Business transformation can vary from companies to companies. Some may view it as a major disruption to the business while others think that this is a passing phase that the business needs to go through. Whatever it takes, business transformation embeds with complexity and often requires much effort to make it successful.
It is a privilege to have our Co-founder, Paddy Tan to share some of his insights on business transformation. Paddy is a business and technical strategist armed with more than 15 years of experience in helping businesses to propel to a greater height. Being a serial entrepreneur and investor, Paddy can dissect a challenge into pieces and formulate solutions in various perspectives. With his vast experience and knowledge, he provides consultancy services to business leaders and improves probabilities to make the business plan work.
Here are Paddy’s views on Business Transformation.
Q: What is business transformation to you?
Businesses will have to evolve as the world is continually changing with various needs and requirements.
Business transformation is about changing the business to be more efficient and effective than ever to fulfil the great demands of the competitive environment.
It assists the company to be armed with better systems, people, products, processes and technologies to enable fulfilment.
Q: What do you think will be the success factors for business transformation?
Business transformation should revolve around digital, solution and data. These three core elements can be often adopted independently, but many companies deploy all three elements to increase value.
Applying new technologies can improve the customer experience. There must have deep understandings on what the modern customers want and adopting the correct technology to modernise the business models.
As for the solution, companies will need to focus on solving the customers’ challenges holistically and realign the parts around what the customers really desire. Companies can increase revenue by serving the needs of the customers in a lasting complete manner.
Lastly, data can change the way companies make decisions. This allows companies to gain better information on customer experience and areas of improvement. Companies should create a data culture that relies on business intelligence rather than experimental opinions to test what the customers want.
Q: What are the challenges faced when transforming your own business?
The challenges faced are categorised as people and processes.
Many people that I have known are accustomed to the traditional ways of how things run. Their resistance to changes is high and they are not willing to unlearn what had brought them to the present. This can be detrimental as it disallows many opportunities and new ways to improve the overall business.
Also, by taking risks to undo the processes or introducing new methods may disrupt the flow of delivering consistent results. This can be worrisome as the results may not be guaranteed and many stakeholders can be affected along the way.
Q: What will be your advice in regards to transformation?
It will be recommended that the company should make changes in different phases to have the buy-in from the management to the other levels of employees. Baby steps should be made and feedback must be gathered to allow the transition to be as seamless as possible.
It will also be viable for the company to employ the right people to inculcate the right mindset within the organisational culture. This promotes innovation which is essential for the transformation. More options can be explored to further modernise the whole business.
Business transformation may look different for every company but it is inevitable. The company must understand the current situations and adopt appropriate transformation strategies. This involves improving the processes, changing mindsets of personnel, managing data and incorporating technology to align and deliver the real value to the customers. Furthermore, the company can identify and leverage the strength to overcome the challenges ahead.
At BlackStorm Consulting, we guide our clients through their business transformation journey to ease the transition and ensure success. They can be motivated by several factors such as:
- Hindered by internal weaknesses, which can affect the company growth
- Shield against external threats that can endanger the company
- Personal interest such as building a family legacy
- Urge to build higher barriers of entry to sustain a leading position in the market
If you are in any of the situations and would like to seek professional advice to transform your business efficiently, contact us here for a complimentary 15-minute consultation session.
About BlackStorm Consulting
BlackStorm Consulting is a regional growth consulting firm specialises in innovative scaling and technology deployment strategy in Southeast Asia. We help organisations scale through our extensive knowledge in venture building, business transformation and crisis management as well as our wide network of industry connections. We encourage innovation by maintaining an ecosystem for our stakeholders to communicate and collaborate. Our clients and connections are internationally present and range from small and medium-sized businesses, corporate, to government agencies.