Realize the Impact of Business Transformation
Business transformation is more than just a leading topic discussed within c-suite meetings and business school lectures. Its importance to a company’s success is real. A business transformation consultant is a resource to leaders as they traverse through uncertainty, competition, and reach for sustainable growth.
Organizations that survive – and thrive – in today’s ever-changing rapid climate, are the ones that build capabilities to adapt to disruption. A business transformation strategy can help an organization maximize its full potential.
What is Business Transformation?
Articulating the definition of business transformation can be a bit tricky. There are many interpretations. And understanding what it means, its importance, and the role in your business can seem like trying to catch fireflies – you keep grasping in the air, yet it’s just out of reach.
But first, what is it not? Business transformation is not something done to an organization. It is not a one-and-done singular activity. It’s not just about a commitment to innovation, or embracing new technology, or improving process efficiency. Although all efforts are to be applauded, it’s all these endeavors – and more – that positively transform a business.
Business transformation is also not synonymous with change management. This is commonly confused.
Change management can involve organizational changes, implementing new technology or systems, adding a new employee training and development program, likely including a Learning Management System. Change management can also include cultural change, strategic planning, and new initiatives that will take the business in new directions.
Change management initiatives are most successful when attention is given to employee buy-in and understanding of the changes. Consistent communications about the changes, and how they impact everyone, significantly helps employee engagement and supports adoption of changes.
Arguably, all aspects of change management also apply to business transformation. However, the differences lie in how the change or transformation touches the entire organization. Change initiatives may be specific, with predictable outcomes. However, business transformation cuts across the entire organization, impacting it as an entire unit.
Business transformation is about significant change, with an eye towards the organization’s future. Yes, business transformation is unpredictable and comes with greater risk. However, the yields are greater – and a requirement to compete in today’s global, tech-infused, competitive economy.
So yes, business transformation is a big deal. And it’s necessary. Small and mid-size businesses can often experience greater seismic shifts with a transformation, as it swiftly impacts all areas of the business.
People, Process, and Communication
As a business transformation consulting firm, we believe a comprehensive business transformation strategy is imperative for organizations to achieve growth and sustainability. Our method is foundational and built around three key pillars: People, Process, and Communication.
- It is an inclusive commitment across the entire organization to develop and train your people, from leadership to front-line workers.
- Transformation hinges on the ability of the business to continuously improve processes across all workstreams. Process improvement efforts must be documented and based on measurable results.
- A commitment to communication efficiency can transcend an organization. In a structured flow of vertical and cross-functional information, decisions are timely, problems are solved sooner, and employees at all levels of the organization are regularly informed.
Digital and technology also plays a key role in business transformation. However, the right technology selection, implementation, training, and adoption is critical to an organization’s strategic success.
An organization integrated around the strength of people, process, and communication will be adept at adjusting to disruption. Likewise, they are poised to be nimble and efficient to seize strategic transformation for growth and longevity.
Types of Business Transformation
In today’s economy, more than ever, organizations must emphasize the need for agility, speed, and adeptness to make smart and timely business decisions. Leaders should focus on improving business processes across the entire organization. Business processes most often travel across workstreams and business units. Therefore, it’s important to improve processes in a holistic scope.
Business process transformation is often linked and initiated from the need to improve an organization’s digital and technology capabilities. However, adding new technology on top of existing poor processes is a recipe for disaster.
Transform your business processes first. It is much more seamless to roll in the new technology with updated efficient processes. As a result, you will avoid time delays, budget overruns, and headaches. A business process transformation will improve efficiency, reduce costs, and enable growth.
Digital & Technology
Businesses and consumers continue to experience a massive wave of technological growth. As businesses, how fast we adapt to new technologies will determine our rank among competitors. As well, our efforts in a digital and technology transformation will determine success in attracting and retaining both customers and employees.
Some areas that can involve an organization’s digital and technology transformation:
Information Technology – How many organizations still rely on antiquated legacy systems within their infrastructure? The move to new cloud-based technology will add significant speed to how customers interact with products and services and how employees work.
Customer Experience – Customers today expect a digital-first experience accessible how and when they shop and work. Businesses will need to continually incorporate new technology in products and services to meet customers’ expectations and best the competition.
