Ignoring Business Transformation: Failure to Thrive

by Jay Joyce, President/CEO - Feb 27, 2020

People use medical analogies at times during business conversations to emphasize a point or to share an unfamiliar piece of information. "The customer service team is the real heartbeat of our organization." "She was like a cancer inside our company, so we had to cut her out." You get the point. There is a more unfamiliar term that is being used in business circles that is neither friendly nor positive, and that term is failure to thrive.

In humans, failure to thrive is a medical condition indicated by loss of appetite, weight loss, depression and little physical or social activity. In business, failure to thrive takes on similar characteristics with loss of momentum, falling business, lack of innovation and low employee morale. Both can lead to sad outcomes. Both need attention and intervention to transform back to a healthy state. Thriving in business requires persistent attention of the leadership to trends, information and best practices, because many lives are depending upon the successful outcome of the business.

Implementing These Thriving Business Transformation Practices

These four (4) business transformation practices are validated points that we implement with our client projects at TIP, and we see measured success with each practice.

  1. Believe in People & Innovation - innovation does not need to come with a hefty price tag. Innovation comes from new ideas, breaking down internal team silos, starting new processes, eliminating outdated methods and opening minds to thinking away from status quo. We help companies and teams create vision and strategy to move toward progress, whether that involves new software tools or infrastructure or just a new organizational thought. Innovation is contagious and improves team morale. Thriving businesses adopt and adapt to innovation and people transformation, so do their business leaders.
  2. Create Better Customer Experiences - face it, all customers want the Amazon experience with all of their accounts. Our team works with your company in building a customer strategy through technology and process to better serve their needs. We routinely collaborate with our client's customers to involve them in discovery meetings and beta testing. How much access to their data can we build for them? In what ways can we build a better customer experience for your customers than your competitor has? How close can we get to the Amazon experience? Business and digital transformation company The Idea People in Charlotte helps companies accelerate growth.
  3. Invest in a Data Backbone - chances are that you have client and company data stored inside several programs staged on internal boxes, and maybe externally on the cloud. All of that data is your responsibility and it's multiplying in forms - mobile data, sensor data, voice data. Surprisingly, the amount of data that needs to be stored today doubles every six months. We help companies build data strategies and platforms with data governance and analytics featuring rich client dashboards and strict cybersecurity protocols. We see a near term business world where all businesses will have large databases that are connected to all types of devices through a series of custom APIs. People want access to data as quickly as they can...no delays or latency. We can help you build a strategy and secure environment.
  4. Document the Process - capturing the "how to" and "how we" process for each step in your company builds security, knowledge and reference. Once a process is documented is the point where improvement can happen. Business transformation thrives when processes are captured, reviewed and improved. The resulting benefits are always increased performance, increased efficiency, increased productivity and increased profitability. Our transformation team works with your team in documenting your processes and building strategies to identify the areas for improvement.

Business transformation is a modern process for establishing new benchmarks to chart a course toward a thriving outcome (did you notice the medical analogies?) New thoughts, new technologies and new business practices will open opportunities for companies to grow and to specialize in areas that may have not been imagined. Transforming a company involves a change in thinking, an adjustment in processes and an improvement in people skillsets. The end result is always better customer experience and a pathway to increased revenue.

Our company helps businesses create stronger vision or clarity to leverage technology in transforming their products and services to better serve their clients and customers. Call Jay Joyce at 704-398-4437 or email jay@theideapeople.com to talk about implementing these thriving business transformation practices for your company.

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