Business transformation is the fundamental change to the way a business operates, whether that be moving into a new market or operating in a new way It is an approach that attempts to align an organisation's activities relating to people, process and technology more closely with its business strategy and vision. This fundamental change aims to meet long-term objectives.
Business transformation is achieved by aligning the areas of people, process and technology to achieve significant change, e.g. such as (for example) 50% increased revenue or 25% improved customer satisfaction or a 20% cut in costs as seen in the BBC's transformation programme Delivering Quality First.
It can be defined as:
- changing appearance - by improving services to customers
- changing shape – by review and reappraisal of what a business should do, by working with partners and by making better use of all types of resources
- changing form – by improving the way the business works, and embracing new organisational structures, skills, processes and technology
Famous quotes containing the word business:
“Art is the beautiful way of doing things. Science is the effective way of doing things. Business is the economic way of doing things.”
—Elbert Hubbard (1856–1915)