Navigating a business transformation can be complex - each transformation brings a unique set of challenges in the midst of a dynamic market. Knowing what’s ahead can prepare you for the journey. And since research shows efforts fail about 70% of the time when undergoing large-scale transformations, we’d like to help you change those odds. 

Let’s dive into what makes a business transformation successful.

Strong Leadership and a Vision for the Future 

The Boston Consulting Group (BCG) found that companies with a clear vision and well-communicated strategy are 60% more likely to achieve transformation success. Without a vision, the transformation project can go in the wrong direction or nowhere at all. Communicating this vision and your accompanying goals and objectives ensures you have a solid foundation. The backing of leadership is also essential. Leaders should be visibly involved and supportive throughout the entire transformation process because success is twice as likely when senior leaders spend more than half of their time on the transformation.

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Customer at the Center

At the heart of any successful transformation is the customer. With the growing demand for personalized, omnichannel experiences, businesses must prioritize the customer’s needs at every step. In fact, 90% of business leaders now view customer experience (CX) as a core driver of their strategic priorities. By actively listening to customers and leveraging real insights, companies can design experiences that not only meet expectations but fuel effective, lasting transformation.

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An Agile and Adaptable Organization

According to McKinsey, implementing agile practices increases the success rate of transformations by 30%. In today’s dynamic business environment, focusing on new ways of working, new capabilities, and new technologies is the way forward. Agility can mean investing in a workforce transformation project to improve workforce skills, tools, and abilities.

One way companies are infusing agility and flexibility into organizations is by implementing an enhanced workforce strategy by tapping into a growing pool of highly-skilled independent talent, enabling enterprises to quickly find the right talent at the right time in a cost-effective manner. 

With over 50% of the workforce expected to be freelance, by 2027, companies have taken notice.

The rise of flexible talent solutions such as Graphite reflects a fundamental shift in how organizations approach workforce management. 

Vikram Ashok further states, “When companies embrace independent talent, they will learn they can power some of the most important work at some of the world’s largest companies - at scale.” 

By embracing this new way of working, companies can enhance agility, reduce costs, and attract top talent. 

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Investments in New Technologies

‍75% of successful transformations involved significant investments in new technology, according to BCG. This means having the right tools and systems in place to support transformational goals -  whether that’s incorporating new technologies such as big data analytics, AI, or machine learning to enhance business operations, improve customer experiences, or maintain a competitive advantage. Companies that prioritize technological investments can be better positioned to navigate the market complexities and achieve sustainable growth. 

With any investment in new technology, it’s business critical the technology can be scalable, integrated into existing infrastructure, and adopted across the organization. 

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A Change Management Strategy

In transformations big and small, people matter. Making your employees activists is part of a successful change management strategy and can impact the result of the initiative. Which is why, according to McKinsey, when more than 7% of an organization’s workforce is involved in a transformation initiative, the chances of delivering positive shareholder value are significantly higher - potentially doubling compared to organizations with lower participation rates. 

To truly execute a transformation initiative, employees have to feel compelled to want to change and take part in the project. When employees feel involved and committed to the change, research shows transformations are 3.5 times more likely to succeed and can thus enhance the quality, and ultimately the effectiveness of the transformation.

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On-Demand Talent to Drive Business Transformation

Business transformation can be challenging. Pitfalls can stand in the way - whether that’s a lack of high aspirations, a compelling reason why employees should engage, or poor execution. 

How a transformation is executed can make or break the transformation. Comprehensive planning, strong leadership, the right talent, and an effective change management strategy are critical to ensure enterprise adoption of the transformation. 

To ensure business transformations run smoothly and effectively, companies are increasingly turning to on-demand talent platforms. With on-demand talent platforms, enterprises are accessing thousands of highly skilled independent experts - often with MBB, Big 4, and Fortune 500 backgrounds to lead and implement enterprise-wide transformations in a more flexible and cost-effective manner.