A business transformation strategy allows to plan and execute any shift, realignment or fundamental change in business operations. The aim is to make changes to processes, people or systems (technology) to better align the company with its business strategy and vision.
This template can be especially useful for transformation teams but also suited for other functions and internal stakeholders involved in transformation initiatives, such as employees, managers, and leadership.
Business Transformation is fundamental in today's world, where organizations need to constantly adapt and evolve to stay relevant in the market. Transformation and change can be challenging and sometimes chaotic. Devising a Business Transformation Strategy can allow an organization to consider its focus areas and give structure to the transformation plan and processes to ensure successful execution.
A Business Transformation Strategy can help your organization adapt and evolve. However, in order to do so, you must first consider what areas of this transformation do you want to focus on.
Examples of focus areas for Business Transformation could include High Performance, Resistance to Transform, Accountability and Responsibility, and User Proficiency.
Objectives are actionable goals that can help you attain a desirable outcome in the future. You can create and set objectives with fixed timelines and measurable steps to achieve success.
Examples of objectives for the focus area High Performance can be: Achieve record revenues while increasing profitability; Foster a creative environment to improve thinking; Improve team morale, organizational resilience, commercial income line.
You can break up the objectives into smaller chunks of goals you want to achieve by creating a few Key Performance Indicators, also known as KPIs. What does a key performance indicator mean? Well, the KPI definition that we use is; a measurable value that shows the organization's progress toward achieving key business objectives.
Examples of KPIs to tackle the objective High Performance can be: Hit quarterly revenue to $10,000; Increase employee retention rate to 60%; and Reduce the number of unauthorized changes by 60%.
Creating Effective Projects will describe what you will do to accomplish your objectives. It is at this point in your strategic planning process that you will start to scope out exactly what actions you will take in order to achieve certain objectives. Projects should align to one (or more) of your strategic objectives and sit underneath them.
Examples of Projects to Foster a creative environment to improve thinking could be: Conduct brainstorm sessions to redefine culture; Host a virtual event to celebrate rebranding; and Promote new values on internet and in office environment.
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