‘The majority of modern corporate leaders know that fundamental business transformation initiatives are likely to be inevitable, as companies face rapidly changing social and economic environments. Earlier, Anand Jayapalan had underlined that corporate leaders should properly plan and decide the direction they want to take a company for its sustained success and growth. They must put emphasis on the diverse phases of a business transformation journey. These phases include:
Envision: Define the purpose of the transformation
Vision statements are typically used to help companies to communicate their fundamental goals and purposes to the discerning stakeholders. These statements are meant to provide guidance and direction, as well as inspire action. When it comes to business transformation, companies can benefit by creating and communicating a very change-specific transformation vision. Executing transformation in the corporate environment may induce a high degree of insecurity for many stakeholders. Hence, the better one can communicate the underlying benefits, goals and purpose of the change, the more support they are likely to get from all parties involved.
Explore: Lay down the transformation strategy
Subsequent to defining the purpose of the transformation, it would be the time to explore the building blocks of the initiative. One has to consider all areas of action within the context of their dynamic environment, and try to effectively uncover and evaluate the mutual inter-dependencies among the various building blocks.
Undertaking a business transformation initiative ideally implies that one is planning for the long haul. Hence a robust strategy must be designed for it. However, when developing this strategy, one must remember that external developments may continue to influence and impact the transition.
Prepare: Elaborate the transformation approach and roadmap
One cannot execute a business transformation strategy without adequate preparation. The preparation phase is focused on making sure that all the desired changes are implemented in an effective and efficient manner. While the envision phase describes the “why” and the explore phase defines the “what,” the prepare phase highlights the “how”. At this stage, one has to elaborate on the principles they are likely to follow, as well as the practices they plan to apply in each area of action. For the purpose of ensuring a successful transformation, the practices and principles applied in the distinctive areas of action must be aligned and integrated
Execute: Integrate strategy with reality
After concluding the preparation and defining the transformation roadmap, one has to gear up to execute the strategy. Change management is vital to this phase. This is the juncture where the gravitational pull of executives becomes paramount. Through proactive and conspicuous leadership, top management emerges as the driving force behind success. Leading transformation efforts with direct engagement, enthusiasm, and empathy carries significant weight and demonstrates the authentic commitment of corporate leadership.
Previously, Anand Jayapalan had mentioned that if all the phases listed above are carried out competently, it would significantly increase the odds of a successful transformation. Navigating the business transformation journey with a structured, coordinated approach would go a long way in achieving the goal within the desired time-frame.
