on what constitutes a successful transformation and I hope our readers will have as much pleasure in reading this book as we found in compiling it.

Helmut Reisinger