by Steve Tuitt
Why Change ?
Disruptions in technology, changes in market conditions, more flexible and agile product/service delivery models, and world’s economic trends are forcing businesses to either reinvent themselves to succeed or fade away.
Major considerations that usually revolve around any transformation process studies suggest, are that business owners are always sensitive to two key factors, Staying in business and remaining profitable.
Nordic countries are reaping the benefits of new ways of working as has been seen in the television series screened this year about the LEGO group who challenge conventional business models and are transforming their business.
The Benefits of Business Transformation
Business transformation must add VALUE to the business and this is achieved by improving the longevity of the business. In the digital economy businesses must manage three key elements “people, process, and technology “ even more effectively. Business Transformation seeks to create improved capabilities for the business by aligning these elements with radically changed business visions and strategies, operational processes, working patterns and cultures, information and how it is used, to meet long term objectives i.e. the products or services that will make the business more competitive.
Competitiveness manifests itself through one or more improved capabilities:
- Enable the business to harness collaboration and higher levels of ownership to spur innovation, enhance growth, and drive dramatic improvements in productivity that increase revenues, reduce time to market and lead to better and faster development of products and services.
- Provide customers with radically improved products and service standards increasing their levels of satisfaction, loyalty and faith in the business.
- Reduce costs and improve processes, adapt faster, develop greater flexibility/agility resulting in a slimmer fitter business ready for up and coming opportunities and challenges both foreseen and unexpected.