Simon Cordrey, Managing Director for BIE’s Transformation Practice
Love it or loathe it; business transformation now seems to be a regular, if not constant part of corporate life, as smart organisations adapt to economic shifts, new technologies and ever-evolving expectations from customers and staff.
From low-impact systems changes through to full-scale mergers or relocations, the majority of senior leaders say the rate and scale of change is only set to accelerate in the next five years.
Leading an organisation through change requires particular skills, which can be hard to find in one person. Strong technical and data acumen, a finely tuned commercial antennae, and impeccable communication and people leadership skills are all essential.
Whether you’re planning to lead a business transformation from the existing C-suite, or bring in temporary expertise, here are three key things to consider.
Technology – make smart decisions
Whether it’s new warehouse systems, financial forecasting tools or front-end customer experience; new technology often underpins a business transformation program, and when done properly can be credited with huge improvements in efficiencies. But with technologies continually evolving and AI bringing new capabilities to the table, it can be tempting to keep buying into the next big trend.
With this in mind, always weigh up the costs of any new upgrades with the actual value to your own customers and bottom line – and don’t be influenced by competitors using new technology if it doesn’t align with your needs. This mindset will allow you to see past tech-fads and to identify real opportunities to transform your business in a way that offers value and ultimately drives growth.
That said, keep your eye on the ball when it comes to cybersecurity. Our latest report points to growing concern about organisational change opening up vulnerabilities while systems switch over and employees learn new ways of working. Be uncompromising in your tech choices here, and make sure you have the right expert in place to protect your business and keep the wider team educated and in line.
Workforce – take them with you
With change comes uncertainty – and a badly managed transformation program can deeply unsettle a workforce. Be thoughtful when choosing the person to lead your program – this is a people job as well as a commercial and technical one; so they should have excellent communication and relationship skills.
Before any program begins, carefully plan a communications strategy which ensures the workforce understands the need for transformation, the objectives, the roadmap and timescales. Build in time for a consultation process which invites input from key departments; this will help employees to buy into the change and apply it properly, rather than feeling that change is being imposed on them from above. If consulted, the workforce can also then feel part of any success; and the project stands a better chance of long-term implementation and support.
If large-scale people changes or lay-offs are planned, then ensure your transformation leader works closely with the Chief People Officer and the legal department to manage the process sensitively and to calm any wider concerns. Again, communication is key – any transformation process has its challenges, but you can never under-state the importance of taking the workforce with you on the journey.
Data – manage and measure
Before the hard work begins – migrating tech systems, adapting process, keeping a tight rein on cyber-security and taking the team along with you – stop to consider how to understand the value of the investment when it’s done and dusted.
Business transformation can rise or fall on the strength of its data, so in the planning stages, take a careful look at the current data, your objectives, and then how to measure any change. Clear data processes will help you to identify what’s working and what isn’t, and also increase your chances of securing board buy-in for future transformations.
With this in mind, the person leading the transformation will not only need to have exceptional data and analysis skills; they also need to be able to teach data integrity to the rest of the team. Expect them to cooperate closely with Chief Data Officer and the Chief People Officer; and if the transformation is being led by an interim, then be clear about where the data responsibility for the project will lie once they leave.
So whether your transformation project is large or small; or if indeed your business is in a permanent state of mobility, planning carefully across these three areas – technology, people and data – will set you up for the best chance of success.
Simon Cordrey has more than 20 years’ experience staffing organisations going through large-scale change. He has worked across sectors, with global PLCs, SMEs and private equity companies. www.bie-executive.com
