It’s easy to assume that technology can act as a silver bullet when it comes to business transformation, especially amid so much conversation around AI. But the reality is that successful change still requires a much deeper foundation.
Of course, tech and data will underpin most modern business transformation, but that alone isn’t enough. To get transformation right, change needs to be people-focused.
Liberty Blume’s new research, produced in partnership with FT Longitude and which surveyed 300 UK business leaders, found that while many companies are relatively advanced around data and technology adoption, they’ve made less progress when it comes to people and enabling change.
82% say they are advanced in data management and analysis, and 72% say they are advanced in implementing new technologies – but when asked about the biggest barriers to change management, expertise and experience came out on top as the biggest hurdle.
From a lack of transformational experience to an absence of leadership alignment, not having the right people in place can hinder and even prevent progress. It’s crucial that organisations strike a balance between adopting new technologies and getting much-needed buy-in from the teams that will make change happen. Those companies that overlook the people aspect of change enablement will struggle to achieve a virtuous cycle of transformation.
Our report finds that the role of business transformation is undergoing a shift: while in the past it was often approached as a way to restructure costs, today, leaders see transformation as a strategic driver. Increasingly, our conversations with Liberty Blume’s customers are centred on how transformation can fuel business growth and unlock new opportunities.
Amid this change, procurement has evolved too, moving from a transactional function to a strategic one. Previously viewed largely through the lens of administration, it now plays an important role in driving continuous transformation.
Gone are the days of simply adopting a new technology. The modern business environment demands continuous, iterative change to stay competitive. The vast majority of companies believe business transformation will drive growth over the next two years, and almost all (87%) advocate it as a way to create business value.
For businesses, this means creating a collaborative environment that allows people and teams to be agile and to adapt. Those that don’t keep pace risk falling behind their competitors in the race for growth.
To read more about how businesses are harnessing transformation, download Liberty Blume’s new report,
Further reading
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