Major drivers of Business Transformation
In the previous post, we have covered the basics of business transformation along with examples of prominent companies that have turned around their businesses and become profitable.
In this blog, let us dive deep and understand the major drivers of Business Transformation.
Consolidation of teams & applications to remove redundancies and achieve efficiency
As technology advances, businesses are looking for ways to leverage new opportunities to improve their business, whether it’s a move to a cloud-based system, or automating certain processes. UPI adoption in India is another significant technology change that is worth highlighting. The availability of high-speed internet, intuitive technology, and affordable smartphones have contributed to the wide-scale adoption of UPI apps
New business leadership
A new leadership team might want to make changes to the current organization, to match their preferred ways of working or implement a new strategy or goal they want the business to focus on
COVID-19 is a great example of how nature can disrupt businesses and day-to-day life. Many businesses have reinvented themselves to survive in the market and be profitable, whoever couldn’t do it has perished
If an organization’s goals and objectives are not being met, they may be triggered to find more efficient ways of working. This may involve assessing processes and removing duplicate activities, a change to organizational structure or teams, or a digital transformation with the integration of new technology.
High costs or a need for cost savings may trigger a change within an organization to reduce outgoings, whether in certain areas or across the business.
Slow/Lack of business growth
Current operations may not be allowing a company the time and resources to focus on innovation and growing the business, as was the case for General Motors
Merger or acquisition
When organizations with different approaches and cultures come together, it’s complex. Assets and activities need to be merged, for example, IT systems, finance functions, premises, sales, and marketing.
Low customer satisfaction or Poor Customer Engagement
If current customers are not happy and retention rates are low, an organization may seek to identify ways to adapt their business, so they are better able to meet customer needs.
Rising customer expectations
The need for business transformation may be driven by a need to meet increasing customer expectations, for responsiveness, speed, or customization, for instance.
A change in the political climate, for example, Brexit, or a new policy or regulation that impacts the business, may trigger a need for change within an organization.
Now that we have understood the major drivers of Business Transformation, let’s delve into How to implement/drive business transformation in the next blog.
But before we move on, please share with us any other factors not listed above but are driving the need for business transformation.
Also, if you have any feedback or suggestions, please feel free to email us email@example.com