Consulting for Diverse Industries with Adaptability
Whether you’re upgrading your company’s digital ecosystem or cultivating its culture, transformational change is never easy. In fact, as McKinsey reports, a sizable 70% of companies fail to achieve their transformation goals.
Each industry, company, and team is unique. This necessitates unique strategies for executing and managing change in every instance. What works well for one company might not work for another. A bespoke approach that builds upon the organization’s history, caters to its goals, and cultivates buy-in by leveraging the needs, abilities, and ideas of the team is the way to effectively enact change.
Mere strategy is not enough, however. Execution is just as important, if not more. This is where, as consultants, adaptability, speed, and the ability to blend in with the existing team become critical factors for the sustained success of customers’ transformational efforts.
The Importance of a Bespoke Approach
No two businesses are the same. This means that a cookie-cutter strategy is not going to be effective. Nevertheless, there are important aspects of every bespoke strategy that can increase the likelihood of successful, long lasting transformations.
An effective approach must first involve a discovery phase to understand not only the company, its culture, goals, history, and team, but the industry as well. In other words, consultants need to understand where the company is coming from, where they are, and where they hope to go, all within the context of their particular industry. For example, when working with the insurance industry, it's important to take into account the regulatory landscape. In the banking sector, data security is of paramount importance. And in the retail industry, the customer experience is at the forefront.
Applying a system that has been successful in one industry to another is often doomed to fail. This is because the underlying business models, regulations, and customer expectations are different.
While a retail firm might, for instance, use machine learning to find customer cross-sale and up-sale opportunities, there are additional considerations when applying the same technology to a healthcare firm. Compliance with regulations such as HIPAA is central, and therefore informs the possibilities for evolving the organization's toolset and processes.
The key is to have a team that is not only knowledgeable about digital strategy, but also has experience in the particular industry you're operating in. From within this industry context, it is easier to guide decision making as it pertains to the particular needs and capabilities of the individual organization. Only then can transformational change succeed in optimizing the organization.
The Importance of Adaptability
The digital landscape is constantly changing. This means that the team you work with needs to be able to adapt quickly, pivot when necessary, and try new things.
For example, when Snapchat first launched, it was seen as a direct competitor to Instagram. But instead of trying to copy Instagram's success, Snapchat realized that it could carve out its own niche by focusing on ephemeral content. This was a bold move that paid off, and today Snapchat has more than 330 million daily active users.
Having an original idea or carving out an industry niche is not enough, however, to create longevity. In order to continue to be successful organizations need to evolve and adapt on an ongoing basis; making transformations, digital or otherwise, a repeated effort.
Not only must companies adapt to stay relevant and successful, but consulting teams brought in to help guide those transformations need to be adaptable to work in the ways that benefit each unique company according to their needs, goals, team, and industry. Part of being adaptable in this case, is understanding and adjusting according to the ways the organization’s team works.
The Importance of Blending In
As consulting teams who work with organizations for extended periods of time, it’s critical to adapt to the existing team. Those who come to take over a project, rather than working alongside the organization’s team, will find that the success of their transformational efforts is often unsustainable. Success, in this case, is not based exclusively on technical solutions, but on buy-in and adoption of the systems, processes, and culture that make up the solution. One way to achieve this is to build regular checkpoints into the change management processes, in order to create opportunities for communication between relevant stakeholders.
By doing so, the existing team has more involvement in the transformation, leading to greater buy-in which, in turn, makes the process of transitioning out of the project smoother and for the organization and their consultants while increasing the likelihood of lasting change.
Ensuring Success with the Right Approach
Business transformation is not something that can be achieved overnight. It requires a long-term commitment and the right team in place to support you along the way.
By working with a team that has the ability to take a bespoke approach, adapt quickly, work at speed, and blend in seamlessly with your existing team, you give yourself the best chance of success.