Business Transformation Challenges assignment on strategies business can reduce digital transformation shock

Question

Task: how can businesses reduce digital transformational shock using Business Transformation Challenges assignment research strategies?

Answer

Introduction
Business Transformation Challengesassignment research shows Business transitions are large-scale, major adjustments that firms implement to spur change and improvement beyond the bounds of incremental gains. The focus is wide and strategic, including changing to new operational or commercial models. Business transformations are undertaken by organizations to enhance value. To maximize the profit of the company, it can be necessary to optimize personnel productivity, harness property rights and innovative products for other uses, or to improve efficiency. People hardly ever recognize or identify the importance that product managers play an important role in the transformational change of their organisations. Product managers frequently identify opportunities because they conduct, compile, and communicate the findings of consumer research and competition analysis (Hermelingmeier& von Wirth, 2021). With a focus on the customer, they can quickly identify problems by providing innovations, fulfilling customer requirements, bringing goods to market, and providing customer support. Business transformation provides business with huge opportunity in order to develop the business in a new way implementing new digital process or by implementing innovative thinking within the business process. However with any initiative related to change management or business transformation, there comes up huge challenges concerning the people, commercial structures, technical obstacles and many more. This part of the Business Transformation Challenges assignmentwill thus discuss and analyse the major problem that organisations often face during business transformation with special consideration being given to opportunities or ways to address the problem in order to empower organisations to take their business in future progress.

Outline of the proposed Research
Background
Business transformation provides an unique opportunity to business organisations to grow while innovating new ideas and concepts to business process. However, organisations often face challenges while implementing such transformation within their business process. The different types of challenges or problems identified on this Business Transformation Challenges assignmentthat organisations face includes lack of strategy to maintain the change management, implementing complex technologies and integrating data based on it, lack of continuous evolution of customer needs and most important is the challenges based on budget constraints. Implementing business transformation needs a lot of budgetary plan. It includes adding up of costs of a Business Transformation Challenges assignmentproject, the consultation work to be done during the transformation, random changes as per need of the customers which increases the overall cost of the business transformation.

Business Transformation Challenges assignment Research Aim
The Business Transformation Challenges assignmentresearch aims at analysing the problems related to business transformation that organisations often face while taking special consideration to address the identified problems so as to encourage organisations to implement business transformation.

Research Objectives
1. To identify the steps required for business transformation
2. To identify the major challenges that business organisation often face while implementing business transformation
3. To identify the possible solutions to address the problems related to business transformation

Research Topic and Central Research Questions
Business transformation includes the integration of digital technologies and innovation within a business while replacing the traditional business process. The goal of business transformation identified on this Business Transformation Challenges assignmentis mainly to improve the productivity of a business while optimizing the operations and increasing the overall profit of the business. In spite of the flexibility, business organisations often face problem to cope up with the business transformation process within their organisation. As per the topic concerns, theBusiness Transformation Challenges assignment research questions that are to be analysed are mentioned as follows-

1. What are the steps required for making business transformation?
2. What are the major challenges that are confronted in business transformation?
3. How can the problems related to business transformation be addressed?

Business Transformation Challenges assignment Literature Review
Analysis of the process required for business transformation
Business model innovation is a process improvement tactic that tries to match the technology of a company, culture, and process efforts to its overall vision and business strategy. Business transformations may take many different forms, such as a small start-up that starts out with one idea but switches to another when it realises there is no market for it or second generation owners taking over the original company and making significant changes. As a market leader, achieving the KPIs is not the only things that business organisations should look upon but transforming the organisation in a way that market needs is the core process of business transformation. In current Business Transformation Challenges assignmentsituation, organisations failing to transform their business as per market needs can become irrelevant within the changing landscape. It is essential that organisations should implement business transformation so as to survive within the business environment. As per Trad (2021),in order to trigger business transformation, both external and internal factors come into play triggering the changes as per business needs. The external factors include the incorporation of new regulations, change in the cash flow of the company, developing the financial resources of a company in a strategic manner and many more. The internal factors on the other hand triggers the outgrowth of skills, exploring business without the need of any successor or by developing new products that can attract the customers acquiring the market position. A crucial first step toward greater efficiency is determining which company procedures may be improved. It is crucial to consider all of the possibilities that can result in time and money savings (Trad, 2021). Utilizing digital solutions to automate repetitive chores frees up labour hours and allows the firm to concentrate on its main business operations. Given the variety of business transformations, it is not unexpected that any endeavour intended to alter a company from the ground up entails a number of processes. According to Favorettoet al., (2021), a poorly designed business transformation might seriously disrupt operations and result in significant revenue loss. The Business Transformation Challenges assignmentsteps that are needed in order to transform any business effectively includes proper strategy, establishing proper leadership, a detailed planning of the work process, figuring out the scope, goal, timeframe, budget of the transformation, establishing a proper governance to monitor the success of the transformation, effectively allocating the resources, appropriate execution and re-evaluation of the implement plan and finally the integration phase (Ubiparipovi?et al., 2022). There are various business restructuring frameworks that offer direction and structure to organisations attempting to transform. However, it is crucial to be aware that transformations, particularly digital alterations, require an agile structure because they necessitate a long time to design and implement. When new technologies are put into use, innovation does not really halt. It is always shifting and evolving, forcing businesses to undergo on going, dynamic transformations. The Modern Company Transformation Framework (MBT) is used to resolve the contradiction between routine business operations and innovation.

