Transformation is needed to adapt to a business environment that is always evolving. Without transformation, the risk will be higher and may lead to bankruptcy.
Michael Ronald Tampi who is the co-founder of Parentalk.id, discussed corporate transformation through Business Growth Management Class, MBA Jakarta on Tuesday (16/2/2021). He explained that there are several things that corporations need to be concerned about if they want to commit to the transformation.
First of all, a CEO should be focused due to their vital role in the business. A CEO is expected to lead by giving the example in advance. “It starts from the CEO, if they ordered something to be done they should first give an example of how to get the work done,” he said.
Then, the CEO has to form an “A” team that consists of people that have competence.
In his presentation, Michael also emphasized the role of communication and endless support in committing corporate transformation. Communication is needed to internalize the corporate vision to all employees and endless support mainly from leaders may improve employees’ performance.
Employee & Organization, Budgeting, and Monitoring
Michael told the student that all employment and organizational engagement that he has done was aimed to socialize the corporate vision and mission among the employees and engaging them with each other, such as when he conducted corporate parties.
He added, after socializing the corporate vision and organizational design changes, leaders should promote the understanding of long-term strategic direction and build commitment to business transformation efforts. He believed that it would bring out engagement among the employees.
Furthermore, another important issue in corporate transformation is budgeting. He revealed that in the budgeting process, things that he was concerned about are cost-cutting, revenue growth, and efficiency. “Basically, a corporate strategy is a balance sheet. In the budgeting process, things I did are cost-cutting, revenue growth, and efficiency,” he said.
Lastly, to control the transformation progress, monitoring is to be required. The monitoring process can be done weekly, monthly, quarterly, and yearly. Monitoring is useful for measuring processes such as regular progress, corporate activities, budget tracking, and company cultural progress. Among the progress, he noticed the importance of the company culture. He thought that it plays a vital role in corporate transformation.