Business Transformation & Change
When business requires to transform ?
The need for business transformation may be caused by external changes in the market such as an global financial crisis (GFC), M&A, high expense & income ratio, products or services being out of date, funding or income streams being changed, inefficient process, new regulations coming into force or market competition becoming more intense. Our clients, therefore, require their strategy refresh and put a major focus on:
- Growth – to increase revenue or market share;
- Customer – to improve customer satisfaction;
- Efficiency – to enable straight through processing;
- People – to retain & attract talent;
- Compliance – to comply with regulatory requirement (IFRS, AML, Basel, FOFA, FATCA).
Assisting our clients to embark on the type of transformation they are choosing as well as understand and address transformation triggers.
Unlike traditional management consulting firms, we not only consult but also assist our clients design, plan and delivery by ensuring the holistic transformation programmes are owned and driven by internal staff. Our consultants primarily focus on a number of critical steps:-
Getting the right strategic vision is critical – to anticipate what the customer is going to want and how best to achieve it. It also includes defining the depth and scope of the changes and the redesign of internal processes and structures. Our consultants take a strategic approach to transformation by aligning their business models with strategy.
Execution is the hardest part of transformation – to estimate the significance of operating model refinements necessary to effect transformation across people, process, technology, data management and risk management components. Our consultants engage new stakeholders, such as as executives from risk and compliance, who may not have played big roles in transformation in the past, but are fast gaining in importance due to the increase in transformations triggered by the regulatory environment.
The biggest challenge to transformation may be a leader wedded to a past or current success – senior executives can’t put themselves into complacency based on a present revenue, cost, market share and customer satisfaction, but must keep transforming for the future. Our consultants ensure the transformation is flexible, sustainable and needed to be truly continuous, and thus never complete.
Take a broad view of customer demand when embarking on business transformation – Our clients need solutions, not specific products or services. Our consultants ensure business transformation needs to be aligned with their needs and their customer demand. It’s imperative to work through with our clients and figure out transformation triggers that are affecting their customers.