Many transformations fail. The BCG, analysed which organisations did succeed and what their leaders did to achieve that. The lessons learned are applicable to any size of organisation.
Everybody talks about digitalisation. Digitalisation is not just having your old transportation now done by a computer or having your processes automated. Digitalisation is more. It is a real transformation of your organisation or department.
We can say that many companies are in transformation just to be able to adapt to the fast pace changing environment. Unfortunately, the problem with transformation is its success rate. In an article written by Lars Faeste, Senior Partner of the Boston Consulting Group, he points out that only 30% of large transformation efforts succeed.
Based upon the company’s extensive experience and analyses of large US companies, the BCG, comes up with five characteristics the CFO of these successful transformed companies had in common.
We will summarise them for you here so you can benefit from their insights:
- They take decisive action quickly and launch formal transformation plans. The danger is to wait to long and not to anticipate the tough disruptive change;
- They unlock immediate gains to fund the transformation journey and tell their story to the market. In this way, they create confidence and manage to free up capital to fund the long journey;
- They have a clear idea of the next step in the transformation to boost growth. They have a plan for the years after they initialize the exchange in order to support the growth in the long run. One of the key elements in this plan is their digital transformation, in particular related to the improvement of the customer interaction;
- They are willing to make changes in their transformations;
- Not only your business model should change but most probably the people who will lead the change. People with new or different experiences;
- They commit to a long-term transformation program with sufficient scope and scale.
So transformation, due to “continuous change” is not a one-time program anymore but is on-going. It needs people who believe in it, support it and act!
We hope you have the right people in place to help with your change, or people who will quickly adapt to the new process and the changed world.
I launched Rainbow Resources Group with the acquisition of Rainbow Careers (now "Rainbow Admin Careers"), a company with more than 30 years experience on the Belgian market. I subsequently created additional specialised divisions such as "Rainbow HR Careers", "Rainbow Flex Careers" and “Rainbow Coaching”.
I started my career in Auditing and later acquired Advisory and Marketing experience in one of the Big Four. Moving into the recruitment sector, I have accumulated more than 25 years experience as a Consultant, Manager and Managing Director in a number of small and large, national and international, specialised recruitment firms.
After graduating from Solvay Business School, I trained at INSEAD. I am also a certified Business & Executive Coach and certified Mediator.
Passionate about business, specialised in permanent and temporary recruitment in particular, I foster and live by values such as trust and fairness.
I believe in the strength of a smile and that a picture speaks a thousand words.