Business transformation is a change management strategy which has the goal to align People, Process and Technology initiatives of a company more closely with its business strategy and vision. In return, this helps to support and innovate new business strategies.
For any transformation of a business or business processes, innovation is one of the major drives. Having a strong innovative capacity within the culture of the business can be the make or break of a transformation process.
The need for business transformation may be caused by external changes in the market such as an organisation’s products or services being out of date, funding or income streams being changed, new regulations coming into force or market competition becoming more intense. If you are looking for a transformation of your business, then there are a number of good business transformation consultants available in the UK who can help you innovate new business strategies.
Business transformation is achieved by one or more of- realigning the way the staff work, the core product or service portfolio of the business, how the organisation is structured and how technology is used. Generally, the organisations in transforming themselves go through the following stages:
- Understanding what the organisation is changing from and what needs to change in detail
- Designing the new organisational way of working and its support and management
- Recognising the need to change and gaining consensus amongst stakeholders that change is necessary.
- Agreeing what form the change should take, the objectives of the change and a vision that describes a better future
- Testing and implementing changes, usually in waves, typically over a number of years
- Bedding in the change so that the organisation cannot move back to how it was and achieves the intended benefits.
Business transformation can lead to developing new competencies and making better use of existing competencies.