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Business transformations are meant to improve the overall performance of a company by ensuring better workforce productivity, improved customer satisfaction, lower operating expenses and higher revenue. Without transformation, many businesses can be at a risk of becoming irrelevant in the fast changing landscape of today. Earlier, Anand Jayapalan had spoken about how regardless of the industry a company may operate in, it has to transform with time to survive and thrive in the evolving business environment.
Both internal and external factors can trigger a business transformation. Internal changes can range from the founder retiring from the company with a successor to new products being developed by the business. On the other hand, external changes can include new regulations or changes in the income streams of the company.
Business transformation typically involves making fundamental changes to how a company operates. These changes can involve modifying and improving operating models, customer experience, business culture, disruptive technologies and more, depending on the type of business transformation. The most common type of business transformations are:
- Organizational transformation: This involves restructuring the mode of operation and professional practice of a company, thereby facilitating entirely new business models and operational processes.
- Management transformation: This transformation process involves rethinking or even disrupting hierarchical means of management for the purpose of enabling efficient, goal-oriented operations.
- Cultural transformation: This transformation process can alter the way of thinking, organizing, attitudes and even mission goals of a company, so that it can effectively align with changing needs and customer expectations.
- Information systems transformation: Such a transformation process closely relates to digital transformation strategy and enhancing digital capabilities.
- Business process transformation: This type of transformation helps boost efficiency by redirecting manual-based systems or other processes in need of streamlined change.
Business transformation today is often majorly dependent on complex business models and disruptive technologies. However, even though these features are likely to be aspects of change, the most fundamental elements of business transformation come down to people, processes, and technology.
- People include business leaders, customers, employees, advisors and other stakeholder who realize the need for change as well as try to plan out and create change.
- Processes basically involve the building blocks or steps required to achieve transformation success and plan out operational processes leading toward a certain goal.
- Technology is widely used for realizing the elements of digital transformation, as it can be quite helpful in improving efficiency and broadening the scope of the services and capabilities of a company.
Implementing change within a business, guided by a structured framework, is a fundamental business process and a crucial factor in driving transformation. Utilizing a business transformation framework entails a systematic and well-planned approach to instigate change, whether it pertains to digital capabilities, customer experience, management teams, or any other aspect of the business.
The foundational framework typically comprises identifying the issue or the necessity for change, formulating a strategy and clear objectives for business transformation to facilitate the desired change, and subsequently executing the devised plan. Earlier, Anand Jayapalan had mentioned that neglecting the adherence to a proper framework often is a major obstacle to the success of a business transformation process.