An executive's guide to business transformation

Purpose The objective of this article is to provide executives with a practical high‐level roadmap to business transformation. Design/methodology/approach Over the past 20 years in his role as an academic, researcher and consultant, the author and his team have worked with and observed several organizations of varying sizes. This resulted in the identification of patterns associated with failed and successful transformation attempts, which in turn have been summarized into a formula for business transformation. Findings Any successful business transformation will have to address all eight components of the business transformation model. These are: value streams, strategy, organization, people, processes, systems and resources, leadership and performance measurement. For a transformation attempt to succeed, all eight components must be addressed. Most failed transformation attempts have failed to address one or more of these components. Practical implications The roadmap for business transformation provides a high‐level checklist to facilitate executives to plan their transformation journey with a certain degree of confidence. The article provides practical guidelines and tips to ensure that each component of the formula is appropriately addressed. Originality/value The article provides a holistic and practical look at business transformation from an executive's viewpoint.