Analysis of problems to cope up with business transformation
For modern firms, the process of organisational transformation through the application of digital technology and business models to enhance economic metrics and adapt to shifting customer behaviour is unavoidable. The rapid development of the information technologies and their various implementations within business organisations has a vast effect on the business transformation digitally. As per differentBusiness Transformation Challenges assignment reports and researches done, it is estimated that around 75% of business sectors will transform their business digitally while only 30% of those business will have successful implementation of this transformation (Haiet al., 2021). Here in lie several challenges that business often face and hence lacks to cope up with business transformation. For businesses that were established before the advent of the internet, change is the core issue, and the best place to search for change is not online but rather inside the company, in the organisational culture, and in the approach toward transformation.The problems that businesses from various industries and nations must face while implementing digital transformation have been examined in research papers. They have made it very evident that commercial organisations face structural and political difficulties.Among these difficulties is the absence of structural predictive methods for effective business data management, which is necessary for optimizing product placement, analysing customer transactions as well as market structure, developing customized product infrastructures, managing risks, and assisting in timely strategic decisions.

Business Transformation Challenges assignment research shows Digital transformation is not only the adoption of new operating system, technologies, and workflows which are more effective and digitalized than conventional business practices and processes, but it also entails the introduction of completely fresh, cutting-edge methods for carrying out essential tasks for a company.

Therefore, before boarding on a global transformation program, businesses must take into account a wide range of factors, including how employees will respond to the change, the affect towards customer relations, the amount it will cost, the connection with corporate objectives, and so on. Digital transformations enable businesses to advance into the future and enable them to compete effectively and expand into new markets. According to various reports and researches done, it is noted that majority of the organisations fail to implement business transformation due to the lack of employee resistance and support from the management (Haesevoetset al., 2022). Other reports suggest that budget constraints also serve as the major drawback for business transformation as a result of which organisations fails to transform their business digitally. Most employees do not respond to the change that the organisations implement within their business and as a result companies fail to understand the expectations of the employees. Although most initiatives on change management are often taken at the C-level, it is nevertheless crucial that all other workers support the change. Employee resistance to the changes that will be made from the beginning is a significant obstacle that must be properly handled if change management is to become effective. According to Business Transformation Challenges assignment research, another challenging area that business often faces is the traditional budgeting. Large organisations' traditional budgeting hinders the achievement of the digital revolution. The value and ability to bring about digital transformation of initiatives that are approved for a short budget cycle start to decline as soon as financing is stopped. The value of the initiatives, however, may be sustained and enhanced over time provided they are well financed. This on-going financial assistance for the budget drives digital transformation.It takes time to fulfil the promise of digital transformation since it requires investment and expenditures. But securing money for digital transformation initiatives can be difficult. A digital transformation frequently promises to have a positive influence on a company while also reducing operational expenses. Executives thus rapidly choose cheaper operational expenses. As a result, they create quick initiatives or sprints to generate savings. This Business Transformation Challenges assignmentapproach is frequently impractical for financing the transformation strategy.

Analysis of possible solutions to address the identified problems
The effects of digital transformation on economic development and company growth are indisputable. Before advantages can be achieved, problems must be appropriately and properly handled. Among the problems identified, employee resistance and budgetary constraints are the major two challenges that organisations often face during business transformation. The main cause of resistance by employees tobusiness transformation is their fear of change, which is brought on by their fear of the unknown. Employees worry that the new tasks will be too challenging for them, that they will not be able to understand the new working style and will be fired, or that digitalization will make their employment completely obsolete (Penget al., 2021). All of these worries contribute to the resistance of the workforce to the digital transition. Organisations need to understand the fear and implement strategies that will help the employees to understand and adapt the new change while working within teams. Incorporation of human workforce in business transformation is an integral part in order to implement new technologies in business process. As per Business Transformation Challenges assignment research papers business transformation requires the involvement of both human and digital workforces to make work much easier. In this case in order to address the employee resistance, communication is the major key to success. Dealing with the most fearful workers, who may suddenly be reluctant to criticize or raise challenging questions, requires constant and comforting contact. It is really crucial to be willing to have such discussions rather than avoiding them since doing so will just foster uncertainty and may spark hatred towards the process before it ever gets started. Another way by which the problem of employee resistance can be addressed is by acknowledging and encouraging the employees to move in a right direction. Prioritizing digital transformation gives staff members the chance to advance their talents for the business and can inspire them.Addressing employee resistance problem in business transformation needs active participation of the employees and a collaborative approach of the management towards bringing that change. Managing resistance to change in a company is a leadership necessity, and leaders that inspire a cultural shift among their people are most successful in doing so. It is imperative that leaders should create a good team spirit along with regular communication with teams enhancing team bonding to make the employees understand and accept the transformation process.

