Do you want to find new ways to increase your company’s revenue? The business transformation could be the answer. Reimagining processes, intelligent investments in technology and leveraging data analytics can help your business unlock untapped avenues for growth. It’s a complex undertaking that takes time and resources, but the potential returns are well worth it. In this blog post, I’ll discuss how implementing changes through transformation can give organisations an edge over their competition and open up doors to long-term sustainability.
If a company’s capabilities, culture and customer base stay the same, it will eventually become a victim of its success.
If a company’s capabilities, culture and customer base stay the same, it will eventually become a victim of its success. The example of Kodak is often cited as an example of this phenomenon. In the 1980s and 1990s, Kodak was so dominant that its name became synonymous with photography – but it failed to keep up with changes in technology and consumer behaviour, which led to its bankruptcy in 2012.
Many businesses fail because they don’t adapt quickly enough: according to research by Deloitte, more than half (54%) of US executives believe their organisations are not making fast enough progress towards digital transformation goals such as automation/robotics adoption or AI/machine learning adoption (Deloitte Global Human Capital Trends 2019).
Companies need to focus on growth rather than cost reduction because it enables them to deliver more value to customers.
Companies must focus on growth rather than cost reduction to unlock new revenue streams. Cost reduction is a short-term strategy that can be used as a stopgap while you wait for revenue growth initiatives to take hold. However, it’s not an effective long-term strategy because it needs to address the underlying issue: the lack of value delivered to customers.
Instead of focusing on cost-cutting measures, companies should create new sources of value through business innovation and transformation (BIT). BIT enables organisations to adapt faster than their competitors by focusing their efforts on areas where they have unique expertise or experience–for example, using big data analytics for customer segmentation instead of relying solely on demographic information like age and gender to target ads more effectively across multiple channels like social media platforms or search engines such as Google Search Engine Results Pages (SERPs).
The new capabilities that companies want are increasingly complex and require an agile workforce with the right skills.
Companies need to transform their business models and processes to meet the demands of a rapidly changing marketplace to succeed in the new economy. In addition, the new capabilities that companies want are increasingly complex and require an agile workforce with the right skills.
- A skilled workforce: The most successful organisations will have employees who are empowered to solve problems, make decisions and adapt quickly based on real-time data analytics or machine learning algorithms — not just those who can follow instructions from above.
- A flexible workforce: The best organisations will be able to deploy resources where they’re needed most at any given time–whether it’s an IT specialist in India working remotely onsite at headquarters or vice versa, designers collaborating online with marketing teams in different countries around the world; engineers testing prototypes via augmented reality headsets while sitting next door rather than across town in another building entirely
A transformation can help you adapt your business to meet new challenges and opportunities in a rapidly changing environment.
Transformation is a long-term process, not a destination. It’s about changing the way you work and thinks about your business. You can achieve transformation by making incremental changes over time, which can be challenging to sustain because it requires constant effort and focuses.
You may want to consider a transformation if:
- Your company has been around for a while and is facing new challenges or opportunities in its market environment (e.g., competitors entering or exiting)
- Your industry is experiencing rapid change due to technological advances (e.g., mobile devices)
Bottom Line
Business transformation is not a simple task, and it’s not something that can be done overnight. Instead, it’s a long-term process that requires commitment, patience and willingness to change. But it has proven its value by helping companies adapt to new challenges and opportunities in a rapidly changing environment.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, and ensure business continuity irrespective of the business climate.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com
