Business transformation isn’t easy. Consider that only 30% of business transformations are successful. To put that in perspective, that’s the same percentage of MLB teams that will make the playoffs each year.
And we all know that change is a risky thing. For businesses, a change initiative can be a costly undertaking, and failure can be painful (and expensive). So what can companies do to increase their chances for change management success?
In the Measuring Success: How Do You Know Whether You Are Succeeding in a Major Change Initiative? session at Digital BrainFest 2015, a panel of experts shared thoughts on the key tools that can help to manage change and how to know whether your plan is succeeding.
Here are the key takeaways from that discussion.
3 Elements of Effective Business Transformation Efforts
1) Strong Leadership
It’s important to keep people aligned and headed in the right direction. That said, the leadership team needs to fully invested in the change initiative by doing more than simply setting a vision.
In our experience, the most effective and successful business transformations have both strong strategic visions and the right tactics for managing the details. Leaders who can engage on but not get bogged down in the details can increase a change initiative’s chance of success.
2) Persuasion Across the Business
Sell change ideas to senior executives to gain support and resources. Most transformation efforts will occur on multiple levels of the business and across the organization, so meaningful transformation needs to involve multiple stakeholders and leaders as well.
Additionally, buy-in from people at the lower levels of the company is critical and leadership must strive to remain in constant contact with line managers and workers.
3) Effective Measurement
Align your metrics with the goals of the change initiative. That means, of course, having a good understanding of objectives, especially what the final results will look like and how the transformation will benefit the company.
People pay attention to what gets measured. Having a detailed plan to go with big, transformative ideas ensures that everyone involved in the transformation effort has a roadmap to where they should be going.
Check the Digital BrainFest Highlights page for additional recaps, videos and takeaways from this year’s event.