5 Practical Steps For Optimizing Corporate Transformations
Corporate transformations have become the norm in today’s business world due to disruptive technologies, evolving customer behaviors, globalization, ongoing market changes, and other factors. However, despite companies’ best efforts, transformation efforts frequently fall short.
What enables a successful corporate transformation? Today, we take you through a list of simple, easy-to-do things that can help optimize your business’ transformation efforts.
1. Focus on the customer
A key characteristic that successful transformations share is a focus on shifting the mindsets and behaviors of stakeholders. Customers are among these stakeholders. Thus, efforts towards corporate transformation need to be customer-centric. By aligning their transformation efforts with customers’ expectations and demands, businesses can introduce relative changes that truly matter to customers, enrich the customer experience, and increase confidence their products or commerce solutions.
2. Employee engagement
The individual contributions of employees can predict whether a transformation will be successful or not. Hence, it is essential for companies to engage their employees throughout the transformation process. Some of the ways according to Capgemini to integrate employee engagement in the process include extensive communication, making the changes relevant to them, creating positivity, and celebrating and communicating success stories.
3. Develop a new strategy for revenue growth
According to a report by BCG, efforts towards corporate transformation cannot focus alone on short-term improvements in operations. Leaders are instead called to challenge current business model foundations and develop a new strategy or vision for growth and then commit to seeing it through.
4. Develop formalized, public transformation programs
The BCG report also recommends the development of a transformation program that is formalized and publicly announced. Such transformation programs can increase the odds of transformation success in the short and long run. These programs have been shown to boost investor confidence and lead to sustainable improvements in the business. However, it should be noted that transformation programs are recommended to stretch the transformation process over at least five years to increase the effectiveness of the program.
5. Adaptive, extensive communication
Proactively and extensively communicating to all stakeholders in ways based on how they currently consume information can help shape critical decisions for the transformation process.
Is your business in the midst of a corporate transformation? What tactics have you turned to execute your transformation efforts successfully? Share them in the comments section below!
