How business transformation projects can produce bottom line benefits?
Rosemary Hossenlopp, founder of Project Management Perspectives is the facilitator of an audio series by key project management professionals on what Business Leaders must understand about accelerating execution of strategy through project work.
She interviews 
Folake Dosunmu, President of Enovate Masters, Inc., a management consulting firm working with executives on issues of project management, strategy, structure, and people. For more than fifteen years, Folake has been an advisor to senior managers of various companies, working with CEOs and their senior teams in aligning executive resources with business strategy and project management. Her expertise includes strategy analysis, planning implementation, and project management. She has conducted extensive research in the areas of best practices, the role of structure, people, management processes, and culture in successful transformation. She has worked with senior executives doing major business turnarounds, identifying and entering new markets, achieving quantum growth strategies, and organizing and coaching senior teams in strategy implementation. As an internal and external consultant, she is a keen monitor of market changes, an effective strategist, and a builder of teams and people, with a track record of success. Her clients represent a wide range of industries, including information technology, pharmaceutical, finance, compliance, education, government, and the non-profit world.
The project management industry is facing challenges. One of them is showing that we actually deliver benefits to the business.
Click here to listen to the interview. Approx 10 minutes.
What’s the story behind your interest in the topic of How business transformation projects can produce bottom line benefits?
Folake replies that The credit crunch and economic slowdown, rising commodity prices, and global competition are affecting the way companies are being managed. More business leaders are responding to the economic slowdown by launching more transformation initiatives and spending more on them. These initiatives will primarily be driven by the quest for operational efficiency and the need to reduce costs and increase the bottom line. Therefore, in today’s change burdened world, transformation is a competency that required for companies to thrive. Understanding the dynamics of business transformation especially the elements of success and failure is essential for companies operating in today’s constantly evolving business environment.
Business Transformation a key executive management initiative that entails the strategic process,organizational change, and technology development focused around a clear vision, resulting in a significant change and substantial financial benefits to the organization.
What are key issues on transformation projects.
Business transformation can be achieved through new technology, business models and project management practices to improve performance and the bottom line.
More business are starting to realize that to survive this economy and prosper in the future, it has to transform its basic structure.
The transformation of a business is a change in culture and change in habits and change in attitude and often a change in purpose.
What are transformation drivers and the role of leadership?
Transformation Drivers
– Increased competition from competitors
– Industry consolidation
– Technological change
– Changing customer preferences
– Regulatory change/government policy
What is The role of leadership in Business Transformation Projects?
Transformation efforts require exceptional leadership abilities. The role of transformation leadership is key, if a transformational effort is not to get derailed.
The best transformation leaders are not ones who dictate their plans, but those who bring vision; inspire people with a sense of urgency; and then help them to bring their own creativity to the project
The transformation leader is responsible for championing the effort, leading the team and providing appropriate oversight on efforts where the organizations reputation is on the line.
Leaders must have both the capability to formulate a compelling vision and the skills to organize and manage the change processes.
These skills may reside in more than one person.
In addition to developing and communicating the vision, the leadership’s responsibilities involve developing a coherent transformation plan, maintaining a focus on key transformation goals, and managing external changes to complement internal ones
Business transformation can be achieved through efforts from alignment of People, Process and Technology strategies towards a strategic end.
In business transformation, there are four elements to consider
- Project Management Methodology
- Business Process Management
- Essential Change Management
- Benefits Management
There are also other aspects that apply to all four elements; such as governance structure, risk and project change management
Project Management can accelerate business transformation.
Through many projects, demonstrable business transformation has occurred and the organization has realized the many tangible benefits of applying project and program management discipline to the delivery of such projects.
Leadership needs to start thinking of projects in terms of Business-led transformation activities, spanning many functions.
The essential components of a successful business transformation
Shared future
– A compelling vision and strategic intent (with super ordinate goals), core values and fundamental principles have been co-created by the executives and stakeholders at every level and function of the organization, clearly articulated, widely owned and treasured.
– The entire organization is galvanized to fulfill the future and live consistently with the core values and fundamental principles.
Synergy
– Collaboration occurs naturally across all levels and functions.
– Communication is open, authentic, responsible and abundant.
– High-performance teams become the norm.
– Creativity and innovation blossom.
Achievement
– Breakthroughs and turnarounds flourish.
– The stuck becomes unstuck.
– Unprecedented and unexpected results appear throughout the system.
– A new level of sustainably high performance emerges.
Aliveness
– Employees flourish. They openly express their passion, commitment and creativity. They have a real sense of accomplishment. Accountability is natural and prevalent.
– A “possibility-based” culture becomes the norm.
– Individuals and teams are clear that they make a difference, and experience being in charge of their future.
– Growth and development — personally and professionally, individually and as teams — is a natural, highly valued aspect of work.
Barriers to success
– Transformation efforts will fail without the ability and willingness to change on the part of the people who are affected. An overview of the underlying changes required for successful Business Transformation and methods for obtaining buy in and generating momentum among stakeholders.
– Lack of prioritization
– Inadequate planning for implementation
– Under communicating the vision
– Lack of program management techniques for cross functional business transformation programs.
– Lack of the methods and tools for the analysis and management Complacency
– Failure to create short-term win
– Declaring victory too soon
– Neglecting to anchor changes firmly in the corporate culture.
– Not identifying the right solution
– Change Management
What makes a business transformation project different
We have shared that Business Transformation a key executive management initiative that entails the strategic process, organizational change, and technology development focused around a clear vision, resulting in a significant change in and substantial financial benefits.
Folake has decades of experience that allows her to state that
- Understanding the elements of success and failures in business transformation is essential for companies operating in today’s constantly evolving business environment.
- Business transformation is primarily driven by the quest for operational efficiency and the need to reduce costs.
- The key elements of success are for business transformation are, a compelling vision and strategic intent, open communication, and a pervasive culture.
She can be contacted at www.enovatemasters.com
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