BUSINESS TRANSFORMATION
Embracing Change: The Role of Business Transformation in Modern Organisations
For a business to succeed and thrive in the long term, it must evolve with the times and adapt to changing conditions. Today’s world is moving towards widespread digitisation, with technological innovations such as automation, artificial intelligence, and machine learning becoming more and more mainstream. Organisations must keep up with these new-age developments to remain relevant and competitive. The only surefire way to succeed and grow in today’s fast-paced world is to craft a comprehensive business transformation strategy. This blog will highlight the key benefits of undergoing such a transformation, as well as the steps that must be taken to ensure a successful and seamless modernisation.
What is business transformation?
The term business transformation refers to the reworking of an organisation’s processes, technology, strategies, and culture in an effort to adapt to evolving market conditions, advancements in technology, or other changes in the business environment. The overarching goals of business transformation are to boost competitiveness, create new values, improve customer satisfaction, cut costs, and ensure long-term success for the organisation.
Business transformation benefits
Undergoing a thorough business transformation can be a complicated process that, when done right, brings with it several advantages. Below are the chief benefits of having a well-thought-out business transformation strategy in place.
Increased productivity
Contemporary digital technologies can boost business performance and maximise output. Technologies such as automated production processes and data analytics can help streamline supply chains and accurately predict the demand for raw materials, thus minimising waste.
Better efficiency
Current integrated technologies can greatly simplify various business processes, while modern data analytics can provide useful insights to drive strategic decisions.
Improved ROI
Improved productivity and efficiency translate to a better ROI. While the investment to modernise and transform a business can be considerable, you can expect your new digitised systems to start paying for themselves after about five years.
Greater sustainability
Adopting modern technologies makes it possible to monitor and better manage energy usage. Employing sustainable practices is an excellent way for an organisation to do its bit for the environment and also improve its public image.
More safety
Using technologies like robotic process automation, machine learning, and artificial intelligence not only ensures better precision and control across various processes but also keeps employees out of harm's way by letting machines take on hazardous tasks.
Stages of a sound business transformation
An organisation-wide business transformation is a complex process that involves several steps at various levels of the organisation. This section will go over the most crucial stages of the process.
Strategy
The first step in executing a business transformation is taking stock of the current state of the organisation and creating a roadmap for the future in the form of a business transformation strategy. This strategy lays out what you wish to achieve with the transition and forms the basis for all future decisions relevant to the transformation.
Assign leadership roles
It is important to assign a team lead or director to oversee the entire business transformation process and ensure that all decisions are in line with the established strategy and goals. Senior management personnel or board members can take on this role.
Scoping and planning
The next stage in a business transformation strategy should be to ascertain the various processes and systems within the organisation that will be directly affected by the transition. This step helps with framing appropriate budgets and timeframes for the various sub-projects within the transformation.
Setting up program management teams
The established program director must establish governance over the transformation process by appointing managers to oversee the transition process across various departments such as accounting, IT, and HR. It is the responsibility of these managers to ensure that the business transformation proceeds according to schedule.
Strengthen resources
Your organisation’s existing team may not be capable of managing the entire business transformation process. This is why it is important to recruit established experts to work closely with the program director and department managers to ensure a seamless transition.
Execution
Even though you may have everything in place, it may take a considerable amount of time to reach the execution stage of the business transformation. In fact, large organisations may take months or even years to successfully complete the transition. Constant re-evaluation of the overall business transformation strategy is necessary to ensure that the process is always on track.
Integration
The final phase in the business transformation is integrating the changes into the everyday workings of the organisation. Employees will need to be trained on the new systems and methodologies and will require dedicated support during this stage.
For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
How Infosys BPM can help?
Creating a successful business transformation strategy can be extremely challenging and time-consuming. The Infosys BPM business transformation services can help simplify the entire process by taking into account your business’s specific issues and employing a host of tools and techniques to ensure a seamless transition. Reach out to know more about how Infosys BPM can guide your organisation through the transformation process.
