How to maintain business relevance: 5 non-traditional methods
87% of companies are in the process of transformation, but are unsure of what the end goal is, Globant found.
The majority (87%) of organizations are in the process of transformation, but are either not seeing results or are unsure of the end goal, according to a Globant report.
While companies are told transformation is critical for business survival, they aren’t given the proper guidance for how to successfully undergo these changes.
SEE: Digital transformation road map (free PDF) (TechRepublic)
Globant’s Sentinel Report, released on Monday, attempted to solve this problem by offering five guiding steps for businesses experiencing transformation.
The end goal for most transformations is to optimize business value, so the report identified five non-traditional ways companies can achieve relevancy through optimization.
Martín Migoya, CEO and co-founder of Globant, said in a press release that the report “arms organizations with the insights they need to evolve their mindsets and challenge the status quo within their organizations to unlock unlimited business value.”
“As leaders look to innovate and transform in 2020, it will be critical that they take action on the best practices outlined in our report to stay competitive and attract new customers,” he said in the press release.
5 non-traditional steps
With the average life span of companies being under 20 years, staying relevant is more important than ever.
1. Transformation on the streets
Mature organizations have clear, digitally driven business goals (28%) and prioritize people. More than half (52%) of leaders said they believe collaboration across departments is the most valuable capability for digital transformation success, according to the report.
To set digitally driven goals and gain support across the organization, the report suggested starting small. Look at one ordinary task that happens every day, and find a way to make it 10% better. This small success helps leaders gain credibility and encourages coworkers and stakeholders to jump onboard for bigger projects, the report found.
2. Eyes on the prize
Goal-setting is critical to success before, during, and after transformations, the report found.
Employees in organizations undergoing transformations should define their goals and become co-owners of these goals, checking in on progress regularly. This practice helps create accountability and agency for all employees, according to the report.
3. Put the data to work
Data unlocks insights and yields metrics that can show gaps and progress in company operations. Neglecting this data only hurts the company, the report found.
The report recommended first looking at the origin of the data an organization has, as this can help improve the processes making use of the data. Companies should then use this data to help improve the efficiency of operations and analyze the impacts this could have on the whole business, according to the report.
These metrics can act as a crucial benchmark for success, displaying where transformations are working, lacking, or hurting projects, the report found.
4. Keep talent alive
A lack of workplace recognition is one of the top reasons employees quit their jobs, but talent is critical for transformation success, the report found.
Companies need to prioritize every member of the organization during major changes, elevating them to “protagonist status” and creating a culture of co-creation.
During chaotic business shifts, it’s easy for people to feel left behind or forgotten about; to combat this, companies should ask employees regularly for their opinions and ideas, according to the report.
5. Think outside the box
The competitor landscape for all industries have ebbed and flowed over the past decade, but most companies still use the same practices. Especially with the ever-changing tech market, businesses must evolve to keep up and stay relevant, the report found.
A few ways companies can spark change involves thinking outside of the box. The report found that businesses can do this through experimentation with ideas. Leaders should survey employees for ideas and try some out, the report found.
Another way to help businesses evolve is by using cross-industry innovation, especially with technology. If there is a practice that seems outdated, businesses should look for technological solutions to help, because they most likely exist, according to the report.
Combining these five strategies will help organizations stay competitive, relevant, and alive, the report suggested.
For more, check out Why being a data-driven company isn’t enough on TechRepublic