Business transformations are a huge undertaking for any business. It is a time of uncertainty and stress for everyone involved. But, a business transformation may be the only way to keep your business afloat. Thankfully, there are many different types of business transformations that entrepreneurs like you can consider for the future success of your company. Find out the most commonly used types of business transformation below.
Operational business transformation strategies include overhauling business technology to solve existing problems within your organization. This can truly have a revolutionary impact on business operations for businesses in the healthcare industry and every other sector. However, strategies to transform operations typically require a considerable amount of planning prior to implementation. Employee training, specific software solutions and other considerations must be accounted for before transforming a business. If new technology is being implemented, this qualifies as an operational business transformation.
Incremental business transformations include those that refine the enterprise design with few changes to operations and business technology. Processes that refine business are rolled out slowly. This is different than traditional business transformation strategies, which typically make changes in one fell swoop. Incremental transformation can be a good way to make changes without upending daily operations.
Finance transformation refers to those business transformations that involve changes to the structure of financial processes within a company. An example of this could be changes from hiring employees to outsourcing contractors to keep up with the gig economy. In these types of transformations, the CFO is typically the primary driving force behind the process. Finance transformation strategies impact all areas of business, of course. But, changes start in the finance department of your craft business.
Customer experience transformations involve changing things that impact the customer rather than business operations. These strategies involve changes to retail stores, dining locations or customer service procedures. One example of customer experience transformations is Wendy’s fast food chain’s recent overhaul to the appearance of their franchise locations to make them look more modern and appealing. Customer experience transformation strategies can have little impact on day-to-day operations for employees, but big time returns when it comes to performance.
Strategic business transformation strategies include those that involve changes to the essence of a business and its organizational purpose. These are without a doubt the biggest undertaking for any business. For those companies that require maximum business change in order to stay relevant, strategic business transformation may be in order.
If you are a business owner, business transformation may be a necessary evil for your company at some point in the future. Make sure to consider the popular business transformation strategies above. These business transformations can bring life to floundering companies. Consider all your options and be sure to prepare for transformations before diving in. This way, you can experience the benefits of business transformation with fewer pitfalls and less downtime.
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