How can companies overcome the odds and achieve long-term success in a business transformation? Our video series looks closer at all the moving parts.
The key success factors of transformation
Research shows that most efforts to fundamentally change the trajectory of an organization fail. So how can companies beat the odds? Our transformation practitioners offer insights on what it takes for companies to achieve their full potential.
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Why do most transformations fail?
Seventy percent of transformations fail. Contributing factors include insufficiently high aspirations, a lack of engagement within the organization, and insufficient investment in building capabilities across the organization to sustain the change, among others. Learn more from senior partner Harry Robinson, a global leader of our Transformation Practice.
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The secret of transformations: The elements of success
In this video, senior partners Jon Garcia and Wesley Walden discuss key factors supporting a successful transformation, including the importance of establishing ambitious goals and a shared vision that helps maintain a high level of commitment among leadership and all levels of the organization.
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Mind-sets matter in transformations: A conversation with Jon Garcia
When organizations undertake a transformation to improve performance, research shows those efforts fail 70 percent of the time. In this video, Jon Garcia, founder and president of McKinsey RTS, explains how to beat those odds. Transformational change requires individuals to behave differently, which means that leaders must address how people think and act in their day-to-day work. Jon discusses how leaders can make a compelling case for change and act as a role model who will inspire others to adopt new behaviors.
The role of the transformation office
Much of the work in a transformation will be cross-functional, requiring many different teams to work together. Building a transformation office’s capabilities provides the support needed for a successful transformation.
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The transformation office: Key success factors
Associate partners Chris Angevine and Darius Bates discuss the role of the transformation office in an enterprise-wide transformation and identify the key success factors that enable these offices to drive sustained impact.
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Removing roadblocks
In this video, senior partner Seth Goldstrom discusses how the transformation office removes roadblocks and accelerates decision making to drive sustained impact in an organization-wide transformation.
Growth transformations
Beyond improving financial performance, companies have an opportunity to drive future growth during a transformation.
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Growth initiatives in transformation
Associate partners Chris Angevine and Darius Bates discuss the critical need to allocate savings from a transformation into growth-related initiatives early on.
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Growth transformation
Sustained, profitable growth requires an integrated effort across the organization. Partner Sara Prince discusses the complex nature of a growth transformation and explains how organizations need to consider a range of growth levers to attain their full potential.
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The role of growth in a transformation: A conversation with Duncan Miller
Executing a strategy revolving around growth and cost cutting is difficult. In this video, McKinsey senior partner Duncan Miller discusses how a structured, holistic approach positions companies to achieve both goals.
Sustainability in transformations
Transformations must truly change the trajectory of the organization to thrive over the long run.
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Keys to a sustainable transformation
Organizations that are committed to a true transformation can’t be satisfied with just a few quick results. Transformation that reshapes an organization for the future requires a realignment of expectations, processes, and culture. In this video, senior partner Seth Goldstrom discusses four steps that organizations must take to achieve a successful, sustainable transformation.
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How to ensure the sustainability of a transformation
For a transformation to be sustainable, companies must fundamentally change the day-to-day work of the entire organization. In addition to improving an organization’s performance and growth, leaders must also address culture, mind-sets, and the company’s organizational health. Senior partners Alejandro Beltrán, Matthias Winter, and Seth Goldstrom discuss the elements that ensure sustainability.
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Personal resilience in transformations
The successful execution of a business transformation requires more than hard work. In this video, Jon Garcia, founder and president of McKinsey RTS, discusses the importance of personal resilience by drawing on his experience in working with CEOs and other leaders in dozens of enterprise-wide transformations. As Jon explains, executives who strive to enhance their companies’ well-being must also be mindful of their own personal health to remain effective. He offers lessons in developing and maintaining resilience, such as prioritizing activities (including sleep), delegating, and developing a business culture that respects personal health.
Strategic transformation
Incorporating strategic moves into a transformation program can dramatically increase a company’s odds of success while maximizing value creation.
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The role of strategy in a transformation
The odds are stacked against companies trying to make a big leap in profitability. In this video, McKinsey senior partner Kevin Laczkowski discusses how the right strategy primes a company to make that move.
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Key success factors in a strategic transformation
Leadership plays a critical role in building conviction and commitment for a sustained strategic transformation. In this video, McKinsey senior partner Kevin Laczkowski discusses how corporate leaders can position their companies to succeed on this journey by following these guidelines.
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Transformation: Ensuring resilience and the strategic imperative
A strategic transformation that focuses on resilience will allow a company to adapt to changing economic scenarios. In this video, McKinsey senior partner Kevin Laczkowski discusses how the business world is being fundamentally altered, and how companies can adapt.
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Transformation: Early strategic assessment
By plotting strategy early in a strategic transformation, companies avoid making precise plans for the wrong future. In this video, McKinsey senior partner Kevin Laczkowski discusses how viewing a company’s potential through four lenses will reveal the strategic moves to maximize value creation.