Business transformation: no longer a fashion
-WIL Group survey highlights nearly three quarters of CEOs are confronted with transforming enterprises-
Today’s CEO is seriously experienced when it comes to transforming enterprises. Statistics from the Worldwide Interim Management and Leadership Group (WIL Group) indicate that nearly three quarters (70 per cent) of business leaders surveyed claim to have gone through a business transformation in the past 12-18 months, and 39 per cent are planning one in the next 12-18 months.
The main reasons for the changes include: business growth opportunities (42 per cent), restructuring (36 per cent) and M&A activity (24 per cent).
To deliver the changes needed, businesses are trying a mixture of resourcing models, including external consultants (19 per cent), and relying on existing resources (42 per cent). Nearly half (48 per cent) of those surveyed claimed to currently use interim executive support.
When it came to the reasons why organisations use interim executives nearly half (46 per cent) advised it was to gain fresh thinking, 44 per cent claimed that an external perspective added value, 38 per cent attributed it to creating time savings, and a further 38 per cent stated that it provided access to untapped skills.
In relation to the biggest business challenges for the year ahead, survey respondents cited a number of concerns, including:
- Adapting to digital transformation and accelerating IT transformation;
- Growth and hiring talent – finding the right resources and enough of them;
- Cash flow, delivering business growth while reducing costs.
When it came to the issues keeping business leaders awake at night, these were primarily people-related, including creating the right culture (46 per cent), finding and retaining right talent (38 per cent) and managing growth (34 per cent).
WIL Group director, Jason Atkinson, said: “We live in an unpredictable world, and are witnessing huge economic, digital and geopolitical shifts. Together these factors are driving transformation at an unprecedented pace.
“Our research clearly shows that businesses today are in a state of constant change; they are either seeking to grow or to restructure in some way. And when it comes to delivering these changes, they are trying new and different resourcing models.”
Reviewing the survey findings, Asma Aidi, head of transformation at Vodafone, said: “Transformation is not a fashion. It used to be a programme with a beginning and an end. Today it is ongoing, enterprise-wide and much more complex. If you don’t do it, you won’t exist anymore.”
The booklet accompanying the survey can be downloaded from The WIL Group website: https://wilgroup.net/.