Given today’s volatile global business landscape, a growing number of CEOs are realizing that their organizations need transformational change. Yet research shows that companies are struggling with how to approach it, as roughly 70 percent of corporate transformation initiatives fail to deliver. Leaders know they need a new playbook, but aren’t sure what exactly it should include.
A common reason for this failure, says Boston Consulting Group’s Jim Hemerling, is that leaders have approached transformation as a one-and-done proposition. “They mobilized people around change,” he says. “But when it was accomplished, everyone resumed business as usual.”
To compete and win in a rapidly evolving business environment, that approach won’t suffice. “Companies must become adept at pursuing multiple transformations–on an ongoing basis.” In other words, “always-on” transformation must become an integral part of their operating models.
How can companies possibly pursue overlapping change initiatives on an ongoing basis?