Sandhya Jane is an Indian writer, speaker, Business coach & entrepreneur. She is best known for her mentorship in the areas of operations management, business transformation, information technology, and green technology. Adding to this, she is a phenomenal coach for young parents and children with a deep understanding of the Vedas.
As a result of the dramatic changes that are getting to lots of industries, the current trends in business transformation include the changing workplace requirements as well as building resilience.
In this global economy, best believe that change is the new normal. The ability to approach these changes proactively and in a way that is structured makes all the difference between the economic fall and success for most companies.
Before we delve into the new trends in business transformation, it is best to have an idea of what business transformation entails.
What Is Business Transformation?
It is worthy to note that business transformation is regarded as an umbrella term that practically describes all transformation processes that a business will go through in a bid to cope with changes or shifts in the market.
These transformation processes include cultural, operational, and digital processes. The goal of business transformation is to create new value, cut costs and heighten customer satisfaction.
While business transformation seems to be a straightforward term, it is pretty complex and displays itself in multiple layers. If it is done right, business transformation is an initiative that will take some months or years to complete.
Since its scope is broad and decisions to be made will affect each area of the organization, the business transformation will have to be driven straight from the top.
The people who are in charge of every business transformation management effort to redefine the vision of the company are the board of directors, business architects, and the CEO.
For most industries, the rules of the game keep changing fundamentally each day. An example is e-commerce’s continuity in dominating stationary trade. More so, mobility ideas are in upheaval with car manufacturers when it comes down to the process of reinventing core products.
Interestingly, technology-driven start-ups are beginning to threaten and replace classic business models and the customer relationship in insurance, banking, and monetary services.
Business Transformation Trends
Some of the latest trends in business transformations that you should know about include:
1. The changing requirements in the workplace
It must be understood that hybrid working and the swiftly changing requirements in the workplace are placing new demands on communication and information exchange between employees and the companies.
More so, this has managed to reinforce the use of digital handbooks in managing the role-specific rollout of policies, work instructions, and procedure knowledge.
Note that, the digitization of process knowledge enables a swift information update and a two-way exchange. This allows for the active participation of employees via collaboration and feedback.
2. Ensuring compliance with regulations
Bear in mind that this concerns regulatory demands that are always multiplying. The well-known areas like quality and data security are being supplemented by most new requirements that regarded sustainability, environmental protection, and social governance.
All of these present businesses with the challenge of building an efficient analysis and reporting system for these areas. Rather than having many dedicated systems, the solution tends to lie in an integrated platform for regulatory compliance.
Note that, most of these compliance requirements tend to relate to the exact corporate assets like responsibilities, IT systems, and processes. All of these are documented in one main repository.
3. Leveraging of process mining for the supply chain resilience
When it comes down to supply chain resilience, understand that process mining will be extended to the whole supply and distribution chain.
We are also going to see great scenarios that will combine the analysis of production procedures and machine data with the core processes like procurement to pay, order to cash, and contact to order.
4. Convergence of automation technologies
In the more recent years, lots of technologies for automating tasks and processes have been established. And, this includes digital process automation, low code, and no-code platforms, robotic process automation, and even smart document processing.
Currently, all of these diverse technologies will keep converging, and integrating platforms will come up with headlines such as automation fabric and hyper-automation.
More so, artificial intelligence and machine learning algorithms will be vital components of automation. Businesses will highly build automation centers of excellence to be capable of bundling expertise and printing islands of automation.
5. Establishing resilience
Unforeseen events such as cyber-attacks, critical infrastructure failures, and natural disasters tend to pose a huge threat to the success of businesses. Thus, business resilience and continuity have become of paramount importance for most businesses.
The solutions are turning into an indispensable part of an integrated compliance system and they are decisive for the power to act and react in situations of crisis.
6. Task mining and leveraging process to highlight weak points
For each of the optimization problems, it is vital to highlight the weak points along with their core processes. Task mining and process abilities are vital to having an understanding of all that is happening in one’s business.
The new trends in business transformation include having increased automation of all these analyses. This means that task mining and process systems will monitor the most vital problems without plenty of human interventions.
Note that, machine learning algorithms and root cause mining are the primary technological components of this automated analysis. The main use case is the detection of compliance problems like deviations from the already specified “to be” processes.
7. Placing customer satisfaction at the core of process optimization
Among the newest trends in business transformation in 2022 is seeing a major expansion of the analysis spectrum of tracking and mining technologies. Also included is the concentration on processes and tasks that will get supplemented by the views of customers.
In simpler terms, customer journeys will be fully analyzed like internal processes and a successful business will blend this external and internal view to place customer satisfaction in the middle of their optimization efforts.
On a general note, these initiatives and the latest trends will come together through the enterprise management systems (EMS), also known as the digital twin of an organization.
The EMS will play a vital role as the control tower for planned transformations, operational optimization, and business model innovation.
Note that, the EMS will be the central command center for those companies that link the process layer to a strategic business model and leverage automation technologies in a bid to differentiate themselves from their competition.