As your business grows, so does the complexity of your challenges. As an entrepreneur, one of your biggest struggles is to keep up with the changing trends. If you can’t do so, you might fall behind and lose out on opportunities. This part is where business transformation comes in.
What Is Business Transformation?
Business transformation entails changing core organizational processes. The main goal of this initiative is to help your company gain these benefits:
- Adapt to market needs while staying relevant at the same time
- Minimize operational costs through the automation of repetitive tasks
- Boost customer experience by developing and offering solutions to clients
- Increase market share and competitive edge
But the thing about business transformation is that it’s not easy to pull off. Plenty of pitfalls along the way could derail even the best-laid plans. Fortunately, you can streamline your business transformation efforts. Continue reading this article to learn how.
A 6-Step Guideline For Streamlining Business Transformation
Here’s how you can streamline business transformation:
Identify Areas Of Improvement In Business Processes
Before your company can begin its transformation journey, identifying weak areas is essential. For instance, your business might have several processes that you can automate. These include responding to e-mails, onboarding new hires, or team member payroll. By automating these time-consuming tasks, the chances of human error can be reduced.
Another example is if your organization’s top management team members need training to further hone their leadership skills. In that case, it’s best to connect with experts at Navalent or similar companies who can provide the necessary coaching you require.
Overall, determining these bottlenecks might help you optimize your business transformation efforts.
Build Your Technology Stack
Today, business transformation is primarily about digitalization. In other words, implementing digital solutions is essential, as technology plays a vital role in change. Thus, it’d be best if your organization develops a technology stack that includes the following:
- Cloud Computing allows you to quickly store and process data to scale your systems. So, cloud platforms are the way to go if your company is looking for scalability and flexibility.
- Mobile Apps enable you to interact with customers anytime, anywhere, and on any device. What’s good about these apps is that you may also use them for sales force automation and inventory management.
- Big Data Analytics can help you analyze massive amounts of data that you can use for better organizational decisions. For instance, your marketing team can use review insights to see how audiences interact with campaigns. From there, you can determine which content isn’t receiving engagement and modify it accordingly.
- Productivity Tracking Tools can provide you with insights into team member productivity. Using this tech, you can determine how long each team member spends on each task. That way, you can identify which workers need additional training and support.
As you establish your tech stack, your company’s data might be at risk for cyber threats like malware and phishing scams. Thus, it’s best if you partner with an information technology (IT) expert. You can find top IT consulting in NYC or your area of operation to help you safeguard your data from any threat.
Define Your Goals
As you go about business transformation, it’s best to know your goals. These can be anything from unlocking workforce potential to automating repetitive tasks. No matter the plan, it’s wise to align them with your overall organizational vision.
For instance, you may be aiming to improve the quality of customer service. If so, consider using artificial intelligence or AI-powered chatbots to respond promptly to prospects.
At the same time, you also intend to improve processes like welcoming new hires. In that case, you may need to introduce them to the rest of the team with the help of a third-party onboarding platform. Doing so allows you to create a positive experience for your fresh recruits.
In short, defining your business transformation goals helps you decide on the best strategies for success.
Create A Timeline For Implementation
A goal without a clear timeline might not be as effective. Thus, it’s best to identify a timeline for your business transformation projects. For example, you may want to increase product sales by ten percent in six months. Then, that’s the milestone to work toward.
Likewise, you want to cut costs by 20 percent over 12 months. If so, then consider taking action to achieve this goal on a monthly or bi-weekly basis. For instance, if you’re operating an in-person workforce for six days a week, it’d be wise to implement a hybrid work setup. In doing so, you can eliminate utility expenses while your team stays productive at home.
Invest In Your Team
Preparing your team to face challenges is essential as you gear toward business transformation. This step includes providing your workers with adequate training and development opportunities. That way, they have the necessary skills to perform their roles.
Ideally, it’d be best if your team members knew about your initiative from the start. In other words, communicating the possibility of change is vital. However, refrain from using C-suite jargon. Instead, consider using simple language to ensure all employees are on board with the plan.
Once your team members learn about the whats and whys of your initiative, you may start teaching them. You may need to conduct a week-long training session to show how to use cloud platforms. In addition, it’s best for your employees to know how to mitigate cyber threats. Doing so ensures your workforce is ready to implement new tools and processes. This strategy results in closed skill gaps, leading to a productive transition.
Reassess The Whole Process
The success of your business transformation lies in the ability to measure the entire process. This tactic allows you to calculate the initiative’s effectiveness and determine what step needs tweaking.
For instance, if your goal is to streamline your sales process, it’s wise to see how many leads convert into customers. Maybe your revenue increased by at least five percent after your sales team started using a new customer relationship management or CRM software. If so, then this result shows that there’s a positive impact on revenue. But if the report reveals that customers are still dropping off the sales funnel, then the system may have a flaw, or there could be issues with your marketing campaigns. If that’s the case, using data analytics to build better promotional strategies is best.
Getting started with business transformation requires clearly understanding what you intend to accomplish. Finding the right tools for your tech stack is essential to automate processes. Furthermore, it’s best if your employees support your initiative from the beginning. That way, they can easily adapt when you implement the changes.