Business transformation is a big deal in today's landscape. Here are the key metrics of this process that EMBA training will be able to help you master.
The idea of transformational business has had executives around the world abuzz for several years. Transformational businesses—and their leaders—claim to be redefining their mission and processes in pursuit of new goals. They might be repositioning to take advantage of new opportunities, or to adjust in the face of new market pressures. The changes they make can often be quite dramatic.
For example, to take advantage of the always-online consumer, and to provide architecture to other companies looking to do the same, Microsoft has invested heavily in creating cloud computing services. The company has become a leader in that market, taking in close to €9 billion in cloud revenue in 2016. Further investment is likely to take this segment to nearly €18 billion by 2018, making the cloud an even more essential part of the company's offerings.
Over time, businesses dedicated to transforming themselves can become entirely different than they started out, but the benefits can be substantial. Curious about what goes into realizing this kind of dramatic change? Here are some of the key metrics for transformational business that an EMBA will help you master.
One of the key metrics that ought to guide a business leader overseeing a business transformation is the level of growth being experienced in a new business initiative. Are new ideas developing as they should? Are the company's new offerings catching on with clients and generating revenue, or are they struggling?
Successful transformation will mean steady progress with the new projects being undertaken by the company, both in terms of how well they are implemented and the financial gains they should lead to. Monitoring this progress will require that executives be able to keep a close eye on a variety of data, and use that to make informed decisions to nudge projects in better directions when needed.
A good Executive MBA program will be the perfect solution for training you in the art and science of data collection and analysis, allowing you to accomplish this aspect of business transformation with ease. Use these skills to keep a close watch on the new projects being undertaken by your business, and as a guideline for slight repositioning if they are failing to live up to expectations. You'll likely see steady growth and development of new projects.
Though transforming businesses may want to shift focus to their new offerings, that doesn't necessarily mean they should abandon their old products. Rather, finding ways to transform the old to better fit with the new can allow a business to preserve existing revenue streams, or even attract a different client base that is interested in the new improvements. By way of example, consider again Microsoft's new focus on cloud computing. Rather than give up on long-time earners like Microsoft Office and Windows, which were always installed directly to a local computer, the company instead implemented cloud systems into both of those products. This enhanced functionality for those older lines, and reaffirmed the importance of the new capabilities offered by the cloud.
Understanding sustainable and forward-looking approaches to innovation is an important part of transforming a business, and enrolling in an EMBA program can help you get all the inspiration you'll need to do so successfully. Faculty and guest lecturers with many years of experience both in the field and in academic studies of business will be able to share valuable concepts and anecdotes about innovative approaches to business. Pay close attention and you may be able to marshal this insight to make the most of your business' transformation, and thereby achieve remarkable success.
In business, the overall strength of the company is always one of the essential factors to consider when transformation is ongoing. However important it might be to long-term success, if a new initiative is leading to unexpected financial shortfalls or causing other key areas of the business to underperform, it's likely that adjustments will need to be made. Business transformation should not lead to the demise of the business.
It's vital that you get this element of business management right, so be sure to attend a top-tier business school to gain the absolute best training in financial management skills. Choose a school like WU Executive Academy, which has received triple accreditation from the AACSB, EQUIS, and AMBA— three of the top business school accreditation associations in the world. You can be confident that you will get great instruction in vital financial management skills like accounting, costing, and other essential skills. As a result, you will be able to make sensible determinations on the future of a transforming business based on what the numbers are telling you.