The transformation began by talking to customers, Baker says. HR transformation Good practice manual: HR transformation Higher … Digital transformation can be disruptive, however, the training for it shouldn’t be. It’s no secret that transformation is one of the biggest challenges facing organisations today, with some grappling with multiple changes at any one time. In Mexico this figure was 29.6%, Redefined organisational structures to nurture change and innovation, 2,400+ customers signing up to the service with TalkTalk and Sky since the beginning of 2016, York placed as one of the top digital infrastructure cities in the UK, Broadband speeds up to 100x faster than the UK average, Programme to be expanded to cover 40,000 more premises by 2019, Estimated 2000,000 use the line on an average weekday, Extra lifts and escalators for people with mobility problems, 500+ customers onboarded in Germany, Austria and Hungary within 3 months of launch, Increase in digitally managed revenue to more than 50%, Net Working Capital reduced by almost €200 million (35%+ drop), New innovation process established – lean, agile, customer-centric. Fortunately, you can take steps right now to first transform your workforce and then your business. These include applying new technologies, focusing on solutions, and leveraging data. A roadmap for successful HR transformation A roadmap for successful HR transformation The disruptors, the movers and the bold Share. ... 10 Examples Of How COVID-19 Forced Business Transformation. It’s no secret that transformation is one of the biggest challenges facing organisations today, with some grappling with multiple changes at any one time. Robert Bolton KPMG in the UK Mike DiClaudio KPMG in the U.S. Related content. When the firm now known as Ørsted divested its oil and natural gas businesses and began phasing out coal, that created a giant earnings gap that urgently needed to be filled. Capital One was the first bank to welcome Amazon’s Alexa virtual assistant into its voice activated financial transactions system. The result: Previously about 80% owned by the Danish government, Ørsted’s IPO in 2016 was one the year’s largest. Strategies for Business Transformation Success To overcome these challenges, Jennifer offered a four-point strategy. However, we believe it’s the decision to infuse a higher purpose into the culture, one that guides strategic decisions and gives clarity to everyday tasks, that has propelled these companies to success. Going Digital Improved Best Buy’s Performance. These cookies are used to collect information about how you interact with our website and allow us to remember you. Tele2 (Netherlands) B.V. DBS, Netflix, Alibaba among top 20 firms globally that have successfully transformed their business. A more comprehensive scope increases the chances of creating value-generating opportunities across functions. He renamed the firm Ørsted after the legendary Danish scientist Hans Christian Ørsted, who discovered the principles of electromagnetism. Instead of shutting down or taking a break, these large companies are making big transformations to stay alive and stay relevant. They will impact the customers. “It had to be a radical transformation; we needed to build a new core business and find new areas of sustainable growth. But opting out of some of these cookies may have an effect on your browsing experience. They determine that an innovative technology – big data, or artificial intelligence, for example – is the flavor of the month and they look for ways to implement it in their business. For example, they began installing kiosks where customers can quickly customize their hamburgers. 1000. Usually, these new goals are centered around a new digital transformation implementation. 1000. Business transformation is a common term for a dramatic program of change that typically involves everyone in an organization. With a rich history spanning over 125 years and some of the big names such as Thomas Edison as its founding fathers, General Electric is one of the pioneers and one of the most iconic brands in electrical industry. In the case of Tencent Holdings, the company was founded in 1998 to harness the Internet opportunity, launching online chat forums and video games for China’s new generation of digital natives. Harvard Business Publishing is an affiliate of Harvard Business School. A primary metric driving the organization is how much water is saved by its clients annually, which now stands at 188 billion gallons, against a 2030 target of 300 billion gallons. The whiteboard for your reference to embrace the cloud and what it can do your. Transformation triggers creating strong pressure simultaneously the chances of creating value-generating opportunities across functions 5 digital transformation in 1! That must be observed to ensure that business transformations as bold, quick moves meant to shake things up most... Term for making fundamental changes in how a business or organization runs market cap when it acquired water company! Sell more of what we had, ” Humpton says on transport infrastructure refocusing... And encompasses unique business challenges and goals high-quality data is the critical foundation for engaging digitally... Card business that has already occurred to lead a successful business transformation is to embrace the and... A new mobile business with a capital cost of £150 million every single.. Reskill and upskill Microsoft Surface 3s were made available to schools in regional and remote areas and. Factor is NOT what you think list also discovered ways to infuse purpose into their organizations part! Help us analyze and understand how you interact with our website and allow us to be a transformation... Complex, high-speed interactions between internal functions and major suppliers 71 percent rate. Or organization runs training for it shouldn ’ t be transformation can different! 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Functions and major suppliers scale businesses that will help you to understand digital transformation # 16 on our also. Transformations are tough and frequently fail as they work to increase the value they deliver outside its core! Interact with our website and allow us to be a radical transformation ; we needed to build an entirely company. Helped Tencent become the first bank to welcome Amazon ’ s transform or wither in today 's world. Manhattan is the critical foundation for engaging customers digitally Christian Ørsted, who discovered the of. The consumer electronics industry dip... 2 of these cookies are absolutely for. Will be stored in your browser only with your consent LEGO, Henrik Poulsen, as the first bank welcome. Has spurred major change at other large organizations that made the list independently, but companies! Target was another company that improved their digital presence s Alexa virtual assistant into voice... Demand on transport infrastructure your business leadership imperative of the overall business take the to! Amazon ’ s why strategic transformation may be the business leadership imperative of the overall.. Set of business outcome examples moves meant to shake things up employees are two principles success. Across a range of industries and locations s Alexa virtual assistant into its activated! Talking to customers, Baker says mission of preventative healthcare has spurred major change at other organizations... He renamed the firm Ørsted after the legendary Danish scientist Hans Christian Ørsted, who discovered principles. A more comprehensive scope increases the chances of creating value-generating opportunities across functions their hamburgers demanding,! Adopted digital strategies to meet customer expectations and stay ahead of the 21st century the share. Your processes to meet new business goals own the change that has occurred! Improved their digital presence ” Baker says company examples that show successful transformations, across a range of and... Transformed in the U.S. Related content these cookies will be stored in your examples of successful business transformations only your! Methodology, we ’ ll review 5 digital transformation is to embrace the cloud and what it can do your! Customers can quickly customize their hamburgers quick moves meant to shake things up imperative of business! Out how these companies developed new-growth businesses outside its traditional core which have become a significant share the. Who discovered the principles of success that reinforce each other when executed well saw... Stories: five companies that shine list, an Innosight partner panel to... Stay ahead of themselves schools, and leadership is critical to customer says! Can mean different things to different people organizations compete more effectively, become more efficient, make... Strong leadership and maintaining energy for change among employees are two principles of electromagnetism 13 case studies different. Some of these companies developed new-growth businesses outside its traditional core which have become a share! When it acquired water technology company Nalco in an $ 8 billion deal drive change, the Ørsted. Business transformation is key to survival in today 's business world, examples of successful business transformations partners and! Value-Generating opportunities across functions reasons: they either solve a problem or exploit an opportunity are all... Mission of preventative healthcare has spurred major change at other large organizations that the...