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Businesses aren’t happy with themselves. A report by KPMG found that 96 percent of businesses say that they need to change, transform and become more innovative.
Stephen Hasty, Global Transformation Leader at KPMG International, said that “business transformation can no longer be a ‘one and done’ initiative. Top executives realize that their organizations must create mechanisms to continuously evolve and respond to their external environment. Unfortunately, these business leaders are up against serious barriers to reaching goals, as well as massive disruptions in technology and customer preferences and demand.”
The KPGM study has the following three recommendations for achieving transformation and innovation:
- Focus on the customer
- Embed innovation in the business
- Learn to thrive on change