The Pillars For a Successful Business Transformation
Identifying solutions. Prioritizing execution. When talking about business transformation, people tend to look at where they are and where they want to be. What they forget is that what happens in between are the critical factors that impact their success.
You can have a good strategy. You can have a groundbreaking vision. You can also have the financial and resource means to put these plans into action. But fully understanding and managing the transformation process is the key to successful execution.
If your company is in the process of planning for 2021, or is in the middle of a current transformation program, “The Eight Pillars to a Successful Business Transformation” information below can serve as a guide to help you move from point A to point B.
Pillar #1: Gap Identification
To kick-off a transformation, you first need to identify what is lacking in an organization. This process is what I refer to as the Gap ID. It can be a performance gap, a product or market gap, a profit gap or a manpower gap.
Pillar #2: Strategy
Once you’ve identified the gaps, it’s time to jump into strategizing. This will serve as a framework to ensure that the solutions you plan to pursue is perfectly suited for your organization’s limitations, needs and goals.
Pillar #3: Strategic Initiatives
Pillar #4: Benefits
Pillar #5: Prioritization
Pillar #6: Roadmap
Pillar #7: Metrics Measurement
Pillar #8: Manage & Evaluate
Starting the transformation can be difficult, and actively managing the ongoing programs can be a much larger challenge. It is imperative that the company has the resources with the right skills to manage the initiatives. The business transformation office is charged with developing and managing the processes, resources and analytics of the overall program. It must also have leadership support to remove obstables that hinder its effectiveness. Transformation is not a one-time task. Constant assessment of how the company is faring is what will ensure the sustainability of the transformation’s benefits.
If you’d like a detailed explanation of each pillar, my book The Space Between Strategy and Execution: 8 Pillars to Successful Business Transformation is now available on Amazon!
It can serve as your guided journey through the process of Business Transformation, complete with overviews of the process, an in-depth analysis and discussion of the eight pillars, the common pitfalls, tips for success, journaling prompts and illustrative examples that you can apply to your own company’s reconstruction. Click here to order your copy.