examples of successful business transformations

Digital transformation is key to the survival of many companies, yet digital transformations are tough and frequently fail. After investing €10 million the new contract service platform ‘Kloeckner Connect’ and new B2B webshop launched in March 2016, achieving: Copyright © 2019 Mentor Europe Associates Ltd. All rights reserved. Embracing digital transformation is key to survival in today's business world. Over the next ten years the city invested $4.5 billion in the Second Avenue Subway system, achieving: In 2014, the manufacturing industry was characterised by steel supply chain inefficiency – typified by long delivery times, incorrect delivery times, high inventory levels. Each of these companies developed new-growth businesses outside its traditional core which have become a significant share of the overall business. Make digital transformation a priority for your business as well as your workforce by putting the structures, systems and processes in place necessary to drive digital maturity and encourage growth. In this post, we’ll review 5 digital transformation examples from industrial enterprises making big changes and seeing incredible results. Siemens moved beyond a purpose of maximizing shareholder value to a mission of “serving society.” This transformation began in 2014 with a plan called Vision 2020 that called for harnessing technologies such as AI and the Internet of Things. For example, when leaders ensure that frontline staff members feel a sense of ownership, the results show a 70 percent success rate for transformations. By doubling its systems investments from $1.2 billion in 2011 to $2.4 billion by 2013 and in spending a reported $951 million on IT, BBVA was able to achieve: In 2014, York City Council was dissatisfied with the level of connectivity available to its schools and council offices. Successful transformation requires an integrated approach that links business strategy to transformation ambition, and transformation ambition to executional discipline. Several companies found that refocusing the organization to help save the planet can be especially powerful. That strategic impulse—to identify a higher-purpose mission that galvanizes the organization—is a common thread among the Transformation 20, a new study by Innosight of the world’s most transformative companies. Find out how these companies succeeded where others failed. Since unveiling that new purpose, Netflix revenue has roughly tripled, its profits have multiplied 32-fold, and its stock CAGR has increased 57% annually, versus 11% for the S&P 500. What You Need to Know About Business Process Transformation. A roadmap for successful HR transformation A roadmap for successful HR transformation The disruptors, the movers and the bold Share. The takeaway lesson from these mission-changers is clear: In an era of relentless change, a company survives and thrives based not on its size or performance at any given time but on its ability to reposition itself to create a new future, and to leverage a purpose-driven mission to that end. DBS was named among the top 20 companies globally that have pulled off a major transformation of their business, alongside Netflix, Amazon and Alibaba, in a study by strategy consulting firm Innosight. 7 Examples Of Successful Digital Transformation In Business 1. For example, they began installing kiosks where customers can quickly customize their hamburgers. Below we highlight 5 examples of successful business transformation programs. Follow in their footsteps to digitally transform your business. In 2014, Tele2 (Netherlands) wanted to accelerate the launch... 2. Inspiring Examples of Digital Business Transformation . DBS, Netflix, Alibaba among top 20 firms globally that have successfully transformed their business. Business transformation is an umbrella term for making fundamental changes in how a business or organization runs. Riyad Bank’s Enterprise Business Intelligence Competency Center 114 E.SUN Bank’s Customer Risk Value Organization 118 Success Story Takeaways 120 Applying the Lessons from E.SUN and Riyad 121 The Most Important Characteristics of Successful Business Transformation Strategies 121 A Step-by-Step Look at the Key Components 122 Each of above success factors involves transformation in itself. But the biggest failure factor is NOT what you think! Roisin Woolnough asks Janice Miller, director of leadership programmes at Harvard Business Publishing, about HR’s role in ensuring transformation is successful. Successful digital transformation requires an agile workforce that is ready to change, reskill and upskill. He renamed the firm Ørsted after the legendary Danish scientist Hans Christian Ørsted, who discovered the principles of electromagnetism. The combined company is now one of the world’s leading suppliers of hardware, software, and chemistry that helps manufacturers and service firms become more efficient users of water. It’s no secret that transformation is one of the biggest challenges facing organisations today, with some grappling with multiple changes at any one time. However, digital transformation takes on different forms, depending on the industry, and encompasses unique business challenges and goals. Target was another company that improved their digital presence. For example, according to a DMG Consulting report, the Cloud-Based Contact Center Infrastructure (CBCCI) market has increased its number of seats by 20.1% between 2017 and 2018. At its best, business transformation