In order for businesses to remain ahead of an ever-changing market and meet rapidly evolving customer demands, they must effectively plan and execute transformational initiatives to create breakout growth and sustainable market leadership.
This leads to understand that transformation is a strategic business imperative that may yield a significant improvement in the business performance.
While the vast majority of executives (86%) said that business transformation is necessary for continued success, many are struggling with it.
The study reveals that 1 in every 5 respondents felt that their attempts in transformation had failed; and 3 in 5 have not yet attempted a transformation.
Overall findings from the study include
Continuous transformation is crucial to staying ahead of the curve but many business leaders say their organization is ready yet.
Nearly half (48%) of the executives believe their organizations are only somewhat or not at all prepared to successfully execute a business transformation.
It’s not just about efficiency, it’s about innovation.
Global executives say that changes in the client expectations and technology advances are key drivers for business transformation recently, followed by the shifting competitive landscape.
Execution can make or break it.
The top reasons for successful initiatives include the support from leadership (51 %) as well as the strong and competent execution (48 percent).
The key to executing a successful business transformation is a clear understanding of financial reality.
Executives rated a balanced scorecard showed that key metrics and achievement towards goals (46%) as the top most critical capabilities to a successful transformation execution.
The failure to anticipate and account for risk can quickly derail a business transformation.
Top challenges to successful business transformation are related to the ability of the organization to accurately account for, predict and build risk contingency plans.
The Business Transformation Team helps our customers manage the investment they made to drive their business more efficiently, grow their revenue and increase margins.
Reduce sales cycle times.
Improve competitiveness and conversion rates.
Reduce solution implementation costs.
Increase customer satisfaction.