Our global analysis shows that only 1 in 4 transformations deliver value-creating, enduring change. A 75% failure rate is sobering for any CEO mulling a transformation path. When change fails to deliver short- and long-term value for a company, it can land a CEO in the unenviable position of having led a failed transformation. We highlight five truths that CEOs can embrace to improve their chances of leading a successful transformation, as well as a common lie they should never tell themselves. Take a look at our brief insights for CEOs here: https://lnkd.in/ePEp9Y3c
Transformations often expose the gaps which were not in the initial scope, and often what needs addressing is a way bigger & deeper than initially thought. Also we do often fall into the trap of fitting in new ideas or new technology into an old process or old way of thinking. I’ve seen so often “the new platforms need to fit into how we do things” - and that’s already a failure.
Successful #CorporateTransformation is a complex journey, often requiring proactive leadership and a long-term strategy. Embracing empirical insights and committing to structured transformation programs can significantly enhance #ShareholderReturns. CEOs must recognize the value of change before it's too late. #Leadership #BusinessStrategy #BCG
Sir JB Omodayo-Owotuga, FCA, CFA & Akin Akinfemiwa I think you might find these tips helpful.
I agree! We want fast and quick, but more often then not there aren’t shortcuts to real lasting change. There are immediate steps to a taken but lasting change requires the long haul.
Thanks for sharing💡✅👏
Very informative.
Very informative
Good to know!
I help IT Change Leaders at financial services companies with reducing IT Operations costs by £10m, by leading the delivery of Digital Transformation & Business Change. Product Manager Business Analyst Project Manager
1wThe 5 points described are great Boston Consulting Group (BCG) - but I'm wary of the stats such as '1 in 4' on the creation of valuable change. I really think there's a 3-tiered problem that leads to this misleading stat - the 1st - being that the expected value of the transformation is incorrectly assessed, the 2nd - the level of influence the transformation actually has on the perceived end value - almost all transformations I've worked on only contribute a component of the expected value gain and require wider cooperation for full realisation, and 3rd - the time it really takes to realise value from transformation, which typically has a longer tail than people think, and where real adoption takes time, as well as the need to continuously improve - both of which mean incremental gains in value. I've saved £10m in IT operating costs on average with the financial services clients I've worked with - but I say that with conscience towards the fact that I've *enabled* these savings. There's always a significant set of factors outside of any partner's field of control which must be relied upon to fully realise the savings or revenue.