Business Transformation is a change management strategy which has the aim to align People, Process and Technology initiatives of a company more closely with its business strategy and vision. In turn this helps to support and innovate new business strategies. For any transformation of a business or business processes innovation is one of the key drivers. Having a strong innovative capacity within the culture of the business can be a the make or brake of a transformation process.
Transformation a process that enables your business across all the Key Performance Indicator so that you can maintain your customers and outperform your competitors on an ongoing basis.
Transformation relies on implementation of effective market and stay-in-business strategies that attract more profitable customers in selected markets and lower operating costs.
How do you know you need to transform your business? Ask yourself:
- Are we reinvesting in opportunities the market evolves?
Is our performance superior to our major competitors?
Is our competitive advantage strong enough to leverage more customers and more business from existing customers?
If the answers to any or all of these issues are doubtful, you need to change your approach.
If you don't change, your competitors will change.