Business Transformation Survey – Summary Report
TayganPoint Consulting Group
More than one in four life sciences companies expect large-scale transformation in the next three years. Are you one of them?
Large pharma companies know to remain competitive they have to transform
For the past three years, large pharma organizations have known that in order to remain competitive in the marketplace, they would need to transform. And, that in order for this transformation to occur that they would need to have a plan in place that included the training and development of human capital to lead and execute it.
We believe many organizations have now made this investment to educate, train and prepare and are now better equipped to move forward. But, even with stronger resource pools to transform, do organizations have the leadership and stamina it takes to see a vision through to the end? It is a rigorous journey and that requires staying the course versus being distracted by a new competitive differentiator before really building in the long-term sustainment of the original transformation. Additionally, companies are reducing their portfolio of change initiatives to only the true transformation initiatives. The smaller departmental change initiatives are being eliminated completely and only initiatives that fit under the company transformation umbrella are funded and resourced.
We believe organizations are just now seeing the full landscape of what transforming means. Historically, organizations thought transforming was performing a handful of process improvements, or perhaps changing the organizational structure of a department. But, today, they are finally grasping the holistic term of transforming- making a thorough or dramatic change in form, appearance, charter and process. Transforming is a complete shake up and takes much more than a small, part time working team to accomplish transformational efforts.
And let’s not forget organization structures that are transforming due to acquisition and merger activities. Organizations are merging together to elongate their service offerings, tap into new clients and reduced the need to find new companies – – as the old saying goes, it’s easier to keep a client than to acquire a new one.
Also, companies are moving much more toward end to end process transformation-driven by technology-which impacts all parts of the value chain of a company. There is no hiding from transformation initiatives. And perhaps companies are getting better at articulating and communicating the transformation so more employees are aware. Not to mention the external environment (healthcare reform, tax reform, regulatory pressures, etc. are accelerating the need for true transformation.
Download the full report at http://tayganpoint.com/BTsurvey2018