By Sassan Hatam
"Transformation programs too often fail. We know how to make it work."
The need to expect the unexpected and be adaptable is more important than ever for businesses to navigate increasingly choppy waters.
That is why, together with the National Bank of Bahrain, we conducted a survey (focused mainly on Bahraini SMEs) to shed light on companies' transformation agendas.
Sentiment is good when it comes to expected economic outlook in the GCC region, and Covid-19 pandemic related challenges have largely been overcome.
Yet, standing still is not an option – About 4 out of 5 firms plan to (continue or) kick off their transformation journey in 2022 or 2023.
Market dynamics and uncertainty are the key external driving forces shaping business priorities such as re-invigorating customer growth, financial growth and cost optimization.
Interesting to see that 6 out of 10 transformation programs have a single focus, be it strategic, operational or financial. Less than 20% are holistic in nature.
In our experience, a holistic transformation mindset often yields the best results, and is typically a must for companies in advanced stages of crisis.
In all cases, the ability to quickly adapt to changing business contexts and priorities is the one constant that should matter to any firm. That is why the need for transformation is here to stay.
The future ahead of your company is more uncertain than ever. Pressure to adapt is increasing. That's why RPT@Roland Berger gives you comprehensive support in coping with entrepreneurial challenges – in day-to-day business operations, but also in special circumstances such as industry upheavals, changes in regulations or new capital requirements.
