Business Transformation
Business transformation is a key executive management initiative that attempts to align People, Process and Technology initiatives of an organisation more closely with its business strategy and vision to support and help innovate new business strategies and meet long term objectives.
Business transformation is achieved through efforts from alignment of People, Process and Technology areas towards an outcome-based end-state such as 50% increased revenue or 25% improved customer satisfaction.
It can be defined as:
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Changing appearance - by improving services to customers
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Changing shape – by review and reappraisal of what a business should do, by working with partners and by making better use of all types of resources
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Changing form – by improving the way the business works, and embraces new organisational structures, skills, processes and technology.
Business transformation can be achieved through new technology, business models and management practices.
Business transformation is now considered an essential part of the competitive business cycle.
