The New Standard for Success: Evolving Enterprise Transformation Management
Category: Enterprise Transformation
Author: Ilka Jordan
Date: January 17, 2023
Over the past five years, it has become necessary for U.S. fashion retail organizations in both the private and public sectors to require rapid revolutionary and transformational change to keep up with the global marketplace, evolving workplace, and emerging technological trends.
Global digitalization and the increasingly competitive business environment have accelerated the need for companies to change rapidly and rethink their current business practices. Influencers can be macroeconomic events, societal changes, pandemics, market changes, or opportunistic changes.
These organizations strive to sustain their presence in the global marketplace, and competitive advantage due to globalization, stiff competition, and technological improvements are crucial. Any organization that doesn't change will be forced to do so quickly, but most transformations fail.
A recent study by McKinsey shows that 70% of transformations fail. Contributing factors include insufficiently high aspirations, a lack of engagement within the organization, and insufficient investment in building capabilities across the organization to sustain the change, among others. According to Forbes, 84% of digital transformation projects fail due to a unidirectional approach to driving such projects and not focusing on digital transformation.
In this blog post, we'll explore how ETM has evolved and can be used to drive and sustain your organizational transformation successfully.
What is Enterprise Transformation Management?
Enterprise Transformation Management (ETM) is the practice of managing an organization's transformation journey. It is a field of management that helps organizations m