With the fast-evolving landscape, businesses of all types are transforming in every part of the economy to embrace digital transformation and omnichannel excellence. Today, successful organisations are those that continue to embrace agility, resilience, and a forward-thinking approach, remain relevant, and enter new markets to scale their existing businesses. As an uphill struggle, sometimes, these transformations fail ineptly. Research conducted on business transformation reveals that 70% of complex, large-scale programmes fail to achieve their stated goals due to change. There are numerous stumbling impediments, but common pitfalls include inadequate leadership support, poor employee engagement, failure to collaborate across functions, and a lack of accountability.
To succeed on this path, organisations need to understand that transformation is a long-term marathon, not a sprint. Working on transformation requires a major set of critical thinking and mindset to accomplish it. Not every business knows how to do it, but it’s a realm where HR input can make a big difference. HR plays a huge role in influencing the transformation in a positive manner and creating an engaged and energised workplace that looks forward to the transformation.
Since transformation is not a one-day process, it demands time, patience, and tenacity to yield maximum goals. An important example of the long-haul mindset involving business transformation is Tesla. It emerged as the biggest electric car company in the world and recognised that to achieve its goal, it had to control the battery supply. Ultimately, the company did what it was meant to do to fully reap the benefits of business transformation – focus on supply chain strategy and invest massively. A business transformational project is multi-dimensional, from data to technology, techniques, and a human mindset to drive the transformation seamlessly. Businesses need to understand that to drive successful transformation; people need to be fully on board for the journey and claim to give them the best experience possible.
All in all, there is no perfect game plan for a successful business transformation; it should be an amalgamation of multiple iterations, strategies, long-term approaches, and mindsets to accomplish it. Organisations must have the patience to fully optimise the transformation process and work on the necessary steps to make it successful.
