In a world of constant disruption and turbulence, the term ‘business transformation’ becomes a known phrase to companies looking to keep up with competition and drive sustained growth. Across the business spectrum, companies are constantly faced with a combination of triggers that force strategic rethinking, from technology platform updates and regulation, to globalisation and geopolitics. Companies need to adapt to survive and thrive as the market evolves. Incremental improvements are not enough, and a successful firm needs to have agile reinvention.
But these projects are a huge undertaking for companies, requiring the right thinking from the beginning through to alignment across various company functions and a defined process for managing the improvements through to completion. So, knowing how to lead this in the right way is a crucial factor for ensuring that the transformation is formed in the right direction and made possible.
We asked experienced transformation Consultant, Stephen McCormac his view on leading a business transformation project and how to make it a success
Stephen McCormac has worked in business transformation and technology for over 20 years. He currently works as a freelance consultant to help clients drive positive change in their businesses. His focus is on shaping and leading business change and technology programmes that deliver real business value.
The impact of Covid-19 and view on transformation projects
Today, the impact of Covid-19 is forcing transformation and change considerations for businesses to adapt, survive and thrive. In a particulary volatile global situation with many of these ‘triggers’ involved, it’s all the more important to navigate this undertaking in the right way.
Stephen shared three key considerations that Covis-19 is having on starting and managing a transformation project.
Innovation: This is being driven by a need to ensure that businesses can still deliver to their customers. Some firms are ensuring they listen carefully to innovative ideas from all stakeholders including suppliers, customers as well as the workforce so that the best ideas come to the fore.
Financial constraints: These constraints caused by the Covid-19 pandemic are forcing some firms to reprioritise their investments in transformation. There is now a focus on delivering only those programmes that are critical to the business with other less important programmes being either for paused for now or fully shut down.
Adapting business models: These models are adapting at pace as companies have been forced to rapidly change to ensure they can still provide value to their customers. High levels of absenteeism, the unavailability of offshore outsourcing centres and mandatory working from home have forced firms to ensure they can provide basic customer service. Examples include rapid digitisation, extensive hiring of temporary workers and the rapid set up of alternative supply chains.
Now, more than ever, businesses need to tap into the right resource and expertise to plug skills gaps and get valuable answers to strategic questions – find out more about how we can help with your permanent hiring or project requirements.
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