Business transformation can vary from companies to companies. Some may view it as a major disruption to the business while others think that this is a passing phase that the business needs to go through. Whatever it takes, business transformation is often complex and requires a lot effort for it to succeed.
It is my privilege to share some of my insights on business transformation. I am a business and technical strategist armed with more than 15 years of experience in helping businesses to propel to a greater height. Being a serial entrepreneur and investor myself, I usually dissect a challenge into pieces and formulate solutions in various perspectives in order to help my clients to achieve desired results.
Below are my views on business transformation.
Transforming business to stay competitive
Businesses will have to evolve as the world is continually changing with various needs and requirements.
I view business transformation as changing the business to be more efficient and effective than ever to fulfill the increasing demands in a competitive environment.
By doing so, it should help companies to bring on board better systems, people, products, processes and technologies to enable fulfillment.
It’s all about digital, solution, and data
Business transformation should revolve around digital, solutions and data. These three core elements can be often adopted independently, but many companies deploy all three elements to increase value.
Applying new technologies can improve the customer experience. There must have deep understandings on what the modern customers want, and what technology to adopt to modernise the business models.
As for the solution, companies will need to focus on solving the customers’ challenges holistically and realign the parts around what the customers really desire. Companies can increase revenue by providing a comprehensive solution that serves the long-term needs of the customer.
Lastly, data can change the way companies make decisions. This allows companies to gain better information on customer experience and areas of improvement. Companies should create a data culture that relies on business intelligence rather than internal or anecdotal opinions to test what the customers want.
Personal challenges in transforming my business
The common challenges I faced when transforming my own businesses are often categorised into people and processes.
Many people that I have known are accustomed to the traditional ways of how things run. Their resistance to changes is high and they are not willing to unlearn processes that they are used to. This can be detrimental as it closes the door to many opportunities and new ways to improve the overall business.
Also, by taking risks to undo the processes or introduce new methods, this may disrupt the flow of delivering consistent results. This can be worrisome as the results may not be guaranteed and many stakeholders can be affected along the way.
Taking small steps
I usually recommend my clients try to make changes in different phases to get the buy-in from the management as well as the other levels of employees. Baby steps should be made and feedback must be gathered to allow the transition to be as seamless as possible.
It will also be viable for the company to employ the right people to inculcate the right mindset within the organisational culture. This promotes innovation which is essential for the transformation. More options can be explored to further modernise the whole business.
Business transformation may look different for every company but it is inevitable. The company must understand the current situations and adopt appropriate transformation strategies. This involves improving the processes, changing mindsets of personnel, managing data and incorporating technology to align and deliver the real value to the customers. Furthermore, the company can identify and leverage the strength to overcome the challenges ahead.
At BlackStorm Consulting, we guide our clients through their business transformation journey to ease the transition and ensure success. They can be motivated by several factors such as:
- Hindered by internal weaknesses, which can affect the company growth.
- Shield against external threats that can endanger the company.
- Personal interest such as building a family legacy.
- Urge to build higher barriers of entry to sustain a leading position in the market.
Paddy Tan is the co-founder of boutique growth consultancy firm BlackStorm Consulting.
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