Business transformation can be a complex but rewarding journey. One80Degrees is a specialist financial consulting firm offering a range of business transformation services, including investigative auditing, vendor management systems and more. Keep reading to learn about the benefits and challenges of business transformation.
What Is Business Transformation?
Business transformation simply refers to changing your business’s processes and operations to help it run more efficiently, competitively, and profitably. Business transformation looks different for each unique business but typically aims to future-proof the company by building, shaping, and digitising it. There are many types of business transformation, including:
- Business process transformation
- Digital transformation or information/data transformation
- Organisational transformation
- Management transformation
- Cultural transformation
When significant or fundamental changes are made to a business through the business transformation process, the result is a business that is more aligned to achieve its goals, strategic objectives and improve ROI on its investments in people, processes, and technology.
Benefits Of Business Transformation
Business transformation offers a wide range of benefits to your organisation, including:
- Making Your Business More Competitive
Business transformation typically results in an optimised, digitally up-to-date company. When your business embraces current technologies, it is well-prepared and at the forefront of industry standards, well-equipped to deal with the challenges of the market.
- Improving Employee Satisfaction And Productivity
When employees have the tools and support they need to do their jobs effectively, they are typically a lot happier in their workplace. With business transformation, your employees have everything they need to do their jobs quickly and effectively, boosting productivity and morale.
- Improving Customer Experience
With employees that are happy to work and are equipped with the tools to do so, they are better able to serve your customers. This will greatly improve customer service and their overall experience, leading to a more happy and loyal customer base.
Challenges Of Business Transformation
There can be some challenges and draw-backs to business transformation, including:
- A Long, Tiring Process
Depending on the changes a business needs to make, the business transformation process can be a long, gruelling one. This can be particularly draining on employees.
- Business Can Be Difficult Or Interrupted During Transformation
While changes are being introduced and implemented, there is the risk of unexpected hiccups or downtime. Growing pains should be expected and planned for during the business transformation process.
- Employees Can Feel Uncertain Or Resentful
Change can be scary, especially for employees who are accustomed to the business operating a certain way. You may find employees resistant to change or feeling anxious and uncertain about what the future of the business holds for them.
One80Degrees: Your Business Transformation Specialist
Are you looking for an expert in business financial consulting? Do you need an effective vendor management process or investigative auditing? Contact us for your business transformation needs today.