Mark Cuban rightly said – “The only constant of a business is change”. But it is also true and stated many times in studies that 70% of business transformations lead to failure. However, proper planning, meticulous management and observance, and maintained timelines can contribute to a successful transformation.
While some businesses are continually focusing on their products and services to thrive in the hyper-competitive market, they may not be able to laser-focus on the skills required for a successful business transformation. For them, leveraging business transformation advisory is the best bet.
Through this blog, we would help you with 2 of 5 simple steps to ace the business transformation.
Step 1: Comprehensive Examination and Assessment of Current State
Having an overall understanding of the current state is essential to effectively navigate the transformation plan. The current condition or state assessment involves:
– Developing a deep understanding of the existing strategy
– Gauging first base or start lines for key performance areas
– Mapping major business workflows
– Defining present skill sets of the existing staff
– Outlining capabilities of digital technologies
Step 2: Formation of Organizational Strategy that Tunes Perfectly with the Company’s Macro Strategy
Understand the macro strategy of the company and develop an organizational strategy that would align the transformation process. Its major components should be:
– Mission statement defining the organizational purpose
– Vision statement outlining what company wants to become post-transformation
– Core values of the business that must be taken into consideration while transforming
– Guiding principles for the transformation execution
Conclusion:
The two above-mentioned steps can help you form the foundation for your business transformation. We would share the next 3 steps in the next part of this blog.
If you wish to accelerate your transformation, you can also avail the best business process transformation advisory services.
Hire Millennial Partners: The Industry’s Experts in Delivering Business Process Transformation Advisory Solutions
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.