Organizations that can reshape their business models to grab the new opportunities will move ahead. For many of the companies, this will need transformation that is focused around growth.
“For some organizations, near-term survival is the only agenda item. Others are peering through the fog of uncertainty, thinking about how to position themselves once the crisis has passed and things return to normal. The question is, ‘What will normal look like?’ While no one can say how long the crisis will last, what we find on the other side will not look like the normal of recent years.”
- Ian Davis, Senior Partner Emeritus of McKinsey & Company
Transforming for growth is not easy. Embarking on a transformational journey will always be one of the most vital decisions for every business leader. It requires big commitments both internally and externally. Transformation is all about improving and optimizing performance rather than just cutting expenses. Organizations expand their threshold of winning when they continuously work on their operational discipline and make the right moves to realign their business.
Unlocking Greater Value from Transformation
Transformation for growth is increasingly understood as a key component of survival for mid-size businesses. More than 80% of organizations see it as a critically important factor in their survival within the industry. Even amid stressful times, middle market executives are maintaining their digital transformation for growth. The sweeping transformation for growth stories of ASTM International and David Zwirner show us that successful transformation is the key and is very much possible.
For instance - ASTM was finding it difficult to empower its business in a fast and future-proof way. An extensive transformation through product strategy, design and engineering helped ASTM to bring breakthrough results. The improvement altered the trajectory of the future.
Only 15% of the organizations truly deliver growth that outperforms their competitors.
Through expert insights and twenty years of experience –we have outlined the crucial ways businesses can transform themselves for growth.
Differentiate with Digital Strategy
Digital strategy plays a vital role in an organization’s success. A solid strategy can bridge business silos, improve operations and create new distinguishable business capacities. This is specifically important for growth transformations, which can be difficult as it also needs to bring significant value to the business.
Digital strategy provides a clear direction to the company towards receiving competitive advantages and tactics related to technology. It is important to know that digital strategy is both a concept and a thing which will eventually lead to a creation of a roadmap or blueprint.
Digital strategy experts help in unlocking the organization's hidden potential to drive newer revenue growth.
Performing a consistent review of your organization's digital ecosystem is an initial step to consider. As your ecosystem continues to evolve, it brings long-term implications for your business value, operational agility, customer engagement, and strategic development. Mid-market executives must have a clear understanding of the regular risk assessments to understand the organizational and external threats. As businesses need to provide a seamless customer experience, they need to leverage a wealth of data to get ahead of the competition.
American contemporary art gallery David Zwirner needed to bring transformational changes to reshape their business. A successful re-platforming onto Sitecore via seamless 'lift and shift' from Drupal to Sitecore made it possible build a better digital experience while delivering phenomenal transformation, during trying economic times.
Here's how the different aspects of a solid digital strategy can be of help -
Artificial intelligence is poised to unlock the next wave of massive digital disruption. We have already witnessed real-life benefits for a couple of early adopting companies, making it now more important than ever to speed up their transformational growth. Early studies suggest that AI can bring real value to genuine adopters. For instance, AI adopters that blend robust digital capability with diligent strategies would have higher chances of increased profit margins.
There are several examples in the field of education, health care, and retail highlighting the potential of AI in improving forecasting, optimizing, and automating operations, creating targeted marketing, and delivering a unique user experience. For instance, AI has been used in K-12 learning to facilitate individualized learning, customized curriculum and impactful feedback for students. AI could be your new kind of creative business partner to scale up capability within data-driven marketing initiatives.
Accelerate Business Growth with Machine Learning
Over a few years, the rise of machine learning (ML) has created lasting shifts by meeting consumer demands and personalized products. Using ML, mid-size companies are capturing 49% of the category growth in today's field of consumer products. There are a myriad of success stories that ML is helping mid-size companies fuel growth along with constant innovation, fast response to customer demand, and agile operations.
However, the growing interest in ML should be no surprise. Industry analysts have showcased the impact of ML has on midsize consumer products companies.
Master Cloud Engineering to Transform Your Business
Mid-size business leaders now have an incredible opportunity to leverage cloud engineering for better innovation and becoming a strong competitor. Cloud Engineering equips businesses to be more agile while lessening the IT and operational expenses. Over the years, cloud engineering has become one of the most influential set of technologies of all time to transform businesses for growth.
But why is it a viable option for Small and Medium-Sized Businesses (SMBs)?
Adopting cloud engineering can be a big enabler of the essential standardization and automation. With the help of cloud, businesses can:
Enhance the entire flexibility of IT in addressing business requirements like more often releases of business capabilities. Cloud providers bring more differentiated and extensive solutions than the basic computing does.
Improve the quality of service through the standard solutions offered by cloud, such as automatically allotting more space to any database.
Lessen IT overhead expenses by 30 percent
Assist in scaling the IT processes as required while optimizing the usage of IT assets
No business transformation growth is complete without putting a customer experience at the forefront of your business. A distinguished and competitive experience will garner more customers and drive loyalty and retention.
CX is not easy. Revamping your CX means gathering every data-driven insight on your audience's preferences and patterns. For instance, auto manufacturers use data to know how people use their vehicles and how to enhance their driving experience. With a laser focus on CX can respond to the ever-evolving customer expectations. Getting it right is the fuel.
Planning for Transformation and Growth
Transformation for growth is not for the fainthearted. It requires simultaneously managing multiple challenges. Focusing disproportionately on success factors can make a business struggle while taking a balanced approach can bring success. This involves a lot of hard work and looking at every obvious and the not-so-obvious growth factor in your business.
By taking a holistic yet empirical approach and learning from the previous successful transformations, businesses can profoundly improve their odds of transforming.