Business & Technology Transformation - N Cubed Group

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Business & Technology Transformation

The term 'transformation' has become a catchall term for how organisations make changes to achieve their full potential, and typically they aim to deliver healthy financial performance and organisational effectiveness first, followed by a focus on higher growth, new strategies, and tech-enabled solutions.

However, today's pace of change does not reward waiting before focusing on growth, because new digital entrants are disrupting industries, with many capturing more value and significantly higher equity valuations than incumbents; ecosystem-based strategies are gaining ground; and companies committed to environmental, social, and governance (ESG) criteria are increasingly standing out.

In such a dynamic business environment, focusing on new ways of working, new capabilities, and new technologies is the way forward. Yet transformations are not easy to get right. Research has long documented that enterprise-wide transformation is difficult, with less than a third of transformations reaching their goals to improve organisational performance and sustain these improvements over time.
The most successful transformations turn ideas into detailed business plans with track-able, time-bound metrics to measure outcomes. Ultimately, these business plans should result in value creation, cost savings, growth opportunities, and other improvements.

We generally find that operating a central transformation office yields more successful transformations, through defining goals, modelling new ways of working, and ensuring that the overall program and individual work streams remain on track.

Beyond the transformation plan, the transformation office helps to embed the organisational changes over the long term, so that the company doesn’t revert to old ways as transformation initiatives are completed, typically by understanding, establishing and implementing social psychology foundations.

We understand that transformations that capture the most value include the following practices:
  • Use of an objective fact base to identify opportunities for improvement. The more thoroughly facts are used to assess the maximum financial benefit from a transformation, the more confidence leaders will have to pursue ambitious yet realistic targets that reflect the transformation’s full potential.
  • Communication of a compelling reason for why a transformation is necessary. If people don’t understand what the transformation means for their daily work, as well as for overall business goals, their mindsets and behaviour won’t change and change outcomes will not be achieved, or will only be temporary.
  • Match best talent to the most crucial initiatives. This action emphasises the importance of understanding and applying social identity and belonging within the management of change, and linking business and talent priorities.

We also know that embedding transformation disciplines into business-as-usual structures, processes, and systems, is key to generating value. We help you make substantial changes to annual business planning processes and review cycles, from executive-level weekly briefings and monthly or quarterly reviews to individual performance dialogues, as part of this execution stage.
We will discuss with you, the financial and non-financial incentive strategies that are embedded in the social psychology of change management, to optimise the engagement and support of individuals and groups within the transformation initiative.

We make sure you understand that there are also behaviours which can put a transformation at risk, such as:

  • Declaring victory too early. In successful transformations, companies typically quickly turn their initial creative momentum into an achievable, rigorous plan within a few short months, but recognise the execution and embedding take a longer time to become part of BAU, and intelligently control the communication of success stories to recognise achievements but also maintain support and enthusiasm for the final outcome(s).
  • Not establishing clear owners and accountability for actions. Without this, it is impossible to embed rapid decision making and to reinforce new ways of thinking and working, to keep the transformation moving.
  • Failing to adapt the outcomes required using fast feedback. No single action, or group of actions, defines transformation success. However, leaders who invest in tangible changes to business-as-usual structures, processes, and systems; prioritise transformations as the main event; and maintain a long-term mindset can give their organisation the best chance at achieving the full potential of its transformation.

If you are looking to manage a business or technical (including digital) transformation, contact us today to discuss how we can ensure greater success in outcome and establishment for longevity.

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