Enterprise transformation is a broad term that covers changes or transformations across different areas in a company. The improvements can range across different areas such as technology, business process, business model, ways of operations, leadership principles, and leadership in itself.
- Business Process Improvements
This refers to transformation targeted at various business processes. This covers Quote to cash process and operations, Finance and Accounting process, Revenue recognition, customer experience improvements, Pricing strategies that improve customer engagement, and so on.
2. Organizational Changes
This refers to changes that can transform the culture of the company. This can be the change in the ways of working such as agile transformation, changes in leadership, and leadership principles bringing in an innovation culture.
3. Business Model changes — Industry level impacts
This is a type of transformation that can potentially change the building blocks of the business. These changes can impact the overall industry and how business is delivered. For example, the way software is provided transformed from on-site servers to cloud-based delivery.
4. Reinvent new businesses
This is one of the often overlooked categories, probably because it is less understood conceptually. This is the type of transformation where companies can leverage their existing digital capabilities, be a client 0 and then make it a new business for external clients. For example, if a company has digital capabilities in metaverse technologies, opening up their business in metaverse can make this company a client 0 for this solution and help them to sell this solution forming a new business.
A classic example is AWS, where AWS was initially used as one of the infrastructures for Amazon’s eCommerce business and later on sold as a product externally. This formed a new business in itself for Amazon.
