Despite greater onus on management to action structured ‘transformation initiatives’ to promote greater productivity and reduce costs, almost half of all C-suite executives embark on such initiatives with absolutely no strategy in place!
A recent report, which analysed the actions of over 1,000 executives within the C-suite functions, found that most businesses remain unclear on what they should focus on when developing a transformation strategy and highlighted a clear disconnect between leadership and those on the ‘front line’.
44% of senior leaders believe that their business transformation has been a ‘waste of time’, whilst a quarter admits to having spent over £500,000 on the process within the last 12 months.
Almost four in ten business analysts said that they are not regularly consulted to inform their organisation’s transformation strategy, whilst 58% of leaders stated that frontline workers are only involved in transformation initiatives because middle management or consultants tell them which changes to make.
“Transformation strategies will inevitably be part of every organisation’s operations because no business can avoid adapting to the latest industry and technological trends,” commented Alexander Rinke, Co-founder and Co-CEO, Celonis.