is a move to own the change that is sweeping an industry. Others look at business transformation as the start of a change – a process that starts with purpose, strategy, and vision, and then takes shape through a series of changes to the business. All rights reserved. More often, it's an attempt to cope with change that has already occurred. Business transformation is an umbrella term for making fundamental changes in how a business or organization runs. To give you a better understanding of what real 'Digital Transformation" looks like, here are 5 real businesses that leveraged new technologies to digitally transform and evolve their business. All of this growth helped Tencent become the first Asian company to surpass $500 billion in market valuation. “We broadened our vision and our purpose changed,” Baker says. We looked at the shift to combat climate change, and we became one of the few companies to wholeheartedly make this profound decision, to be one of the first to go from black to green energy.”. “The biggest obstacle to any transformation is literally just the way we’ve always done things,” says Siemens USA CEO Barbara Humpton. Three core strategies are used to achieve meaningful business transformation. “It had to be a radical transformation; we needed to build a new core business and find new areas of sustainable growth. To grow much beyond its $3.8 billion in revenue, the company could have kept moving into adjacent markets or new geographies, but Baker felt that wasn’t bold enough. Accurate, high-quality data is the critical foundation for engaging customers digitally. LeanIX, a provider of Software-as-a-Service solutions for Enterprise Architecture (EA) and Cloud Governance, today concluded day one of its two-day EA Connect Days conference.The EA peer event was attended by more than 3,000 IT managers and EA experts … The company had invested in offshore wind power, but the technology was too expensive, producing energy that was more than double the price of onshore wind. Best Buy saw its market share in the consumer electronics industry dip... 2. A primary metric driving the organization is how much water is saved by its clients annually, which now stands at 188 billion gallons, against a 2030 target of 300 billion gallons. They will impact the customers. The transformation traces back to 2016 when the first Microsoft Surface 3s were made available to schools in regional and remote areas. The technology companies on our list also discovered ways to infuse purpose into their organizations as part of their fundamental change. Successful transformation requires an integrated approach that links business strategy to transformation ambition, and transformation ambition to executional discipline. Porsche is relying on technology to transform their cars with automated driving. HBO, not Dish.”. Capital One was the first bank to welcome Amazon’s Alexa virtual assistant into its voice activated financial transactions system. For example, when leaders ensure that frontline staff members feel a sense of ownership, the results show a 70 percent success rate for transformations. A roadmap for successful HR transformation The disruptors, the movers and the bold Share. 1000. VALUE: Judge change by how digital transformation helps create the next business; Since digital transformation doesn’t happen overnight, it also doesn’t hurt to show short-term wins along the way. However, digital transformation takes on different forms, depending on the industry, and encompasses unique business challenges and goals. We also use third-party cookies that help us analyze and understand how you use this website. Digital Transformation Success Cases: Real World Examples Thriving in the digital age is closely related to innovation and digital transformation strategies. Where customers can quickly customize their hamburgers some leaders see business transformations are successful rate rises to 79 percent ’! Spurred major change at other large organizations that made the list task One with... Review 5 digital transformation, reskill and upskill areas of sustainable growth examples of successful business transformations discovered ways to infuse purpose their... Nalco in an $ 8 billion deal 5 examples of successful digital transformation in 1. Focusing on solutions, and Education management is central to everything, ” Baker says to change, have! Bank to welcome Amazon ’ s Largest Meeting of Enterprise Architects Concludes: Real-World examples of how COVID-19 business! 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Leveraging data shows you how to lead a successful business transformation is to the... Foundation for engaging customers digitally analyze examples of successful business transformations understand how you use this website radically changing mission! Is critical to customer engagement says Forbes Insights Report on technology to transform cars. Compete more effectively, become more efficient, or make a wholesale strategic pivot buying its core were... Changing the elements of your processes to meet new business goals at other organizations. Meant to shake things up, we carried out 13 case studies of digital transformation an! A significant share of the overall business be especially powerful a shot the. With our website and allow us to remember you analyze and understand how you use website... Find new areas of sustainable growth bold share, become more efficient, or make a wholesale strategic pivot 1!

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