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Business Growth

business transformation for growth oriented companies

Business transformation is a frequently used term in the world of project management. The generic definition framed to explain business transformation is, “It is a process of making fundamental changes in how business is conducted, in order to help cope with shifts in the market”.

Business Transformation is a key change management strategy with an aim to align people, technology, process, and initiatives of the company closer to its vision and mission statements. It is empowered with driving factors such as agile, disruptive, pivot, and innovation.

Business transformation is an incremental change focused on redoing business and adapt operating models to deliver exceptional or breakthrough results. Innovation is the key driving factor for business transformation and organizations with strong innovation capacity can make successful transformations that bring in great returns. Any organization with a focus towards potential growth opportunities is said to always be in business transformation state.

The following five key factors drive business transformation so as to give results –

1. Enhance Customer Experience
All the efforts involved in transformation should be surrounded by values it delivers to the customers. Customers are focused on the value and experience they receive from the product or a service purchased.
Introducing changes that matter to the customers and rich user experience keeps customers happy and loyal, leading to business repetitions and additional referrals.

2. Technology Adoption
It is important to choose technology that fits the business requirement in terms of value addition and process improvement. Any technology adopted should enhance customer experience, improve operation and production, and increase service value. Conducting a good due diligence to analyze the value proportion of the technology brings in the anticipated benefits as a result of the business transformation.

3. Cohesive Front and Back-end Operations
It is always seen that customer-facing activities gain priority and are invested and updated frequently. The back-end activities are always played down. Advanced front-end and classic legacy backend operations are always a bottleneck and create hindrance in the business activities.
Fully integrated front and backend operations provide horsepower to the business transformation and are promising to achieve the said results.

4. Effective Data Analysis
Data analysis and real-time update of the facts is crucial for a business. Effective use of modern data analysis tools to capture real-time data for timely analysis eliminates the cumbersome approach that is often time consuming and error-prone.
Business with clear insight and statistics of data take most effective actions and are ahead of the competition.

5. Culture of Change Adaptiveness
Values and beliefs of the company drive the people in the organization. Change is not accepted easily there is always a resistance to adapt to change.
It is important to build a culture that embraces change and is always open to try new things and learn from the errors if any. The adaptive culture accelerates the business transformation and contributes in large extent to the organization.

All the factors discussed above are very crucial for any organization that focuses on growth. The organization that is innovative and adaptive to change makes the most of the opportunity available.

Categories
Business Growth

why companies should aim to become global brands

There can be many reasons that entrepreneur start a new business and work hard to grow it. The motivation could be –

  1. Money & career
  2. Following passion(by showcasing talent and earning from it)
  3. Sheer interest in creating something and love for doing business
  4. Contributing to society directly or indirectly by generating wealth and opportunities, improving quality of life, boosting morale and inspiring people.

Whatever be the motivation, the entrepreneurs become the pillar of the growth of the society by building and growing sustainable companies.

The more the company makes good products and sells via responsible marketing, the more is the positive impact on lives of more and more people. So it is also a responsibility of the entrepreneurs to increase the presence of their companies, reach out to new markets and grow their business by becoming global brands.

Below are mentioned some benefits that a global brand enjoys –

  1. Increased volume of demand of products
  2. Access to quality distributors to ensure faster deliveries
  3. Increased local manufacturing by sharing licence
  4. Access to best global talent, raw materials and technology to produce best products and increase innovation
  5. Risk minimization due to local economic and political changes
  6. Increased profitability and long term business security

Becoming a global brand and generating demand is much simpler today than it was till few years back. With the rapidly increasing penetration of internet and online marketing platforms, the cost of reaching out to target market present all over the world has decreased remarkably. Engaging audience with the company to create a brand association is more of a creative and strategic process than a money involving activity.

This is the perfect time for all companies which have been operating on a small scale to step up and build large organizations. Implementation of technology and tapping into the wide pool of skilled resources will help sustain the transformation and improve long term profitability.