Steps for Successful Business Process Transformation
Achieving a successful business transformation is not easy. Not all transformations are successful at improving performance and equipping the organization to sustain improvements over time. Here are a few suggestions for the successful business process transformation and how Alvarium helps to achieve this success:
Define goals for transformation
Establishing goals that align with the business vision is the first and foremost step towards a successful transformation
- Improve the time to value of the business process
- Reduce the cost of the process
- Simplify the process to make it error-proof
Collaborative discussion with organization and stakeholders
The organization’s ability to move forward requires a certain amount of control which is essential to ensure that the business is willing to adapt and has a genuine desire to develop further. A key part of the organization’s preparation involves stakeholders.
Here are the key steps for the process:
- Inline transformation outcome with a well-defined vision
- Identify and manage potential risks to reduce downside
- Address the results clearly in a convincing way
- Showcase the plans
- Ensure that the proposal has actual value
- Highlight the end goals of the project
Set key data indicators and integrate successfully
Setting up key indicators will enable us to determine whether the transformation is a success or not and allow you to monitor progress along the way. You should choose data indicators that align with the goal of the business process transformation.
Test, observe and deploy
It is prudent to run a check before deploying the process on a company-wide scale. Start with a small project, so that the risk is lower, fewer resources are required, hence, making it more effective. However, while gathering data from testing, the focus should be aligned with the transformation goal. Moreover, it is also necessary to track data and ensure that the new method does not create unintended issues with the data infrastructure of the enterprise.
Roll-out the new business process
When adequate data is gathered and analyzed, the next step is to decide the right business process for improvement. When a new process is determined, it is coordinated around the organization. Then action should be taken and by analyzing the data to ensure that the outcomes are similar to the test scenario.
However, a successful Business Process Transformation (BPT) demands effective data integration and detailed transformation roadmap to support digital initiatives. At Alvarium, we help the business achieve their goals through our unique process, where our collaborative approach drives any company to go through a continuous transformation journey of optimizing the business and processes. At times when technology, value pools, market dynamics, and customer behaviour are evolving, we drive transformation and help organizations stay relevant and achieve their business goals. We bring together our analytical capabilities, industry best practices, depth of business processes and current state of technology to help businesses in their journey towards growth. We recommend data-driven business models and integrate digital technologies into business processes for long term business sustainability.