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Inside the Strategy Room
194. Driving long-term business transformation
Feb 3, 2024
In this podcast, Roman Regelman and Kevin Carmody discuss the challenges of long-term business transformation, including adapting to geopolitical changes and evolving technology. They emphasize the importance of executive alignment and engaging the entire organization in the transformation process. Additionally, the podcast explores the significance of incentives for long-term success, the role of digital transformation, and the unexpected obstacles faced in the transformation journey at BNY Mellon.
28:49
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Quick takeaways
- Successful long-term transformations require a balance between measurable goals and a culture that inspires and motivates employees.
- Transformation is a continuous journey that involves creating a new operating model, teaming structure, and culture, extending beyond a specific program or phase.
Deep dives
The Importance of Metrics and Culture in Transformation
Metrics and culture play a crucial role in successful long-term transformations. It's essential to have measurable goals for revenue, client satisfaction, and employee satisfaction. While metrics are important for tracking progress and performance, culture is equally vital for inspiring and motivating employees. A balance between metrics and culture is necessary for driving transformation effectively. It is not enough to focus solely on improving business performance; transformation should be bold, aspirational, and drive fundamental change in the hearts and minds of the entire organization.
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