Imagine how many CEOs and Directors must throw their hands up in frustration when they see countless transformation initiatives get dropped.
After spending millions of dollars on these overhauls, you would think these companies would work harder to see some ROI on revamping operational excellence, only to come up short. In fact, the figures are staggering; the majority of investments end up wasted on failed programs. Very few programs see performance improvements at all. So, it makes you wonder: What are companies doing wrong? And why?
Rethinking the business model: Engineering, not art
You can forgive many of these corporations which are struggling with the “new normal” – it can certainly cause a panic. Think about it: If there wasn’t a big competitive need to revamp and rethink business strategy models before, there certainly is now due to Covid-19. So many companies clamber over the rocks and hills of this new terrain too quickly - trying to change how things operate in their businesses too fast, not realizing that they don’t necessarily need to panic.
They just need to be focused. Structured. Methodical. They need to take a deep breath and think about how to adapt the business model, structure it, maybe even test it, communicate it, get everyone on board – and only then, after all the pieces have been put together, move forward!
Read my article on the Process Excellence Network, Lost in transformation? It paints the picture perfectly for you on just how to eliminate the challenges that come with business transformation – connecting strategic decisions with the business operating model and real metrics.
After all, the rocky business terrain won’t go away. Get prepared.