Increasing Number of Companies Create Chief Transformation Officer Role, According to New Report from the Project Management Institute and Accenture
Successful enterprise transformations require a brand new chain of command and help buildings
NEW YORK and PHILADELPHIA; Sept. 15, 2022 – With seven in 10 enterprise transformation efforts failing to meet business leaders’ expectations, many firms are including a brand new government function to the C-Suite: the chief transformation officer, in accordance to a brand new report from Project Management Institute’s Brightline® Initiative developed in collaboration with Accenture (NYSE: ACN).
Chief Transformation Officer: Why Transformation Leaders Matter, What They (Should) Do, and What They Need to Succeed examines how firms are driving enterprise transformations which can be characterised by competing calls for: far-reaching in imaginative and prescient and pragmatic in execution; deliberate and adaptive; aggressive and collaborative; steady and schedule-driven; value-focused and explorative.
Based on a survey of greater than 350 transformation leaders throughout 25 international locations and 18 industries, the report finds organizations which can be profitable with transformation share three traits:
- a well-formulated transformation imaginative and prescient,
- a everlasting transformation workplace, and
- a chief transformation officer who studies to the CEO.
Nearly all respondents (95%) agree that the chief transformation officer function is essential for attaining transformation objectives, and greater than 90% of respondents consider a everlasting transformation workplace improves the alignment between technique and execution, and the orchestration of a number of initiatives. Together, these actions ship extra worth than these with ad-hoc assembled groups.
“The rise of the transformation office and a chief transformation officer role in the C-suite signals that companies are embracing bold, concurrent transformation initiatives designed to support innovation and sustain growth,” mentioned Greg Douglass, Accenture’s world Technology Strategy & Advisory lead. “The success of these programs depends on leaders having strategic vision for making the transformation a reality across the organization and building credibility and trust in the process.”
The report highlights the capabilities a chief transformation officer wants to excel, and the situations that set them up for achievement. According to the survey, these leaders of enterprise transformations have broad expertise throughout expertise, business intelligence, business growth, strategic planning and venture administration. Additionally, most even have lengthy tenures with their organizations, suggesting they’ve earned belief throughout capabilities and the C-suite and are well-positioned to talk the imaginative and prescient to all stakeholders.
“As we have seen since the onset of the COVID-19 pandemic, the ability of organizations to adapt to rapid and sometimes unpredictable change is a key differentiator,” mentioned Tahirou Assane, Portfolio Leader of Brightline at PMI. “Organizations that invest in and embrace the role of the chief transformation officer now will be well-positioned to not only survive but to thrive in the continuously evolving business landscape.”
When it comes to measuring success of transformation efforts in the present day, the prime three standards firms listed have been income, productiveness and price discount. However, when requested to look forward to 2025, the prime success standards they cited have been non-financial, together with buyer expertise, environmental, group range and inclusive construction. The totally different view of present and future success standards could point out that strain to reveal monetary outcomes could divert efforts away from specializing in the longer-term worth of transformation. What leaders of giant and complicated transformations highlighted is that each ounce of effort have to be clearly aligned to transformation goals.
To study extra, please go to: https://www.brightline.org/resources/the-chief-transformation-officer/
About Accenture
Accenture is a worldwide skilled companies firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations companies and Accenture Song—all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 710,000 individuals ship on the promise of expertise and human ingenuity day-after-day, serving shoppers in additional than 120 international locations. We embrace the energy of change to create worth and shared success for our shoppers, individuals, shareholders, companions and communities. Visit us at accenture.com.
About Project Management Institute (PMI)
Project Management Institute (PMI) is the main skilled affiliation for venture administration, and the authority for a rising world group of tens of millions of venture professionals and people who use venture administration expertise. Collectively, these professionals and “changemakers” constantly create higher outcomes for companies, group and society worldwide. PMI empowers individuals to make concepts a actuality. Through world advocacy, networking, collaboration, analysis, and schooling, PMI prepares organizations and people at each stage of their profession journey to work smarter to allow them to drive success in a world of change. Building on a proud legacy courting to 1969, PMI is a not-for-profit for-purpose group working in almost each nation round the world to advance careers, strengthen organizational success, and allow venture professionals and changemakers with new expertise and methods of working to maximize their impression. PMI choices embody globally acknowledged requirements, certifications, on-line programs, thought management, instruments, digital publications, and communities. Visit us at https://www.pmi.org/, www.projectmanagement.com , https://www.linkedin.com/company/pminstitute , www.fb.com/PMInstitute , and on Twitter.
About the PMI Brightline® Initiative
Brightline® is a Project Management Institute (PMI) initiative along with main world organizations devoted to serving to executives bridge the costly and unproductive hole between technique design and supply. Brightline delivers insights and options that empower leaders to efficiently remodel their group’s imaginative and prescient into actuality by strategic initiative administration.
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Contacts:
Maggie Nolan
Accenture
+1 917 452 3964
[email protected]
Molly Rigas
PMI
+1 717 371 2305
[email protected]
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