A transformation or restructuring initiative can take a number of different forms, depending upon the prevailing circumstances and the desired outcome. It will typically align with a new strategy or be needed to respond to a failed or absent strategy.
Markets and industries evolve. Market forces can be cyclical and markets can change. Increasingly and more frequently the traditional playing field is changing and the participants with new business models are becoming the winners.
A business needs to keep looking forwards, one eye on the next play while managing the here and now. This reinforces the need to be agile, to implement periodical transformations and to develop the ability to respond quickly.
Successful transformations need to focus on achievable initiatives in the context of their resources and not seek to implement too much at one time.
When transformations are left too late, aggressive restructuring is often needed.
Competitors change what they are doing and how they do it, new entrants disrupt the status quo with new technologies and business models. Disruption is occurring faster than ever before, creating more volatility and uncertainty. Businesses often find themselves facing more challenges, from new and multiple directions.
Transformations can include:
Introducing innovation programs and initiatives
Diversifying core activities
Addressing a decline in profitability and margins through reviewing value chain choices and procurement strategies
Improving practices & processes, technology enabled solutions
Improving leadership capability
Creating and capturing more value through enhanced data usage to improve performance
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