What Business Transformation Really Means
24 February 2020
How businesses anticipate and embrace new challenges is critical to future success. Those who look for the opportunity in adversity succeed, and those who ignore it often fail.
Our latest Global CEO Survey shows that UK businesses are taking an optimistic view on business challenges by focusing on practical measures they can take to transform their operations while exploring new opportunities for growth and expansion.
This positive outlook is shared in our latest Annual Manufacturing Report. When gauging the transformation mindset of UK firms, almost 80% of respondents said they were ‘constantly alive’ to new ways of adjusting their business to achieve growth, even when facing significant external challenges.
This transformation journey can vary widely between companies and sectors but common areas of focus include the supply chain, workforce engagement, productivity and customer experience.
With efficiency, effectiveness and productivity in mind, we’re seeing UK manufacturers using technology for the efficiency it brings and ultimately the value it can deliver.
While digital adoption has been a key component for transformation in recent years, UK manufacturers are now going beyond this, embracing step changes in their organisational capabilities and mindset. This includes learning new habits, acquiring the right talent, and implementing organisation changes as well as having internal systems in place to react to challenges with agility.
As customers continue to demand more, manufacturers are also shifting towards more service-orientated business models. These can deliver significant benefits to organisations struggling to compete with overseas competitors with lower cost bases on price, who can win and retain customers with a range of superior service-based products. It’s interesting to see that in this year’s report, over 75% of UK manufacturers are now developing business models that add value to customer relationships, aiding customer retention in the process.
Ultimately, for any business transformation to be successful, people and skills remain vital components. This means showing people across the organisation the vision of where the business is heading, the role they can play in turning that vision into reality, and providing them with opportunities to learn new skills, as much as it is about plugging any gaps with new talent.
We’re helping organisations anticipate the skills they’ll need in the future and working together to find comprehensive and competitive solutions. It’s a wide discussion we need to have across society, government and business. We all have our part to play.
Please contact Cara to hear more about this year's Annual Manufacturing Report 2020 findings and how you can transform your business effectively.