Business transformation implies to the process of making
major changes to diverse aspects of the operations and structures of a company.
Earlier, Anand
Jayapalan had spoken about how these changes are
usually undertaken with the aim of making a significant improvement in the
performance, competitiveness, and value creation of a company. It often
involves reevaluating and rethinking the fundamental aspects of how a business
operates and functions.
Here are the prime aspects of business
transformation:
- Vision and
     strategy: For any company, having clarity on the strategy and vision of
     the business is extremely important. It is a vital input to any
     transformation journey. In most cases, the C-Suite leaders of a company
     define their goals and objectives for their respective line of business
     ultimately roll up and formulate the vision for the organization. It is
     not always sufficient to have just a vision. The vision must always be
     substantiated with a strategy that can help realize the vision in a timely
     manner.  The vision and strategy of a
     company would guide the next stage of business transformation, which
     focuses on the business model.
 - Business model:
     The business model involves the processes within a company that
     facilitates commercial opportunities. The business model acts as a
     foundation for the target operating model (TOM). This TOM additionally
     describes how a company shall operationalize the business model with the
     goal of fulfilling discerning commercial opportunities and generating
     value for the customers. The TOM is immensely important to gaining a
     better understanding of the interdependencies across the lines of
     businesses, and knowing how they interact with one another. In most cases,
     TOM is underlined by the business capability model or map. The business
     capability model simply is a high-level view of the business capabilities
     with the lines of businesses operating in an organization.
 - Enabling
     technology: The next step in the transformation journey involves starting
     to define the technology that shall support the targeted operating model.
     Ideally, an IT organization drives this function by keeping in mind the
     current business requirements, as well as concerns of the future. These
     technology decisions are usually guided by important industry trends,
     value to the business, ongoing support costs, and cost of ownership
 - Value
     management: The deployment of technology supports the digitalization of
     multiple processes that are laid down within the TOM. The KPIs and value
     drivers identified during the Vision and Strategy stage would be tracked
     and monitored at this phase. As a part of value management, organizations
     strive to find improvement opportunities whether it is in the form of
     re-imagining the business processes or adoption of the latest industry
     trends.
 
While the above mentioned points are some of the core
aspects of business transformation there also are certain additional parameters
that make a transformation successful. Earlier, Anand
Jayapalan spoke about how other additional
considerations include the ability of businesses to respond to changes with
agility, as well as robust management of risks during the transformation
journey. Business transformation ideally goes beyond incremental changes or
routine improvements. It tends to involve a comprehensive approach that
encompasses multiple dimensions of the organization.




