What is a business transformation?
Show notes
Let’s kick things off with the big question: What is a business transformation? It’s more than just a buzzword. Business transformation is like giving your company a major facelift, but instead of Botox, you’re injecting it with innovation, strategy, and adaptability. Picture this: Your business, once a cozy cottage, suddenly morphs into a sleek, high-tech skyscraper, all while maintaining its core identity.
Imagine you’ve got a shoe company. You’re making fine shoes, quality stuff, but the world’s going digital, and you’re still peddling leather in a touchscreen era. Business transformation steps in like a superhero, saying, “Hey, let’s revamp your production, introduce an online store, and sprinkle in some AI for personalized recommendations.” Suddenly, you’re not just selling shoes; you’re part of an experience. You’ve transformed.
To be clear transformation isn’t just about tech. It’s about aligning your people, processes, and technology towards a common goal. It’s like getting your orchestra to play in harmony — you’ve got the conductor (that’s you, the leader), the musicians (your employees), and the instruments (your tools and systems). When they’re all in sync, you’re making beautiful business music!
You have heard this story before but I am telling it anyway. Remember when Netflix went from mailing DVDs to streaming everything online? Now that’s business transformation! They didn’t just change how they delivered content; they rewrote the entire script of how we watch it. And guess what? Blockbuster didn’t transform, and, well, you won’t find them on your Netflix queue.
And Blockbuster didn’t just transform they fought transforming. They told themselves stories to keep doing business the same old way. Blockbuster executives wanted to keep doing business the same way so instead of critically looking at the data they found one piece of info that they could point at to keep the status quo.
The executives anchored to a survey where people said they like three things about Blockbuster:
- They liked being able to touch the DVD cases
- They liked seeing their neighbors at the store
- They liked the free popcorn.
The problem was they were so blind to not changing that this missed the parts of the survey that people said they liked sitting at home in their PJs and just watching movies without having to leave the house.
So to all the skeptics might say, “But isn’t business transformation risky?”
Well its more risky not to transform — just ask Blockbuster
Or Kodak. Remember Kodak? They practically invented digital photography but couldn’t let go of film. They missed the transformation train, and well, they’re like the Blockbuster of the camera world. Don’t be a Kodak, — embrace change or risk becoming a relic.
As we wrap up this episode, keep in mind that business transformation is a marathon, not a sprint. It’s not a one-and-done deal; it’s a mindset, a way of doing business that’s always ready to evolve. So, take a leap of faith, innovate, adapt, and watch your business soar.
Remember, the only constant in business is change, and the only way to thrive is to transform.
