Oxford Economics research shows that completing a business transformation to adapt to the needs of the modern market requires leveraging your business data. Discover how SAP Signavio and LeanIX unlock business transformation.
We're thrilled to reveal Oxford Economics business transformation research, sponsored by SAP Signavio and LeanIX. This new report shows both the necessity and the real cost of business transformation, and that the key to balancing both is data.
With a clear overview of your business processes and your IT landscape, you can chart a course through business transformation into a brighter future for your organization. Let's explore the key findings from the report.
SAP LeanIX and SAP Signavio co-sponsored new research from Oxford Economics into the reality of business transformation in the modern market. To discover how you can empower business transformation and agility in digital enterprise, download the report:
DOWNLOAD: The Estimation Game: What do business transformations really cost?
What Is Business Transformation?
Business transformation is the key to success for businesses navigating a turbulent market and ever-evolving customer priorities. By preparing your organization to transform and adapt to whatever success requires, you can ensure it thrives, no matter what the future holds.
Almost every modern business success story includes a business transformation to adapt to a changing market. Remember that:
- Amazon was once just a bookseller
- Netflix used to rent DVDs
- Nintendo started as a playing card company
Being prepared to pivot your business to whatever direction it needs to pursue in order to thrive sounds like a stressful and demotivating methodology. This, however, is only the case when your organization isn't prepared to adapt.
By building a culture of agility into your organization, you can make business transformation second nature. Whether that means migrating to the cloud or leveraging innovative artificial intelligence (AI) tools, making transformation a standard business process will make these challenges surmountable.
All of this was confirmed by new research we asked Oxford Economics to conduct on our behalf. The first discovery of the report was the dire state of current transformation efforts.
Oxford Economics Found Transformation Lacking
Oxford Economics' new research explored the current state of business transformation for organizations attempting to adapt to the modern market. The data clearly showed that companies are struggling with transformation.
The research found that only 19% of the business executives surveyed strongly agreed that business transformation initiatives were leading to an increase in company performance. It's clear that transformations are failing to deliver on their initial promise.
In fact, Oxford Economics survey respondents report that:
- 58% of transformations end up going over budget
- Just 51% of transformations go according to plan
- Only 57% of transformations end up being worth the effort
Of course, you can't simply stand still. Organizations not leveraging innovative technology like artificial intelligence (AI) face losing their competitive edge, while regulators and consumers won't tolerate organizations continuing to operate with legacy technology.
- 49% of workers would leave their employer due to poor technology tools
- 73% of customers expect personalization to improve as new technology becomes available
- 60% of successful cyber attacks are caused by known vulnerabilities that haven't been secured
You must transform to survive and thrive. If transformations are failing to achieve the value they need to, however, then how can organizations accomplish their goals?
Data Is Key According To Oxford Economics
Oxford Economics research found that the key to gaining the value you need from business transformation is clarity. You need to understand your current and target states, and have a complete view of your road map to take you between the two.
All of these things require data, and the good news is that you already have that information ready to leverage. Unfortunately, the information you need to access in order to transform is often siloed in particular teams and systems.
To free that data and truly succeed in embedding business transformation in your operations, you need to build a single information repository to act as a shared source of truth. The more that repository is automated and empowered by artificial intelligence (AI) capabilities, then the more effective it will be in driving your transformation.
This all serves to establish the current state of your operations, giving you a basis to work from. It's also vital for surfacing the parts of your operations that are 'good enough' and will be able to transition to your transformed organization, saving you money on replacement.
The information will also serve as a sandbox environment in which you can build your vision for your post-transformation state. Without a clear overview of your current operations, it's too easy to miss crucial operations out of your business transformation, and there will be plenty of hidden pitfalls that will arise without warning.
Once you know what your current state is and have designed your goal state, it's a simple matter to draw a road map between the two for a realistic and achievable transformation. That's why you need SAP LeanIX and SAP Signavio to lead the way.
Oxford Economics Shows SAP Solutions Are Vital
Oxford Economics' new report shows the need for clarity and comprehensive data gathering before attempting any kind of business transformation. That clarity can only be achieved by leveraging the power of the SAP Signavio and LeanIX solutions.
Successful business transformations are reliant on accounting for four facets of your organization that all need to be considered:
- People
- Processes
- Applications
- Data
The SAP Signavio Business Transformation Suite will empower you to map out your business processes and the roles of your people in those processes. This allows you to rapidly align your processes across your organization, get stakeholder buy-in, increase agility, and optimize your employee and customer experiences at the same time.
SAP LeanIX, meanwhile, uses advanced artificial intelligence (AI) capabilities and a huge range of integrations to capture all your application information and data structure. You can then use that data as a model to build a vision for your ideal IT landscape.
Combining the information in both tools, you can guarantee the clarity you need to succeed in business transformation, not just once, but repeatedly into the future. Unlocking this kind of agility allows you to thrive in the market, no matter what happens in the future.
SAP LeanIX and SAP Signavio co-sponsored new research from Oxford Economics into the reality of business transformation in the modern market. To discover how you can empower business transformation and agility in digital enterprise, download the report:
