There may appear to be so much rave about business transformation, but without a doubt, it’s for a credible cause. The rewards business transformation introduces when implemented right far outweigh whatever initial concerns might have existed prior. Granted a thorough business transformation is never an easy undertaking for any organization as it requires a major system, operation, and even structural change on one hand, and many times can be capital intensive on the other, but when properly executed, it is generously beneficial. In fact, it might be a company’s only path if it aims to increase profit.
In this article we look at four of the most profound rewards of business transformation to businesses:
Increased Operational Efficiency
Business transformation usually heralds a change in the operations of a business, where purpose it more defined and explained, the activities towards realizing the company’s mission are more targeted and precise. This then translates to increased efficiency in operational processes, as the entire team is fully abreast of their expected roles and have received the training requisite for their successful execution. Effective business transformation brings teams closer what with management and cultural transformations taking place, there is more room for open communication, less bureaucracy and more quality, quick decision making across board.
Increased Productivity
Furthermore, it is easier for businesses to minimise waste and maximise output, thus increasing productivity and stellar results. The workflow is more streamlined and less monotonous allowing room for more creativity. Meanwhile, digital technology replaces manual tasks and giving way for more productive use of human talent.
Higher ROI
With increased efficiency and productivity there is bound to be higher return on investment. Businesses are built to make profits, during the implementation of transformation models it might seem to weigh on company funds but in the long run the payback sets. As reported by the by the SAP Center for Business Insights and Oxford Economics:
- 80% of organizations that have completed digital transformation report increased profits.
- 85% say they have increased their market share.
- On average, leaders expect 23% higher revenue growth than competitors.
Improved Customer Experience
Satisfactory customer experience, CX, has identified to be one of the biggest drivers of sustainable business growth. A business undergoing transformation must prioritise its customers’ experience to see that their customers have more options, lower prices and faster service and delivery times, these points sets businesses apart in today’s world. Another customer experience pain point is data privacy, however, digital business transformation unleashes several tools that cushion that concern. Under business transformation, solutions are more tailored to meet customers’ needs and are more customer-centric.
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