Rethinking your business is a radical step and it means that you have to change most or all elements of your business fundamentally. The business transformation includes a drastic change of process, data, metrics, organization, technology and functions. It is a big transformation for any business, can be time-consuming and expensive and may include many obstacles along the way.
It doesn’t matter if you were planning such a transformation or were forced to it because of a number of reasons. Such a change is still a big challenge, usually frowned upon, and brings a lot of risk to the table. So why even consider it? If you want to stay relevant, you have to adjust and adapt, and yes, that sometimes calls for drastic measures. Reasons for a business transformation are numerous.
Keeping up with trends
Shifting to digital ecosystems
Caused by disruptive innovations
Changes in the economy
Caused by unexpected events…
We are all very familiar with the last one. Unexpected events such as the Covid19 crisis made many businesses reconsider the way they operate and changed everything to the core. This meant redefining business goals and aligning all processes to achieve them. Ready or not, it was and still is a matter of survival for many businesses.
Right timing and Real-time analysis
Is an organization ever ready for such a change? Even with all the planning, it is a radical step, and will usually exceed all deadlines and resources and will be more than you had expected. Thanks to innovative technologies, machine learning, big data and cloud technology, the process of transformation is a bit easier. They help cut costs, reduce human error and boost productivity in such a complex process, and you will most definitely need all the help you can get. It also provides real-time data so that you can detect deviations early on and take adequate corrective measures.
Before you embark on such a journey, you need to get all available insights. That means reviewing, analyzing and evaluating each and every segment of your business, individually and as a whole. You must also secure a constant flow of information between you and your team and make sure that everybody is well-informed about the transformation and on board with it. Have in mind that people don’t like change, fear the unknown, and such a process can be emotionally challenging, so it is essential to keep them informed in order to make them feel more comfortable. A flow of information is essential for overcoming challenges as well as keeping track of progress and targets.
One thing is certain – it is not a one-man job. Besides the help from technology, you most certainly need help from your team members as well. It is a big cause of stress for everyone so you need to be each other’s support. You must take both internal and external stakeholders into consideration because everybody will be affected by the change. It is not something easily accepted overnight. Sometimes it will require a period of adjustment, additional training, time to get used to it as well as time for people to get engaged.
Are you ready for a business transformation?
Why make it more difficult when it’s already difficult enough. We at Innovation Cloud understand the effort and risk involved in such a strenuous transformation and are here to support your business. Let’s embark on the journey together and through innovations reach those goals you’ve set. Partner-up with Innovation Cloud!