In management, business transformation involves making fundamental changes to business to achieve organizational goals and business need to improve processes, technologies, and productivity. There are various reasons for initiating the transformational projects and they could be due to changes in product or services, operations, technology enhancement, new requirements, new regulations or new business needs implemented through cohesive efforts. Business Transformation typically imply technology implementation, mergers & acquisitions, business process re-engineering, etc and impacts the business, people, and technologies partially or completely, depending on the nature of the change. [need quotation to verify]
The need for business transformation can initiated due to for various reasons, internal or external changes. Internal changes could be changes in policies, operations, introducing new products or services, updating legacy systems or merger and acquisitions etc. whereas external changes could be changes in the market such as maintaining competitive edge, New operating model, adopting new regulations etc. This management approach also incorporates Business Process Reengineering and is widely used:
Business transformation is achieved by one or more of: realigning business model, restricting organization, the core product or service portfolio of the business, target operating model, incorporating new technology and so on. Typically organisations go through several stages in transforming themselves:
Business transformation can lead to developing new competencies and making better use of existing competencies.
Examples of organisational transformation include:
Manage research, learning and skills at NCR Works. Create an account using LinkedIn to manage and organize your omni-channel knowledge. NCR Works is like a shopping cart for information -- helping you to save, discuss and share.