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John Spacey, December 13, 2015 updated on February 24, 2017
Business transformation is a common term for a dramatic program of change that typically involves everyone in an organization. At its best, business transformation is a move to own the change that is sweeping an industry. More often, it's an attempt to cope with change that has already occurred. The following are common types of business transformation.
Business ModelMoving to a new business model such as wrapping your products in a service.CostRestructuring your costs such as cutting overhead or achieving a fundamentally lower cost per unit.Organizational CultureChanges to the norms, habits and expectations of your organization. For example, an organization with an antagonistic relationship with customers may seek to fundamentally shift towards customer is always right or a similar culture.
Customer ExperienceChange to intangible elements of your value proposition. For example, a fast food restaurant that transforms interiors to resemble a unique neighborhood cafe.TechnologyDramatic shifts in technology platforms such as aggressive modernization and retiring legacy systems.OperationsRethinking core business processes as opposed to improving them.
IndustryA dramatic shift in business model that involves entering new industries.ScopeExpanding or contracting your product offerings. For example, a big-box grocery store that begins to operate small convenience stores that offer fresh food.DistributionChanging your basic distribution model such as a manufacturer that begins to sell to customers directly using ecommerce channels.
SustainabilityIndustries that cause environmental or social damage that seek a sustainable business model.QualityIn some cases, low quality is a fundamental problem that requires business transformation. For example, a telecom firm with quality of service issues that causes customer satisfaction to drop and attrition to skyrocket.RiskManaging pervasive risks that threaten the reputation of a firm such as information security risks and financial risks.
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