December 02, 2021 / Papanastasiou Pantelis

Our article at about business transformation

Let 2020 be the year of business transformation

It is time to implement a business transformation plan for all companies, which will lead to real progress, increased productivity and the opportunity to be competitive in the international market. Changes in the digital economy have brought the world into a business transformation through the 4th Industrial Revolution, which focuses mainly on the application of digital technology. As the main goal of business can be cost savings, it's time to realize how new technologies and systems can improve employee engagement, company reputation and stimulate future growth.

As the current business environment is changing rapidly and at an ever-increasing rate, the gap between traditional business infrastructure (human resources, processes, technology use, culture, etc.) and a modern business infrastructure continues to widen. Therefore, it is necessary to transform at all levels, applying and adapting international best practices and adopting successful models.

Business process reorganization, which is essentially part of a business transformation, is an activity of radically changing and rethinking the overall structure to achieve overall cost, quality, service and speed performance.

Consequently, the redesign of the basic procedures and the sub-departments starts at the management level and essentially changes the philosophy and the culture of the company. So as to improve productivity, process stabilization, reduce operating costs and the quality of services / products they provide.

The main reasons why companies should adopt such practices are mainly because:
✔  they face significant issues in the complex procedures they often apply, 
✔  there are no clear, understandable and predetermined goals by all directly and indirectly involved (staff and management),
✔  there are no defined and recorded responsibilities throughout the structure of the company or organization and clear reference lines,
✔  technology and best practices are not utilized in order to automate and improve and best practices are not utilized in order to automate and improve processes.

In addition, it should be emphasized that the reasons for restructuring are not only within the company, but also outside it, in which managements should seek and seize opportunities and identify risks and threats. In particular, these changes are often determined by external forces of both the external macroeconomic environment and the microeconomic environment, as determined by market competition and the changing needs of customers. It is worth noting that in many cases the need for transformation arises from the effort of companies to create a harmonious relationship between the internal environment and the developing external environment, which is constantly changing.

For the above reasons, the steps that are proposed to be followed in a business transformation process are initially the redesign of the strategic goals, the creation of a team of executives which will be responsible for the implementation of the strategic planning, the study and the adoption of best business practices, the development and adoption of new technologies, the identification of opportunities and potential problems and threats, the implementation of performance indicators, the implementation of a modern model of financial management, the implementation of an effective decision-making system combined with the adoption of an efficient system of measuring results.

In summary, the process of implementing a transformation plan can include the following five basic steps:
✔  review and assessment of the current situation, 
✔  recognition of reorganization goals and preparation of the work plan, such as recording the reorganization goal, drawing up an action plan, discussion, acceptance and adoption of the plan by executives and employees,
✔  preparing executives and staff for the change process,
✔  implementation of the work plan through precise action schedules, precise division of tasks, project monitoring process and correction of any deviations of the results from the expected ones,
✔  evaluation of results through the creation of a reliable mechanism of comparisons between before and after the reorganization of the situation, recording of results and experiences for future use.

Καταλήγοντας, επισημαίνεται και από προσωπική άποψη ότι για την επιτυχημένη εφαρμογή ενός πλάνου επιχειρηματικού μετασχηματισμού θα πρέπει να υπάρξει ισορροπία μεταξύ της κουλτούρας και της στρατηγικής των επιχειρήσεων και φυσικά αρμονία μεταξύ των διοικήσεων και του προσωπικού.

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