Business Transformation
Top C-Suite Considerations for Holistic Business Transformation
A steady stream of events periodically forces organizations to rethink the value they deliver. Such events could be the introduction of new regulations, a shift in technology, or changes in customer preferences brought about by globalization. No matter what propels organizations forward, business transformation is the key to survival. Now, a transformation could take different forms depending on the leader executing it. It could be a drastic overhaul of a business model or a change in processes or functional areas to solve the same problem efficiently. In either case, it is important to craft the right strategy knowing that it impacts an organization’s survival in the long term.
So, what is the right approach to picking a transformation model?
Business Transformation Models
Most transformation efforts fall into two broad categories- operational and portfolio initiatives. In the first category, business leaders work on increasing profit margins, improving the efficiency of daily operations, and solving perceived customer problems. While the risk factor is significantly lower in this case, it is still an essential focus area for organizations.
The second category of initiatives comes with a greater element of risk since the goal is to transform the value of a business. Typical measures in this category include building capability through timely acquisitions, allocating resources to critical projects, and investments in large-scale projects. For example, for a car manufacturer, a significant project could be the decision to expand its production capabilities across regions.
While it is tempting to hone in on one area, it is prudent to tackle a combination of initiatives to see sustained results from transformation.
Success Factors for Business Transformation
While transformation can be a long process, there are measures you can implement to ensure that your organization is staying on the right path.
The Power of a Shared Vision:
The expected values from transformation must be communicated across the organization with defined & measurable objectives. A shared vision and ownership help an organization present a unified front to clients.Embracing a Customer-Experience viewpoint:
The focus of any transformation initiative should be to improve the customer experience. Good employee experience, in turn, impacts the type of service that gets extended to external customers.Implementing a Culture of Learning:
Fostering a culture of learning equips employees with the right skills to take on any transformation project. From AI, digital technologies, and tools, the opportunities to upskill are numerous. However, it is vital to decide on outsourcing a process when the importance of focusing on core functions outweighs the cost of acquiring/ training the required skill-set.Implementing a Culture of Learning:
Fostering a culture of learning equips employees with the right skills to take on any transformation project. From AI, digital technologies, and tools, the opportunities to upskill are numerous. However, it is vital to decide on outsourcing a process when the importance of focusing on core functions outweighs the cost of acquiring/ training the required skill-set.Forming Unbiased Business Perspectives:
As appealing as it is to get onto the transformation bandwagon, pitfalls occur when differences in opinion arise over the selection of transformation projects. Remove the guesswork with informed decisions based on data and the involvement of all stakeholders. With a value assessment and operational diagnostics, the result is a clear picture of an organization’s performance and process benchmarked against industry standards.
How Infosys BPM helps with Transformation Strategies
Infosys BPM’s Business Transformation Services delivers solutions in the areas of digital process re-engineering and global business services. With a holistic set of tools and techniques, the process, value chain, customer journey, and performance — in comparison with industry standards — can be mapped to depict the current state of an organization.
Next, we recommend solutions for process improvements, automation projects, and clear definitions of business outcomes based on proven methodologies. Our aim is to help clients chart the right course to transformation with a focus on delivering superior customer experiences.
