After surveying 1600 executives in 16 countries, across 21 industries, KPMG’s 2016 Global Transformation Study has uncovered the three critical factors in achieving successful business transformation
In the light of evolving customer behaviours, disruptive technologies, regulatory policies, and globalisation, major organisations across the globe are attuned to the urgent need to transform their business and operating models.
KPMG’s Global Transformation Study 2016 has shown that 96 percent of organisations internationally are in some phase of business transformation, with 66 percent starting or completing at least one transformation initiative in the past 2 years.
Despite this significant amount of transformation activity, less than half the respondents (47 percent) actually believe they can realise sustainable value from transformation initiatives, and almost half (48 percent) of executives lack the ability to capture the signals of change in the marketplace needed to develop unique insights on customers’ preferences and demands.
As a result, this year’s Transformation Survey considers three critical factors for success;
• Focus on the customer: Understand customers evolving expectations and align to the value drivers of your organisation.
• Embed continuous innovation: Embed continuous innovation into the culture and structure of your organisation so you can build enduring competitive advantage.
• Learn to thrive on change: Build agility into your organisation so that as the business environments you operate in shift, your organisation is better able to transform and adapt to the innovations generated.