With the advent of Industry 4.0 many industry sectors have undergone a digital transformation already.
Starting from large Banks to Digital Marketing Agencies, all sectors have undergone some kind of digital transformation over the past decade.
With the advancements in technology and digital infrastructure, more companies are moving into the digital space.
The concept of remote work and working from home are becoming more common and an industry norm for many sectors like information technology.
Implementing Business Process Transformation in Organizations
Companies of today’s generation must be capable enough to execute business with high productivity through remote operations to reduce overhead costs.
Implementing a robust business Transformation Process will help achieve long term sustainability even in worst-case scenarios like natural disasters, cyberattacks, and Virus Outbreaks.
Changing Perspectives and Remote Working
Development markets and business centers such as Singapore, Shanghai, Dubai, London, etc., are witnessing a hike in the Commercial Property Market due to excessive demand and growth in economic activities.
Start-up companies in these regions mostly operate the online-only model. Many successful ventures have a very limited physical asset like a large office, meeting room, in-house IT systems, and support.
Business Transformation – A Must Have to Achieve Sustainability
Most of the services required for a start-up to function are outsourced and only the core business rests with themselves. The world is changing fast and organizations must keep track of all changes to find new opportunities.
Studies suggest only 16% agree digital transformations have successfully improved performance and achieve sustainability.
Lack of employee communication, engagement, and alignment with the new goals are key reasons for the high failure rate.
What is Business Transformation?
Business Transformation is all about identifying and utilizing new techniques, processes, and technologies to the full potential.
The Business Transformation aims to achieve high market share, increase revenue, and customer satisfaction
6 Steps to Succeed while Implementing Business Transformation in your Organization
1. Evaluate your Current Business Situation
Identify the areas in the current workflow process that requires transformation. It is a very crucial exercise and it determines the scope of transformation required.
Also analyze various business units, operational processes, procedures, policies, etc., and develop the scope for transformation.
2. Collaborate with Employees and Top Management
Business Transformations often require additional budgets and employee collaboration for its success.
Align employees’ goals towards business transformation. Employees need to be well informed and aware of the processes.
3. Employee Engagement
Employee Engagement is very crucial for the success of the Business Transformation Process.
Empower employees with what is going on in your organization before, during, and after the process implementations.
Daily company conversations must be initiated in the lines of process optimizations.
4. Well-Defined Communication Strategy
A proper Communication Strategy must be in place to deliver clear and constant communication with all the employees across business units.
Efficient communication will ensure everyone is in the loop and helps employees to better understand their roles and responsibilities.
5. Team Collaboration and Monitoring
Clear goals and communicating it among the team is an important aspect of business transformation.
Teams must be aware of their performance parameters and must set goals to motivate team members.
For Business Transformation projects to get implemented successfully, a sense of urgency needs to be created among employees and the larger team.
Any fear of uncertainty must be eliminated through the efficient communication system and team managers.
6. Identify and Curb the Skill Gap at your Organisation
By collaborating with all the business units and teams, the organization must identify and curb all the skills gaps.
During the transformation process, most of the organizations fail at this stage, there is should not be any areas in the process where there is a skill gap.
Invest in people and new skill development during the transformation process to ensure the system is 100% seamless and employee-friendly.
Trends in Business Transformation
Digital advancements will enhance the organization’s productivity to new heights. There are tremendous opportunities in the digital world to transform organizations.
1. Adoption to the Internet of Things (IoT)
The Internet of Things (IoT) is empowering smart cities, Banks, Hospitals, etc.
The IoT data along with predictive analytics is transforming the business operations in many industry sectors like retail, shipping, healthcare, etc.
Businesses are depending more on Artificial Intelligence (AI) and other technologies to enhance business productivity.
2. Advancements in Communication
The digital communication is becoming more advanced with the onset of 5G and high-speed Wi-Fi systems.
The faster broadband speed and communication will accelerate advancements in smart city projects, smart vehicles, smart manufacturing, etc. It will take business transformations to new levels.
3. Analytics and Business Productivity
Now more companies started using analytics powered systems to track customer buying patterns, identify business problems, operational efficiency, etc.
Analytics has become a must-have and important part of businesses today. It helps to make informed decisions and improve cost savings.
It gives organizations a broader picture and provides information that was not available before easily through sophisticated systems.
4. User Experience and Customer Satisfaction
User Experience and delivering Customer Satisfaction through digital transformation has become a norm in this 21st century.
Brands are investing in user experience extensively and learning customer preferences to create products and services that will deliver exceptional customer experience and satisfaction.
5. Remote Consulting
Remote Consulting is a new trend in the business transformation process. More organizations are opting for remote working as part of cost-cutting and operational requirements.
Remote Consulting has become mainstream. With the level of technology and solutions in place, teams can collaborate remotely and achieve business productivity and improve efficiency.
Now more companies are transforming their business operations to enable remote working.
In unprecedented situations such as Virus Outbreak or any Natural Calamity, the business operations process must be robust enough to mitigate any risks associated with productivity and sail through the difficult times.
To know more about Business Transformation and Business Continuity Strategies, reach out to our experts!
Contact: Aurion Business Consultants