Business transformation is a radical change in which processes are upgraded and new technologies are incorporated to maximize efficiency and save cost. It facilitates better integration of core systems. It is a part of business process management (BPM) and is applied when existing processes fail to meet business demands.
Some of the other important reasons for business process transformation are to automate important tasks to minimize errors, enhance customer satisfaction, boost profit, and gain a competitive edge. With the Covid-19 pandemic leading to the worst global recession underway, many companies have focused on transforming business models and to implement a sustainable BPM program.
Several pieces of research have pointed out that less than 30% of companies succeed in their efforts to make this paradigm shift. The challenges for business transformation and improvement are many like archaic management practices, lack of employees’ engagement, and alignment with new goals, integration odds and missing key objectives.
If you desire to transform business process successfully and stay on the top of the competition, check out these steps to overcome challenges and bridge the gap between your dream and reality:-
Complete Business transformation is a challenging task, and no wonder few companies succeed in it. However, very few things can be more critical for companies in the wake of the recession and the fast pace of technological advancements.
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