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What makes – and keeps – your business relevant?

Green transition and business transformation require some hard work and tough choices, but in the end can keep a company competitive and relevant. With the evolution of advanced technologies, companies can expand their business and automate their processes, such as manufacturing methods and what (renewable) resources the business uses to make their products. There are several reasons why innovation is crucial for your successful business transformation: It creates a competitive advantage, it allows adaptability, it leads to growth, and it is what makes businesses sustainable and resilient to market disruptions and emerging technologies.

Looking to create a flywheel to unlock sustainable and continuous transformation

To stay competitive in the face of increasingly accelerated innovations for sustainability, many companies need to rethink and rewire their operations, systems, and offerings. Open-minded leaders can analyse, adapt, and transform their organisations in such a way that will make the business more focused and effective in generating sustainable initiatives.

While these times can certainly be characterized as a time of many disruptions, it is also a time of accelerated innovations across industries, supply chains, and value chains. Resilient supply chains increase control of raw materials and improves companies’ responsiveness to market disruptions – from raw materials shortages, supply bottlenecks to geopolitical conflicts – and enables achievement of ESG.

In a global economy that needs more and more tech-savvy skills, refreshed more and more often, companies that build ecosystems for innovation will benefit from new business perspectives through a diversity of thoughts, ideas, and technological know-how.

You decide to transform your business. To do so, you would:

  1. Build a program management framework for transformation.

  2. Make your meetings a safe space for honest discussions.

  3. Discuss and discover the new circular customer demands.

  4. List potential areas of new opportunities for your business.

  5. Break down large-scale changes into smaller actionable changes.

  6. Prioritize the most important initiatives – and eliminate bad ideas.

  7. Look deeply into your internal core capabilities to transform.

  8. Expand capabilities to transform – through partnerships with scientific institutions, national labs and tech-innovators

  9. Reduce uncertainty in your organisation and lead with transparency.

  10. Implement and lead new initiatives step by step.

Take a hard look at what is in your project portfolio. Don’t pick a million things to get involved with and get distracted. Instead, focus on what’s crucial for your business in a short- and long-term perspective. Looking at your strategy, you should be able to answer questions about your business such as what your top customer priorities are, and at what point you’ll be able to transform your business (models) in a circular economy.

In an ever-changing, circular economy, business transformations are essential to most companies’ ability to compete. While different industries and companies offer varying definitions of sustainability, several key factors to build a more sustainable business is consistent. Technologies drives growth and innovation – AI, 3D printing, the Internet of Things, and Digital Twins – but not just technologies. New growth and innovation also come from collaborations across industries, companies, and scientific institutions.

Your company can transform. It just requires a little imagination and a transformation program: imaging what the future of your business is, identifying new market opportunities, and leveraging solutions in new and powerful ways in a changing world. We must collaborate, not compete, on sustainability.


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