Christos Karaolis’ Post

Bain research reveals that only 12% of major change programs produce lasting results in business transformations. In his latest Forbes blog, David Michels breaks down what sets these leaders apart in successful corporate transformations. #TransformationsThatWork

To meet and exceed the ever-rising bar for organizational change, companies should consider how transformations can set them up for a true competitive advantage—in addition to achieving successful outcomes for the change effort itself.

In the context of business transformations, boards have the opportunity to extend beyond their conventional supervisory role and engage more closely with CEOs and management teams to facilitate change. This process demands that boards adopt a much more proactive and hands-on approach. In this article, we share practical experience from collaborating with numerous transformative boards. https://lnkd.in/dCzFzC2Z

Organizations that are successful in their transformation efforts don't choose between holistic performance or business reinvention - they pursue both. Our recent article highlights the common traits of exemplary transformations and the value at stake for organizations that take this path. We introduce a new method of analyzing transformation progress, starting with asking the right questions in ten categories about both holistic performance and business reinvention. This approach provides leaders with an accurate baseline of their transformation efforts and highlights areas that require more work. Check out the article here: https://lnkd.in/eBwZ64pg? #mckinsey #transformation #growth

The new principles of a successful corporate transformation emphasise continuity and aspiration over fixed targets. Rather than viewing transformation as a one-time event with specific endpoints, organisations are embracing a continuous process of evolution and adaptation. This approach acknowledges that change is constant and requires ongoing efforts to stay ahead in dynamic markets. Moreover, instead of rigidly setting targets, successful transformations prioritise aspirational goals that inspire and align stakeholders toward a shared vision of the future. By focusing on aspirations, organisations foster a culture of innovation, agility, and resilience, allowing them to navigate uncertainties and capitalise on emerging opportunities effectively. This shift in mindset encourages flexibility, experimentation, and learning, enabling companies to sustain long-term success in an ever-changing business landscape. #BusinessTransformation #Leadership #ChangeManagement

In an environment of deep uncertainty, companies must constantly monitor their competitive positions and evolve to match changing conditions. Business leaders can reap long-term benefits from their transformation investments by ensuring that transformation objectives reflect business strategies, pursuing four core performance work streams, and staying vigilant about embedding the changes into business as usual. #transformation #strategy https://lnkd.in/gc856eUj

"Real transformative change goes beyond episodic efficiency efforts or organizational restructurings. It instead aims to reprogram an organization’s very DNA and embed a new operating model, guided by a bold strategy, to reach a company’s full potential". I couldn't agree more with this statement, true for any type of organization, at any maturity stage and regardless of their mission and objectives. Through my experience threading complex transformation projects, I can never emphasize enough the utmost importance of: - A crystal clear mission, to which the strategy will unlock enablers and leverage key differentiating factors, - A path with clear objectives and well-defined target indicators to ensure not only a data-driven approach to road mapping, but also to ensure a focus on where value is created, and - An organization-wide engagement program, from the board to executives and associates, from conception to implementation and on-going improvement. Engagement is key! #StrategicTranformation #DigitalTransformation #TransformativeChange #OrganizationalDNA #OperatingModel #Strategy #Mission #Objectives #DataDriven #ValueCreation #EngagementProgram #Leadership #TrueNorth #Roadmapping #CostOptimization #Growth #OrganizationalEffectiveness #DigitalEnablement #ChiefTransformationOfficer #Alignment #PhasedTransformation #ContinuousImprovement Defining your 'True North' - This McKinsey article outlines how companies can successfully transform by defining a clear "true north" strategy. It emphasizes focusing on four work streams: cost optimization, growth, organizational effectiveness, and digital enablement. Transformations should move through phases, starting with quick wins and then scaling initiatives. Making transformation part of everyday operations, with strong leadership and integration, ensures lasting impact. The role of the chief transformation officer is vital in aligning strategic goals with daily business activities. https://lnkd.in/gyyS6eJy

Want to know how to make your transformation stick? Develop a ‘true north’ strategy and execute across these four critical workstreams: 💲 Cost optimization 📈 Growth ⚙️ Organizational effectiveness 🌐 Digital enablement And embed transformation practices into your business-as-usual for long-term success. Read more here 👉 https://lnkd.in/gZpuSxam Authors: Kevin Carmody, Louisa Greco, Rob Montgomery #Transformation #BusinessReinvention #Strategy

It is a core responsibility of directors to be demanding about the need for, the approach to, and the ongoing performance of transformation efforts. That doesn't mean managing day-in, day-out initiatives; it does mean setting the course in three important ways: 1. Thinking big 2. Emphasizing the role of culture and capabilities 3. Sharpening incentive programs Read the full op-ed in Directors & Boards, which I authored with my friend and colleague Laurent Kinet: https://lnkd.in/gMMDV3UW #Transformation #BusinessTransformation

I've been thinking about what it takes to successfully lead business transformation? After all, there isn't a time machine that zaps you ten years into the future to see whether the actions you take drive meaningful, lasting change? If there was, you'd likely find an organization that has experienced the proverbial "pendulum effect"... changes happening back and forth... where the so called “change leaders” got promoted each time, but nothing demonstrably changed. That's because transformative change isn't easy. It necessitates harnessing technologies and strategic partnerships to succeed in the future, while balancing today’s operational realities. Changes in one area of the business sometimes lead to redundant, conflicting, or wasteful investments in another, given disparate departmental stovepipes. Business leaders must decide the right initiatives, while taking a front row seat in charting the organizations strategic course toward the future. In a nutshell, business leaders serve as the critical link to success by balancing current business processes with new and innovative approaches, and by introducing ways to reshape those processes without losing sight of today's bottom line.  The pace of change, the complexity of the environment, and a workforce challenged to keep up with the skills and training needed to thrive, threatens almost every organization’s ability to usher in transformation. To succeed, leadership must clearly state their priorities, empower their subordinates with authorities aligned to responsibilities, and ensure accountability so that all contributors remain laser-focused on the longer-term value to be gained. Where conflicting priorities exist, it may mean telling certain stakeholders what you “need” from them, and then being prepared to overcome cultural resistance and programmatic inertia. Balancing the potential of tomorrow and the realities of today makes it necessary to envision and develop processes and procedures that optimize resource decisions on the way to the future organization. That means stepping away from the old way of doing things, establishing new business rhythms, new roles, new initiatives, and new reporting practices.  While ushering in the “new”, an unwavering commitment to responsiveness and adoption of the ideas, practices, and processes across the organization is also necessary. It goes without saying, business leaders must encourage and foster new approaches and new ideas from the very employees they’re depending on to make the transformation successful. They must adopt a “one team” mentality to put the organization on a positive path toward its future state, engaging frequently with their counterparts and other leaders to set the conditions for success.