Business transformation is a process that enables your business to attract more customers, gain more profit, and compete in the market across all KPIs. Business transformation can lead to developing new comparative advantages and making better use of existing ones. It is the opportunity to reconsider your business and operating models to deliver breakthrough output.
Several external and internal triggers put pressure on business to fundamentally transform in order to be able to match market trends and customer expectations. Today’s business environment is characterized by having multiple triggers for business transformation such as globalization, technology, changing cost structures, and regulatory complexities. Accordingly, business transformation is essential to increase efficiency and sustain progress and expansion in fast-paced markets.
Business transformation targets several aspects of a business simultaneously or independently. Changing systems, processes, people, or products are all different ways of business transformation. Business transformation may involve altering the whole organization or just a specific department, such as operations, human resources or finance. It consists of 3 main types; first, operational business transformation which aims to change the way operations are done in order to achieve greater efficiency and effectiveness; second, core transformation which involves fundamentally changing how operations are done; third, strategic business transformation which means changing the core of the company which might include the vision and mission.
Business transformation is a custom-made process based on each business current status and desired outcomes. We develop a unique business transformation strategy for each business based on our research to understand its strengthens, weaknesses and opportunities while taking into consideration the market and competition surrounding the business. We support and guide businesses during the process of business transformation to develop a map of opportunities starting from business model to operational structure in order to achieve desired enhancements in profitability, efficiency, and customer satisfaction.
Important questions to ask to decide whether your company needs business transformation or not:
- How is my business doing compared to competitors?
- Do you have a competitive advantage that allows you to attract more customers and compete?
- In the business current status, are there opportunities for expansion/growth?
- What are the challenges the company faces at the moment? And how are they being dealt with?