Business transformation strategy is the hallmark of successful enterprises. Organisations must learn to deal with the ever-shifting business landscape characterised by disruptive technological innovations and tough competition to realise significant economic profit from business activities.
Business organisations must be strategic and deliberate in growing, scaling, and dominating their industry. They must proactively assess the potential gains of entering new markets and expanding across state borders with a direct foreign investment, such as a business setup in Dubai. In other words, organisations must never be so zoned in on operations they neglect how crucial strategy and transformation is to business growth, success and survival.
What is business transformation?
Business transformation refers to clear, strong, and strategic fundamental changes that a business organisation undertakes to scale, grow, develop, change direction, or become more efficient. A business organisation can transform its business processes, personnel, information, and technology, among other areas. The goal is to accelerate organisational growth or development.
Change is the common denominator in business transformation strategy. A change or a set of changes are instituted in the organisation. For instance, after an internal quality audit, an organisation may need to extensively overhaul its quality management systems. This is to bring about desired outcomes that the organisation wouldn’t realise otherwise or speed up developments that would have occurred naturally but slowly.
Traditionally, transformation initiatives focus on productivity and differentiation. Organisations change how they make products or provide services – and the processes underpinning these products and services – to produce or serve more at less cost and effectively differentiate themselves from the competition.
Ultimately, organisations consult professional corporate service providers for guidance on transformative strategies that will let them gain a more significant market share and achieve higher profit margins, shorter turnaround times and faster time to market, or cheaper production costs and more affordable resources, among others.
Today, however, companies may also implement transformative business strategies to change their organisation’s identity, core values, and purpose to align themselves with their markets’ shifting values and take advantage of fresh opportunities.
How do I bring about strategic business transformation?
Organisations have different pain points. As such, there is no set template an organisation can follow to achieve strategic business transformation. However, in its quest to transform itself, an organisation typically focuses on strategy and transformation in a few or all of the following areas: processes, technology, culture, and organisation.
Process Transformation
In this business transformation strategy, business processes are changed or updated, such as by shifting to agile methods. Typically, the organisation optimises and automates the procedures that will make the most difference or have the most effect on the organisation.
Technology Transformation
Organisations can use data and technology to add value to their organisation. For instance, an organisation might use an upgraded marketing technology stack to centralise data and equip teams with real-time, relevant data. They can then use this data to innovate their marketing campaigns, leading to better retention and higher customer acquisition rates.
Cultural Transformation
The organisation identifies the type of culture it wants then begins to institute practices that will help the company culture evolve organically. For instance, a company that wants a culture of sustainability may have monthly earth hours, provide carbon footprint reduction rewards, and encourage remote work.
Organisational Transformation
An organisation can change its structure from the conventional hierarchical structure to something flatter. They may trim down the middle management layer, give people direct access to company executives, and put measures in place to make company executives more transparent.
What does a strategy and transformation analyst do?
Business transformation analysts, also known as business transformation specialists and business transformation consultants, specialise in helping organisations achieve their business transformation strategy objectives. They act as coaches and facilitators, and help businesses plot and implement their strategies.
Business transformation consultants begin by understanding an organisation’s current state. They might spend time studying the company’s financials, providing stock audit services to account for its inventory, getting a handle on its assets, liabilities, products, and services, and discerning how it makes money. They might also spend some time getting to know its processes, culture, organisational structure, and technology.
Armed with extensive knowledge about the organisation and the company’s vision or transformation goals, the business transformation consultant can now recommend transformational strategies. They also work with the organisation to translate these strategies into actionable measures and ensure these are implemented.
An example of a measure a business transformation analyst may recommend is a dramatic reallocation of resources. For example, they may suggest expanding a factory that generates 80 per cent of the company’s profits and closing down one that contributes less than 5 per cent, or they may urge reallocating marketing spend from TV broadcast networks to social media content creators.
The strategy and transformation consultant can also recommend measures like Dubai company formation, which will place one-third of the world’s population within a four-hour flight reach or two-thirds within eight. Other recommendations can involve a systematic and disciplined mergers and acquisitions program and above-industry average capital investment.
Our expert and experienced team of UAE business transformation strategy consultants can help you devise your organisation’s strategy and transformation programs. We can provide a strategic review, conduct feasibility studies, assist you in entering the Dubai or GCC market, and make process improvement and organisational transformation recommendations.
Talk to our business transformation strategy specialists and begin your business transformation now.