After surveying 1600 executives in 16 countries, KPMG’s 2016 Global Transformation Study uncovered the three critical factors in achieving successful business transformation.
With new technology, regulatory policies, customer behaviour and globalisation all impacting organisations, only those that take change seriously will remain relevant. Ron Gardoll, Leader of KPMG’s Transformation practice, defines a business transformation as a "fundamental change in an operating model" which could be strategic and long-term, or reactive to unexpected change in the marketplace.
KPMG’s Global Transformation Study 2016 showed 96 percent of organisations internationally are in the midst of transformation, with 66 percent starting or completing at least one transformation initiative in the past 2 years.
However, despite the large amount of transformation activity, less than half of global respondents (47 percent) believe they can extract and maintain the planned value from a future transformation initiative, and only half (51 percent) believe they can create short-term transformation wins.
Based on the findings, our new report Succeeding in disruptive times – Three critical factors for business transformation success, looks at what makes an organisation successful at transformation, what causes organisations to fail at it, why a focus on the customer is so important in knowing when and what transformation is needed, and how to embed continual innovation in a business.
The pressure is on for businesses to transform with customer outcomes at the core. In this paper, we explore this need for transformation, and the essential factors required to ensure its success.
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