Business Transformation
Updating old manual systems and business processes by using modern digital technologies.
Digital transformation
The specific advantage or unique quality that allows a business to perform better than its direct rivals.
Competitive advantage
A business framework or mindset that allows a company to change direction, adapt, and release updates very quickly.
Agility
Reducing the size of a company by cutting unnecessary jobs and assets to become more financially efficient.
Downsizing
The structural process of guiding a company's employees through a major corporate transition or strategic shift.
Change management
Restructuring a company’s staff and management layout, often to reduce layers and speed up decision-making.
Delayering
Comparing your own company’s products, services, or speeds against the absolute best standards in the industry.
Benchmarking
Changing a product's price in real-time based on current demand, customer patterns, or competitor prices.
Dynamic pricing
A production philosophy focused on eliminating waste, reducing errors, and maximizing speed without losing product quality.
Lean manufacturing
The natural human or organizational refusal to accept new work technologies, schedules, or structural habits.
Resistance to change
Moving a company away from its traditional product or market into completely new areas to lower operational risks.
Diversification
A massive investment into training workers so they can learn entirely new skills for modern jobs.
Reskilling
Shifting a company's marketing strategy to target a very specific, small, and specialized group of customers.
Niche marketing
Merging small regional offices or departments into one single, central location to save operational costs.
Centralization
Financial rewards, promotions, or public praise used by managers to motivate employees to accept new changes.
Incentives
Changing a business model completely to adopt cleaner, eco-friendly energy and sustainable resources.
Green transition
Gaining a major market advantage simply by being the very first company to launch a new product type.
First-mover advantage
Modifying a successful product just enough so that it perfectly fits the legal rules and tastes of a foreign country.
Adaptation
The financial advantage a business gains when production becomes efficient, meaning making more items drops the cost per item.
Economies of scale
A business leader who is specifically hired or selected to inspire, drive, and execute a major organizational transformation.
Change agent
Introducing completely new work rules, values, and mindsets to replace an old, rigid office atmosphere.
Cultural shift
Continuously collecting data and analyzing what your business rivals are planning, selling, or changing.
Competitive intelligence
A strategy where a company listens closely to consumer criticisms and uses that information to immediately alter product features.
Customer-driven strategy
Completely rebuilding a core business process from scratch to achieve dramatic improvements in speed, cost, and quality.
Business Process Reengineering
A corporate situation where a company fails to change its old strategy because it is too comfortable with its past success.
Strategic inertia