5 Revolutionary Business Transformations
Business transformation is an umbrella term for making fundamental changes in how a business or organization runs. This could include embracing a new sustainability ethos to reduce waste or implementing a digital re-vamp to increase productivity.
The concept of a business transformation is not new. Companies have always had to innovate and adapt to stay afloat in the ever-changing consumer landscape.
Today's blog will delve into five modern business transformations adopted by companies across the globe.
1. Digital transformation
The digital revolution has transformed the way businesses market their products and services. Large marketing budgets for advertising are no longer required as online marketing channels have developed platforms for businesses to choose a budget and monitor the results.
From bidding for online advertisements to monitoring audience behaviour, online marketing is now one of the leading factors to drive your business forward.
The US government has proposed that it will hit net-zero emissions no later than 2050. Many businesses have taken this on board and embraced the initiative to 'Go Green'.
Renewable energy offers a range of opportunities; using the planet to create energy rather than destroying it with energy quick fixes.
Some of the small changes businesses make to start their transformation include providing recycling bins in workspaces, using low-power LED lighting and accommodating staff that choose to cycle to work.
3. Artificial Intelligence
The manufacturing sector is leading the way when it comes to the application of Artificial Intelligence technology.
Companies are adopting AI technology to boost productivity levels and increase product quality. More workforces are beginning to work alongside robots as they can handle more cognitive tasks and make autonomous decisions based on real-time environmental data, a job position humans could never fulfil.
In the near future, it will become essential for manufacturers to embrace industry 4.0 to keep up with customer demands.
4. Business adaptation
The most recent business transformation many companies across the globe have undergone has been caused by COVID-19.
As the essential lockdown measures continue to swamp the global economy, many businesses have experienced considerable financial difficulties. To stay afloat, organizations have taken swift action to adapt and meet the needs of the market.
- Brewers and gin distilleries have begun making and distributing hand sanitizer.
- Manufacturers with 3D printing technology have stepped up to make much-needed PPE and face shields.
- Wholesale food companies and restaurants turned to home delivery services.
5. Diversity transformation
Diversity in the workplace has always been on the mind of HR professionals to ensure state laws and legislations are followed. However, in recent years, it has become a major goal for many companies.
Diversity in the workplace means that a company’s workforce includes people of varying gender, age, religion, race, ethnicity, cultural background, sexual orientation, religion, languages, education, abilities.
Many studies surrounding diversity in the workplace have found that for every 1% increase in gender diversity, company revenue increases by 3%. Also, a company with board ethnic diversity increases revenue by 15%.
It has become crucial for businesses to pivot when necessary and adapt to the changing times to ensure they do not fall behind competitors.
If you need help with a product solution that will aid your business transformation, be it new or existing, we can help bring your ideas to life!