Business Transformation part 8
Monitoring and adjusting a company’s transformation is critical to its success. As a company transforms, tracking progress, identifying gaps, and making necessary adjustments are vital to ensure the transformation stays on track. In this blog post, we will discuss the five best ways to monitor and adjust the transformation of a company.
5 Ways to Monitor and Adjust Transformation
Establish Metrics and Targets: The first step in monitoring and adjusting a company’s transformation is establishing metrics and targets. Metrics and targets should be established at the transformation’s beginning and aligned with the transformation goals and objectives. These metrics should be displayed on the “Progress Measurement Board ” which the transformation team monitors to ensure progress toward the transformation goals.
Conduct Regular Reviews: Regular reviews are another critical step in monitoring and adjusting a company’s transformation. Reviews should be conducted at regular intervals, such as weekly or biweekly. These reviews should evaluate progress toward the transformation goals and identify any gaps or challenges that must be addressed. Reviews should be at two levels (1) transformation team level and (2) critical stakeholders level – including employees, customers, suppliers, and investors.
Seek Feedback from Frontline Employees: Frontline Employees’ feedback is another critical source of information for monitoring and adjusting a company’s transformation as business and transactions happen at the frontline, not at board and meeting rooms. Frontline Employees can provide valuable insights into how the change affects their work and customers and identify areas where improvements can be made. Feedback can be solicited through surveys, focus groups, or one-on-one meetings.
Maintain Flexibility: Flexibility is critical to successfully monitoring and adjusting a company’s transformation. As the company transforms, new challenges and opportunities may arise that require adjustments to the transformation plan. Maintaining flexibility and being open to making necessary adjustments is essential to ensure that the transformation stays on track.
Engage with Stakeholders: Engaging with stakeholders is another fundamental way to monitor and adjust a company’s transformation. This involves ongoing communication and collaboration with stakeholders, including employees, customers, suppliers, and investors. Engaging with stakeholders can help identify challenges and opportunities that may not be apparent otherwise and help build support for the transformation.
Monitor Your Progress
Monitoring and adjusting a company’s transformation is critical to its success. Establishing metrics and targets, conducting regular reviews, seeking employee feedback, maintaining flexibility, and engaging with stakeholders are the five best ways to monitor and adjust the transformation of a company. By following these steps, companies can ensure that their change stays on track and achieves its intended outcomes.
Zed Ayesh
This is the final blog of an 8-part series to help you achieve the transformational success of your company. Zed Ayesh is a senior executive with a long history of managing global companies in different sectors, with a passion for sustainable growth and profitability. He is the author of The Ration of Success and a recognized leader and management expert with more than 30 years of experience.
His multidisciplinary expertise covers strategy, organizational excellence, turnarounds, scaling up businesses, go-to-market, global market entry, lean process, sales & sales management, IPOs, and finance. He is a champion for responsible leadership and healthy corporate culture.