When you consider some of the global businesses that have seen rapid growth in the past decade, many of these are following disruptive models rely on the gig economy and turn the way we traditionally considered running a business on its head.

But, what about organisations, large corporations, public sector bodies, charities and family-owned businesses that were set up decades ago? How can they continue to remain competitive and evolve when many of their systems, processes, and culture was set in place years ago? The buzzword in business these days is “business transformation” – and by this, we don’t just mean digital improvements, it’s about changing mindsets and putting people first to affect real change.

What is Business Transformation?

This strategy ensures that the absolute best processes and systems are being implemented within an organisation, in order to achieve measurable improvements in efficiency, effectiveness and, of course, satisfying shareholders.

Why Businesses need Business Transformation in 2019?

1. To direct the business in the way of a newly identified strategic goal

Often businesses find that they have a new strategic imperative through identifying customer or market needs, or through seeing a disrupter enter the market. To deliver on this they need to step change the business and so transformation in the organisation’s way of working as needed.

Introducing new systems can create friction within areas if not executed properly. To ensure positive growth to new organisational goals, a carefully thought out people-first strategy of business transformation must be introduced.

Our biggest and most renowned global corporates value innovation as a foundation for their strategies. Without pushing boundaries and trying new things, we wouldn’t have the amazing technology and infrastructure that we see around the world today. Imagine life without a smartphone, streaming video, or the gig economy?

Business transformation allows for businesses to continuously be looking at how to achieve better results not only for their own corporation but for the world.

3. To reduce costs where possible

It’s easy for antiquated and expensive systems to fall through the cracks of a company when transformation isn’t a priority. Businesses using outdated tech or systems could be slowing down work pace or costing more than its newer alternative. Cut costs for the future of your company by updating in the areas that can increase productivity and output. Ultimately, it should reduce staff turnover – morale will be low if the team is frustrated with slow systems that make their job more challenging than necessary. Listen to employee’s priorities, and see where business transformation can improve motivation.

Remember, cutting costs as the only strategy is not ideal; without team buy-in, it’s unlikely you will achieve real success that has longevity.

Why Business Transformation is Crucial

Business transformation isn’t just a 21st century buzzword, it’s a strategy that all CEOs globally need to embrace. Why? Because business transformation is about intent; identifying what needs to change and strategically updating from within in a focused way.

It can be daunting when reviewing systems implemented decades ago to start all over again, but if we don’t, we risk falling behind in the pack with a dwindling market share while competitors charge ahead with consistent updates and transformations.

With a business transformation plan that works effectively in your organisation, it can help drive lasting positive change in your people and their work through better leadership, strategy, and culture.

It’s important to think of business transformation as an evolving strategy – don’t implement a plan and then put it on a back burner for another decade. Take note of when your employees come to you asking for the budget to update their software or when they pitch the idea to overhaul your business processing technology.

Don’t be afraid to try something new with the possibility of altering the flow of work for the better and setting the precedent that your company is leading the way through business transformation.