On the surface, it may not seem all-encompassing. However, once a transformation project is initiated, virtually every employee, leader, vendor or customer in and outside of your organisation will likely become a stakeholder.
They will impact transformation efforts or be impacted. So, how should you address these four blockers you might face?
Transformation can be a proactive process or it can result from urgent changes required when a crisis hits, such as COVID-19. Either way, how your leadership team views the need or urgency for change can be a game-changer.
If leaders view business transformation efforts as something that can wait until current projects or initiatives are complete, then a successful path to a true transformation may become fleeting. Recognising the need for change, especially during times of increased uncertainty, is prudent.
At the very least, leaders turn over every stone to determine how uncertainty and changes to internal and external environments might affect current and future goals.
Many organisations aren’t ready for major disruptions, especially those with planning processes characterised by scattered spreadsheets, siloed data, and misaligned strategies. To thrive in volatility, you need an AI-powered planning solution.
Speed is your friend when it comes to transformation. Companies that are slow to adopt the right technologies, best practices, effective policies and processes, the right talent, and the ability to become a customer- and forward-focused are likely to lag behind their competitors. This eventually results in customer confidence as well as market share and financial losses.
Employee and leadership education and training are a vital part of any transformation. Sometimes it requires reteaching employees in your organisation. Your goal should be to help everyone understand the value they can add to your organisation’s overall strategy.
It’s about increasing their awareness of organisational change management. With some effort and patience, employees will overcome their fear of change and embrace change as a positive thing once they are better equipped to manage it.
As more companies adopt at least partial or hybrid remote teams, technology is needed to keep teams connected and help them work more efficiently.
Remote teams need remote-friendly technologies that address collaboration, security, digital adoption and integration, scheduling, productivity and mobility, among other things. No two companies will have the same needs, but successful transformation relies on developing effective digital transformation.
Successful business transformation is possible during times of increased uncertainty; it just requires companies to ensure they factor in leadership and employee views on change, agility and speed and the adoption of technologies that enable change.
Former CFO, Analytics & Finance Transformation Lead, and Founder of GENCFO, Chris is also the creator of the Digital Finance Function Model. Chris specialises in guiding organisations through the shift towards digital transformation in accounting and finance, demonstrating what success looks like and providing the support needed to achieve it.