What is business transformation?
What is business transformation?

What is business transformation?

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Jun 14, 2023

In order to achieve full potential, companies must focus on new ways of working, new capabilities, and new technologies. Yet, enterprise-wide transformations are difficult to get right, with less than a third of transformations reaching their goals to improve organizational performance and sustain these improvements over time. 

Business transformation in emerging market economies is not just an opportunity, it is a necessity. It requires embracing change, adapting to new realities, and harnessing the untapped potential that lies within these dynamic markets. 

It is about seizing the moment to innovate, disrupt traditional models, and create sustainable growth. 

In this transformative journey, success comes to those who have the vision, agility, and courage to navigate uncertainty, unlock new opportunities, and shape the future of business in emerging markets. 

                                                                         Founder KOUé SOLUTIONS

Why begin a transformation program? 

Many companies turn to transformation to capture untapped potential or to realize gains in growth or efficiencies. These transformations are often digital transformations that require new investments in technology and tech-enabled processes. 

Companies undertake transformation to tackle urgent external challenges, industry discontinuities, or macroeconomic pressures. They may also adopt transformation methodologies to achieve broader strategic goals. 

Who’s involved in a transformation? 

A CEO helps a transformation succeed by communicating its significance, modeling the desired changes, building a strong top team, and getting personally involved. A chief transformation officer (CTO) is an extension of the CEO. 

McKinsey looked at data from 60 organizations that are at least two years into their transformations and found that transformations with at least 7 percent of employees owning part of the transformation deliver better total shareholder returns.

How do transformation leaders achieve their goals? 

A central transformation office (TO) helps to ensure that the overall program and specific work streams stay on track, and helps leaders to get help when faced with difficulties and to develop new skills. 

What makes transformations successful? 

According to a McKinsey Global Survey, three core actions are especially predictive of transformations that capture the most value: using an objective fact base to identify opportunities for improvement, communicating a compelling reason for why a transformation is necessary, and matching the company's best talent to its most crucial initiatives. 

McKinsey research shows that companies that have undergone successful transformations have made substantial changes to their annual business planning processes and review cycles. 

Financial incentives are one of the most effective tools to motivate employees, and a well-crafted program of nonfinancial incentives can create a higher level of energy and excitement across the organization and boost employees' discretionary efforts. 

Why do transformations fail? 

Several additional behaviors can put a transformation at risk, including declaring victory too early, not establishing clarity on resources, and failing to refine as they go. Leaders who invest in tangible changes to business-as-usual structures, processes, and systems can achieve transformation success. 


About the author

The transformation team is highly skilled professionals specializing in guiding and facilitating organizational transformations. With a deep understanding of change management, leadership development, and strategic planning, they possess the expertise to help organizations navigate complex transformational journeys. Committed to delivering impactful results, the team supports organizations in achieving their transformational objectives, fostering a culture of continuous improvement and resilience in the face of change.

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