Transformation is one of those overused words in business, which can mean almost anything—from a quick-and-dirty restructuring to a full-scale corporate rescue. We define Full Potential Transformation in the most literal sense: a cross-functional effort to alter the financial, operational and strategic trajectory of the business, with a stated goal of producing game-changing results.
In our experience, identifying the need for a broad transformation and implementing the change itself pose two distinct challenges. The essential first step in any transformation is to define a bold vision for how the company must change based on a clear-eyed analysis of its competitiveness both now and in the future. But it is equally important to recalibrate this “ideal” vision by realistically assessing what the organization can do to align its leadership, manage change and work through the disruption.
Balancing these strategic and organizational imperatives establishes the most pragmatic context for change and will determine the right velocity and magnitude for the transformation. It will calibrate the effort to deliver results—not promises—which is crucial to securing management and investor buy-in, establishing early accountability and seeding the kind of broad organizational and cultural evolution that will make the change last.
Authors: Charles Ormiston, Manny Maceda, Michael Garstka
Source: Bain & Company
Subjects: Change Management, Management