20 years ago, Oracle was centered around selling products licensed to customers and functioned so effectively that it led to the highest operating margins when compared to the industry. In the rise of Cloud computing it came with a direct effect on the industry business model which changed from being product-based to service-based. This shift called for a shift in perspective of how to run a service-based business post-acquisition and how Oracle will need to adapt to this shift.
What is Business Transformation?
The term is widely used and vaguely defined; however, a simple definition of Business Transformation is redesigning the technology and its use thereof, the human resources involved, and the processes being followed. These three main factors constitute the basis of transforming a business. The transformation process is quite layered and can be done on various business levels and across all departmental units. The complexity of the transformation depends on several factors including company size and it’s likely that smaller organizations will be able to execute business transformation easier than larger entities.
4 Keys to success according to Oracle
- The executive mandate to transform
A vital starting point would be with the CEO recognizing the need for a new approach and strategizing towards that.
- Uncompromising focus on the end game
There is a need for clarity when it comes to an end goal and a strict focus on targets that will help to achieve the end goal.
- An unrelenting sense of urgency
The processes of transformation and individuals involved, need to be able to avoid distractions and keep focus on the process to prevent the initiative moving slowly. Business transformation needs to be a matter of urgency and should move swiftly without delay to ensure the best results.
- Stewardship by an executive with authority
Having an enterprise wide effort that is led by an executive is also key to successful transformations as there is a need to have someone to oversee the transformation and measure progress. This individual should have little to no ties with any businesses processes to ensure unbiased decision making.
These Oracle defined keys to success are a good starting point when heading towards business transformation. This may be a process which is ongoing to maintain ahead of the game in the industry and against competitors.
Reworked from – https://blogs.oracle.com/business-transformation-how-to-succeed