Business transformation can no longer be called a trend; business transformation today is always-on, always changing how companies simplify operations, drive innovation, and accelerate growth. A constant state of business transformation is essential for modern organizations to thrive in a rapidly changing environment. It requires a proactive approach to change, a culture of continuous improvement, and the ability to adapt quickly to new challenges and opportunities.
Transformations come in all shapes and sizes and can span across multiple departments. The rise of the Chief Transformation Officer (CTO) has made it clear organizations are prioritizing business transformation by appointing leaders to manage and execute the transformation initiatives.
To respond to a consistent demand of business transformation initiatives, hiring of Chief Transformation Officers is up by over 140%.
Business transformation initiatives can be boiled down to a few key areas. In this article, we’ll discuss the key trends in business transformation initiatives and the things to consider as you embark on your next business transformation.
1. Emphasis on Customer-Centric Transformations
Customer-centric transformations often answer why we invest in business transformations. Our customers are one of the most valuable parts of our business, and any innovations are often meant to drive loyalty and improve customer relationships.
According to Gartner, over 90% of business leaders consider customer experience (CX) a primary focus for their company’s strategic priorities.
With AI and vast amounts of data at our fingertips, companies are harnessing the power of technology to enhance the customer experience. Leading brands such as Walmart and Starbucks are putting personalized and seamless omnichannel experiences at the core of their corporate strategy.
According to HBR, cutting-edge companies are leveraging AI to build what they call intelligent experience engines to create high-quality customer experiences. The result allows companies to deliver personalization at scale never seen before. While developing such tools can be cost prohibitive for many companies, it’s clear that success will be determined largely by those who can effectively leverage AI to understand, shape, customize, and optimize the customer journey.
Regardless of the size or scope of your customer-centric transformation initiative, it’s business critical to invest in transformation initiatives that prioritize the customer in every aspect of the business to stay competitive and drive meaningful growth.
To get a look at how a Fortune 50 omni-channel retailer developed a customer-centric transformation, explore this client success story to learn how Graphite’s independent experts helped drive a transformation of their health and wellness business. Or read this client success story to learn how Graphite partnered with a leading telecom company to achieve a 45% savings to transform the customer experience.
2. An Always-On Digital Approach to Transformation
For companies who approach transformation with an always-on filter, digital technologies are integrated into every aspect of the business to improve operations, enhance customer experiences, and create lasting value. Unlike traditional transformations, which are often seen as one-time, large-scale projects with a defined beginning and end, always-on transformations are ongoing and adapt to the ever-evolving technological landscape and market conditions.
An always-on digital approach to business transformation enables the company to be more agile, leveraging technology to adapt to market conditions and customer expectations.
A staggering 84% of organizations are actively working on digital transformation projects, with a significant portion adopting an always-on approach to remain competitive and agile.
So when customer demands change, they’re able to offer personalized recommendations and experiences based on real-time data and insights.
An always-on digital approach is also changing business operations in dramatic ways. By leveraging technology, companies are able to streamline processes to automate and optimize business processes, reducing costs, and increasing efficiency. Data-driven insights and predictive analytics are used to optimize resources and improve operational efficiency.
According to McKinsey, companies that have successfully transformed their business operations report a 30-40% improvement in operational efficiency.
The widespread adoption of always-on digital transformation is changing how businesses operate and win in today’s dynamic environment. Read this client success story on how a leading agriculture machinery manufacturer led a large-scale digital transformation with independent experts from Graphite.
3. Workforce Transformations to Drive Agility and Responsiveness
To keep up with the constant changes in an organization’s business strategy, companies are investing in workforce transformations to improve workforce skills, tools and abilities. Being able to adapt and respond in today’s dynamic environment is a business critical skill, and one that requires a shift in strategies.
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.
The rise of flexible talent solutions such as Graphite reflects a fundamental shift in how organizations approach workforce management.
By embracing this new way of working, companies can enhance agility, reduce costs, and attract top talent.
On-Demand Talent to Drive Business Transformation
Business transformation can be challenging. Pitfalls can stand in the way - whether that’s financial constraints, lack of a clear vision, unengaged employees, insufficient leadership, or a culture of resistance. To ensure business transformations run smoothly and effectively, companies are turning to on-demand talent solutions.
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.
On-demand talent solutions are offering enterprises access to 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.
Partner with us at Graphite to see how our pool of over 10,000 independent experts can work for your next business transformation project.
