Exploring Business Transformations and How it Translates to Accelerated Growth
It is said that change is inevitable, and every business existing today has a lot to benefit from not remaining as they are. To understand the ‘why’ we need to understand the ‘what’. So, what exactly is business transformation?
Business transformation is about making significant changes within a business. These significant changes can be around the company’s systems, processes, people and technology. It begins with identifying what needs to change and then strategically updating them from within and outside of the company in a focused way.
It is any and everything from changing the core essence of the company, to finding better ways of doing what your business is currently doing and doing it better and faster, and even finding new markets within an existing marketplace. In today’s business environment, transformation is essential. It’s transform or wither.
Business Transformation brings with it a lot of measurable improvements in efficiency, effectiveness and monetary gains. In understanding the reason why your business needs to transform, we would give you three reasons;
Newness and Freshness
One of the major benefits of transforming your business is to keep it new, fresh and consistently relevant in an everchanging marketplace. without this, it’s only matter of time before the Business loses value in the marketplace as new entrants are consistently entering the market and disrupting what was once normal.
Another reason for transformation is for pushing boundaries and trying new things. These new areas can either be venturing into new varieties of your current offering or improving on the quality of your existing products and services. It’s about continually looking at how to achieve better results for your business and those that your business serves.
Better Result and Efficiency
What if we told you that there’s a better way to increase your Business capacity and efficient? Buts that’s what a business transformation program does for your business – increase productivity and outcomes.
The process of Business Transformation begins by Analysing, that is, gaining insight into the internal and external state of your business. As it pertains to the external state, you need to understand your local environment, what works within the industry your business plays, what messaging resonates with audience and cultural segments, what is culturally acceptable among other things.
From an internal state, you’ll need to examine the business journey so far taking a look back, you’ll need insights concerning the current position of the business and a vision for the future you see in the business. The internal analysis takes into consideration leadership, business structure, employee and organizational capacity and capabilities, overall culture, among other things.