In order to address the Business Transformation Challenges assignmentproblem related to budgetary constraints, while implementing digital transformation, businesses that value agility and wish to drive digital transformation should include it into their overall company strategy.Budgeting choices are often made departmentally in businesses, with the finance director approving a high-level budget before it is disseminated to the team. Since it was never necessary, not everyone from the entire company is involved in this procedure (Vavpoti?et al., 2022). As these models aren't now realistic, this conventional strategy could need to be slightly modified when it approaches to budgeting for digital transformation.Budgets for the digital transformation cannot be rigorously constrained, in contrast to how they were historically structured. The budget may occasionally need to make room for unanticipated demands and problems because the majority of the technological tools and services will be new. A rethinking of budgeting is a component of this new strategy. Considering a long-term sustained development plan that stresses continuous development or "agile" approaches is a preferable substitute for the conventional project-based financing model.The lifetime usefulness of software assets is increased and business risk related to technological obsolescence is reduced by reorienting the company toward an operational funding model of this kind.Every budgeting method has potential drawbacks. With this agile finance and management strategy, software investments may be higher on a net current value basis, and the software development project is firmly established as an operational problem that must be handled well. When the business and its stakeholders have the vision of digital transformation, this potential drawback is diminished.One important element that should never be overlooked when creating a budget for digital transformation is the cost of data transfer. All of the data must be transferred from the old configuration to the current scheme when the firm undergoes digital transformation. This is an expensive endeavour since it must be ensured that no information is misplaced throughout the process; therefore, extreme caution is required (Vavpoti?et al., 2022). As safety and compliance needs must be taken into account when planning the digital transformation, there must be a suitable budget for them.Aside from the financial expenditures, the time required for migration, the increased work load placed on staff during transfer, and the dangers connected with data loss must all be considered. It is generally important for firms to speak with professionals in the field at each stage. The Business Transformation Challengesassignment data shows this can facilitate the procedure and help remove several common risk factors. Therefore, it is necessary to include consulting fees in the budgeting process. Implementing a cost effective process helps business organisations to generate the desired savings while allowing for effective use of resources to gain optimal results. Cost reduction is a common strategy used by businesses to increase profitability because it helps them gain a competitive edge and occupy a strategic position in the marketplace. An efficient cost management plan is necessary to ensure the long-term growth of the firm. Companies can estimate expenses in advance and reduce the danger of budget overruns owing a smart cost management system.

Business Transformation Challenges assignment Findings
Businesses all across the world are going to accept digital transformation as the mainstream. The key to addressing the challenges of transformation lay in adopting a corporate culture that is driven by data, equipping the workforce with digital tools, guaranteeing data security, enlisting technological partners, and providing solutions for customers. Additionally, additional staff training is necessary for digital transformation since without it, the effort would be entirely useless. The Business Transformation Challenges assignmentreports show that the staff must be skilled in the use of digital technologies for the best results. For certain products, training might need some hiring distinct advanced training providers. Some training programs may cost more than others. In light of this, developing a sound plan for cost management is another area that must be given top priority while undertaking business transformation.

Conclusion
Global business transformation necessitates the adoption of digital technologies for both operations functions, which would include sales, advertising, and support activities. Companies must substantially shift the way they conduct business, by inviting changes to organizational culture, and examine the current system in order to adapt. The transformation and exploitation of new business strategy prospects depend heavily on digital talent and competencies. In conclusion to the paper it can be established that digital transformation plays an important role in business companies by implementing organisational change with the use of new and innovative digital technologies. This in turn improves the economic indicators responding to the change in consumer behaviour and market competition. For any business, incorporating business transformation creates new path of success along with some risks that can be addressed successfully through proper budget planning and effective cost management model.The Business Transformation Challenges assignmentconcludes the through improved leadership, strategy, and culture, a business transformation plan that is successful in a company may contribute to bringing about long-lasting positive change in attitudes of employees towards their job.

References
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