Internet of Things (IoT) – IoT’s role in digital and technology transformation is just scratching the surface. Yet, the evolution of IoT and its role in connectivity and digitization will grow exponentially. IoT allows nearly every devise to connect and communicate with other devises either directly or via the Internet. This continued development of IoT will advance business processes, communication with customers, and collect a tremendous amount of data.
Data & Information – Data is foundational to digital and technology transformation. Every interaction with customers, providers, and across the business generates huge amounts of data. So, what is done with all that data? Many business leaders use data to evaluate progress and what has occurred.
However, the volume of data and ability to analyze it, provides predictive data in real-time. This gives leaders the power to make smart, data-driven decisions – and pivot accordingly.
Organizational & Cultural
Business transformation that addresses a company’s organization and culture tackle its greatest resource – its people. It’s why of our three pillars – People, Process, Communication – People sits firmly first in line.
Organizational transformation involves assessing where a business is now and identifying where they want to go. Leaders can identify staffing needs, training opportunities, shifts in structure, and use of technology, among other strategies. It’s important for an organization to position itself to function better to meet the needs of today’s tech-forward economy.
A successful cultural transformation can be elusive to many businesses. As well, it is probably the hardest business transformation. This can be even more difficult as organizations transition to a more digital and technological environment.
Cultural transformation often occurs organically, yet can be initiated when the right People, Processes, and Communications are aligned. Changes to an organization’s culture often hinge on the existing strength of employee engagement.
At RTG Solutions Group, a business transformation consultant can assist your organization at any stage of your transformation journey.
Realize the Benefits of Business Transformation
As a business leader, taking on a business transformation can feel insurmountable. It also exhibits an air of risk and uncertainty.
You may ask yourself and team: “Is it worth the effort? Do we risk the disruption to the organization and expense?” However, the risk is not transforming the business. A commitment to streamline processes, embrace digital and technology, and give attention to organizational and cultural advancements is the only way to position the company for success in today’s competitive environment.
There are numerous benefits to a business transformation.
- Increase business efficiency and productivity
- Increase bottom line revenue
- Show ROI on transformation initiatives
- Enhance customer engagement
- Boost workforce innovation
- Develop valuable insights and metrics to the business from data gathered
- Attract top talent
Develop your Business Transformation Strategy
An effective business transformation means your organization can survive – and thrive – in today’s complex marketplace. A business transformation positions a company to be responsive to shifting market demands. And when you want to pursue innovation-driven opportunities – you’re ready!
But – you must know how to get where you want to go. You’ve got to have a business transformation strategy. And a business transformation consultant can help get you there!
Business transformations are bold, seismic shifts to an organization. So, it’s critical to have a plan and path forward. A business transformation consultant can help guide your team on streamlining processes and identify and implement new technology.
Business transformation doesn’t happen to just one area of the business. Its scope is purposeful to touch every segment of the business, right through to your customers. Therefore, integration and planning across units should knockdown silos and “this is the way we’ve always done it” mentalities. The entire organization is in this transformation together!
As part of your business transformation strategy, it’s critical to establish baseline measurements that will be impacted by the transformation. To accurately evaluate the journey and results, you must document where things currently stand.
Map the current business processes and identify data metrics to monitor and evaluate key stages in the transformation. When heading out on a journey – you must know where you start!
RTG Solutions Group: Your Business Transformation Consultant
True business transformation is what happens when a business can modify how they operate at their very core. The impact of transformational change actually alters an organization’s DNA. And it this type of significant change that is required in today’s uncertain economic climate. Even for organizations that are prospering and dominating their industries, business transformation is essential for surviving disruption.A
A business transformation consultant will guide you through the tough strategic analysis and decisions. Yet, beyond outlining what transformation needs to be done, we work with you to implement the changes.
This is what makes our team different. We rebuild your capabilities and teach you the People – Process – Communication approach. We elevate all areas of your business to increase financial performance and sustain the organization for years ahead.
If your organization is struggling in areas of your businesses, or want to position it for growth, the RTG Solutions Group team is here. Highly competitive market conditions and the need to adapt to new technologies are going to impact how you do business now. The ability to adapt and how you respond to disruption will determine your organizations success or failure. Contact us today.