Top transformation goals for businesses are to optimise, expand and re-imagine

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 06, 2022, 11:14 AM GMT+0

Deloitte recently polled over 300 transformation executives across industries to gather insights around transformation programs.

Many organisations are re-thinking the nature of transformation to respond to changing business environments. Expanding the business, together with increasing the existing revenue streams and entering adjacent markets, are some top transformation goals of 42% of the executives.

37% of the respondents seek to optimise their business and streamline operations, as part of their transformation goal, while 21% want to re-imagine the business and enter new markets. Digital technology possibilities and operational inefficiencies are the top two drivers of transformation, as cited by more than 50% of executives, while restructuring for growth is cited by 48%.

C-suite engagement, chief transformation officer or "CTrO dedication," and financial investment are the top attributes for successful transformations, notes the report. Technology (26%), business (19%), and process changes (18%) rank high for transformation budgets.

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