The Business Transformation Process is one of the new market trends that are making the rounds.
It can be defined as a much broader and comprehensive view of how to look at business processes. In fact, they are smart processes that should direct the business.
Process redesign and improvement occur at a much higher level, in that the very role of the business itself, its objectives and organizational goals are all questioned, and of course, the focus is on how to make processes smarter.
According to an article published by Forbes Magazine, there are 4 steps to deploy this new market trend successfully
The 4 Steps of the Business Transformation Process
1. Having the right strategic vision
It means being able to anticipate and know what customers will want in the future and to be able to adapt in the best possible way. With this focus, we must also determine the magnitude and complexity of the changes in the structure and process redesign.
One tip is to ask 3 questions:
- Will the transformation be large-scale or is a point re-positioning enough?
- Is your organization, in its current state, prepared for this type of Business Transformation Process?
- Will you need to transform the organization first, to then transform the business?
See more about strategy: Understand all stages of strategic planning processes.
2. Implementation will be the most difficult part of the Business Transformation Process
Just having the strategic vision is not enough, many companies, despite the correct view, fail to achieve the goals of the business transformation process because of a failure to perform. In a changing world, we must pay attention to a well-defined operating model to achieve effective transformation, including five key factors:
- Data Management
- Risk Management
Another fact to take into account is the help that big data analysis can bring in terms of predicting (instead of guessing) the wishes of customers.
3. The biggest challenge will be a leadership attached to the organization’s current success
Like all new market trends, a Business Transformation Process can bring doubts. It is essential that the company’s leadership understands that even with positive results, they still need to focus on the future and think ahead. Because if action is taken only after changes in consumer desires have already occurred, then it’s already too late!
4. When starting a business transformation process, have a full understanding of customers’ wishes
What are the new market and consumption trends going to be in the future? The focus should be on finding solutions to customer demand, not in developing products or services.
It is a summary of how to prepare for the Business Transformation Process.
To read the original article from Forbes, click here: 4 Steps To A Successful Business Transformation.
New market trends from Business Transformation Processes
By having an innovative philosophy and vision, Business Transformation has brought some trends into the market:
- The focus is on delivering value to the customer; profit is a consequence of this work.
- It is necessary that the functions and duties bring meaning to work, beyond “receive a salary.”
- The work environment should be harmonious and pleasant, focusing on people and favoring the emergence of talent and ideas.
- Look into the future and in the long run. Transform the business now to meet the demands that will come.
- Environmental and economic sustainability, not just words, but as a value that must be pursued without distortion.
- The customer expects more than products or services. They want to have a positive experience with your brand.
- Technology should be seen as a clever way to generate abundance and promote people’s access to information and knowledge.
- Leaders must have a conscious role in the search for more sustainable consumption and avoid depleting the planet’s resources.
- Promote the integration between production and consumption, convincing consumers, entrepreneurs and directors of its merits.