Leadership and Business Transformation
Today, there are constant changes in the business environment like advancements in technology, new government regulations, and other such developments. As a result, businesses need to adapt themselves to remain current, explore new possibilities and gain a competitive edge. However, it needs to be understood that business transformations are not easy, as they are not limited to business strategies. They change the overall functioning and work environment. This article explores the role of a business leader during such business transitions and transformations.
Growing Demand for Effective Leaders
To ensure seamless synchronization of the new change with the existing system, there is a need for a leader who has the knowledge and experience to implement business transformations perfectly with minimal or no glitches. However, just effective leadership may not be sufficient to bring about such significant changes.
Companies are looking for agile managers who can utilise the changing business environment to their advantage by making the best use of their resources, especially people. According to The Future of Jobs Report 2020 by the World Economic Forum, the most in-demand skills by 2025 will be critical thinking, problem-solving, and self-management, among others. These are the very same skills that a leader needs for successful business transformation.
Well, transformations are mainly related to four key aspects i.e. business processes, business models, industry, and culture. Additionally, they are also about better customer experience, high employee satisfaction, and staying current. Since transformations can be risky, companies look for leaders who are adept at handling the transition. Hence, most of the certification in business management courses have now incorporated leadership and business transformations as a part of their curriculum.
How does a competent leader drive business transformation?
When we talk about business transformation, it may be big or small; in either case, the leader needs to shine as a role model. Let’s see how one can achieve this.
Communication & Motivation: During major business transformations, the managers are usually stuck between the board of directors and the team. This is where a leader creates a difference. He ensures that everyone in the team is motivated and pushes them towards new goals. He needs to display commitment and passion and inculcate the same in the team.
Establishing a cultural fit: Today, businesses want to have a global reach and why not! Such a change can be the result of mergers and acquisitions, partnerships, and expansions. All these may bring about a cultural change in the organisation, the leader should be the first one to adopt the change and work to make the organisation a cultural fit. Furthermore, to succeed in expanding a business to the international market, one must be able to think global and be flexible to handle the new economic setting.
Leadership & Digital Transformation: A leader must have an in-depth knowledge of what it takes to make a business go digital. Taking timely and effective decisions and being able to foresee their outcome is essential for successful digital transformation. From devising digital strategies to knowing digital marketing concepts along with the role of business analytics, AI and ML in digital transformation can help a leader redefine his enterprise.
Establishing and Managing Brand: A leader must know the importance of branding the products and services his business offer and how to establish and sustain it in the competitive market. With a powerful brand, a business can reach stupendous heights through customer loyalty, enhanced reach and new business partnership opportunities.
Ready for the worst: Business transformations involve uncertainties. Moreover, depending on whether a change turns out to be good or bad, its appreciation or criticism falls in the kitty of the leader. So, a leader should always be ready to take responsibility for the outcome. However, to ensure success, a change manager/leader needs to keep a close watch on the transformation activities. If he thinks that the plan needs to be changed at any point, he needs to act proactively. Also, in the worst scenario, if things don’t work, he must learn from failures.
How does a professional certification help?
While it’s easy to learn the basic concepts of business management and administration, but when it comes driving business transformation, advanced skill sets and practical knowledge play an important role.
The Certificate Programme in Business Management by IIM Kozhikode is not just any other business management programme but one that prepares agile managers who can handle the changing dynamics of business with confidence. The course has extensive modules on Digital Transformation, Cross-Cultural Management, Consumer Behaviour & Marketing Research, Corporate Finance, Brand Management, and International Business, to name a few.
It inculcates in the candidates’ everything they need to know to make key business decisions. From understanding business analytics and digital strategies to negotiating across cultures, doing international business, handling difficult people, invading consumers’ mindsets, making impactful presentations and much more; this course aims to nurture business leaders of tomorrow through a comprehensive suite of information and skills.
Concluding thoughts
A strong foundation of the right knowledge base help professionals and managers chart a positive career graph where there is no looking back. In simple words, IIM Kozhikode’s Certificate Course in Business Management is delivered in the realm of modern industry requirements and infuses skill sets that make professionals evolve into out-of-the-league leaders.
