OCTOBER 2021

BUSINESS TRANSFORMATION:
SET UP FOR SUCCESS
DELIVER BUSINESS OBJECTIVES AND GET TO THE VISION

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SUSTAINABLE CHANGE.
© 2021 RENOIR GROUP OF COMPANIES. ALL RIGHTS RESERVED.
OCTOBER
2021
TABLE OF CONTENTS
EXECUTIVE SUMMARY 03

WHAT IS BUSINESS 04
TRANSFORMATION?

CRITICAL SUCCESS FACTORS 06

IMPLEMENTING SUCCESSFUL 09
BUSINESS TRANSFORMATION

STAGE 1: STRATEGY 11
AND TRANSFORMATION
PLANNING

STAGE 2: TRANSFORMATION 13
EXECUTION

BUSINESS TRANSFORMATION 16
IN PRACTICE

THE KEYS TO SUCCESS 18

THE RENOIR ADVANTAGE 20

REFERENCES 21

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OCT 2021 | 01 EXECUTIVE SUMMARY 03

EXECUTIVE
SUMMARY
Successful business transformation is a crucial This white paper elaborates on the framework
capability for any business seeking to achieve its and best practices that companies can use to
strategic aims. transform effectively, efficiently, and sustainably.
Our approach has evolved from decades of
Companies are constantly required to
successful engagements with companies from
simultaneously transform across multiple fronts
across all industries globally.
while facing an increasingly competitive landscape.
In Part 1, we explore the common pitfalls of
Whilst company leadership usually knows
business transformation.
where they want to be, they often stumble at
implementing and sustaining transformation In Part 2, we detail the framework that Renoir
efforts. uses to guide clients to successful business
transformation and how it can be tailored to suit
With 70% of business transformations failing, a company’s maturity, business needs, goals and
companies need a proven approach to make them where it is on the transformation journey.
a part of the 30% that do succeed.

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OCT 2021 | 02 WHAT IS BUSINESS TRANSFORMATION? 04

WHAT IS BUSINESS
TRANSFORMATION?
Business transformation is about changing an lifespan of companies has shrunk to 10 years 2.
organisation on multiple fronts so that it can adapt
Government incentives are encouraging more
to shifts in the market and remain competitive
competition. Technology is lowering the barriers
and relevant to customers.
to entry or creating industries.
There is never a perfect time to trigger
As a result, more companies than ever are born
transformation — the best time is always now.
every day. While these newer companies are
Ten years ago, transformation was typically nimbler, they must continuously innovate to
something that companies initiated when survive.
revenues dropped, market share eroded and
Some former powerhouse companies have fallen
share prices tumbled. In today’s complex and
in relevance because they failed to innovate
fast-moving world, business transformation has
consistently or quickly. They are sobering
become a constant and continuous process.
reminders of what happens when companies do
Research in 2016 1 found that recently listed not transform to adapt to new markets. Yet, more
firms were dying more quickly than ever. For than 95% of public companies have not attempted
comparison, firms listed in the 1970s had a 92% to transform or have not achieved measurable
chance of survival, whereas firms listed in the growth 3.
2000s had a 62% chance. Today, the average

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OCT 2021 | 02 WHAT IS BUSINESS TRANSFORMATION? 05

It takes courage to initiate business at large enterprises recognise the need for
transformation, especially when a company’s transformation. 4 However, two-thirds are not
performance seems solid and the business model confident that they can successfully transform the
is delivering steady profits. business in five to 10 years 4.

Executives are aware that companies should In the next sections, we will highlight why business
constantly reinvent themselves to survive transformations often fail and what can be done
long term — more than 80% of executives to overcome this.

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OCT 2021 | 03 CRITICAL SUCCESS FACTORS 06

CRITICAL SUCCESS
FACTORS

Business transformations are often multi-year Some companies may not be ready for this
projects that demand high magnitudes of effort complex undertaking as they lack the necessary
and resources. strategy, plan, framework, resources, momentum
and sustainable change approach.
They may involve simultaneous changes to
strategy, processes, structures, technology and Business transformations fail due to many reasons.
culture. These are some of the more common ones:

ALIGNED STRATEGY
We often find that companies do not have a clear mission and vision, nor the goals and
initiatives to deliver them. Sometimes, a CEO does have a vision, which is the driving force
for the transformation programme. However, the vision may not be aligned or understood
across the organisation.

For example, the CEO of a software company wanted the company to be a mobility solutions
provider. However, there was no communication or systematic process to ensure that
everyone was aligned with the strategy. As a result, not everyone understood what he
meant or what needed to change in the company. This spawned different interpretations
of the CEO’s vision, leading to projects running everywhere but in the right direction.

EXECUTABLE PLAN
Some organisations have a strategy. However, they may lack the skills or experience to
translate strategy into reality. Creating the transformation roadmap through trial and error
may end up wasting precious time and resources.

Bringing in experienced transformation partner can accelerate this process and increase
the chances of success.

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OCT 2021 | 03 CRITICAL SUCCESS FACTORS 07

TRANSFORMATION FRAMEWORK AND RESOURCES

Transformation rollouts require huge amounts of investments in time, resources and
people. Often, these resources are pulled from Business As Usual (BAU) activities and
channelled into transformation-related work. If resources are “part-time”, the urgency of
the day-to-day demands invariably trump the importance of the transformation effort. That
is why a dedicated transformation team, or a Transformation Management Office (TMO),
can achieve better results.

The right framework can drive the successful execution of the transformation roadmap.
This includes employees with the right skills and experience that are sourced and tailored
to the strengths and weaknesses of the organisation. For example, a detail-oriented
programme manager will provide great support for an organisation that is more strategic.
However, they may not be a good fit for a company that is good at execution but bad at
strategic thought.

MOMENTUM
People are often excited when transformation programmes begin, eager to participate and
curious to see the changes that will happen in the company. However, after the “honeymoon
period” enthusiasm usually wanes, especially as BAU shifts priorities.

There will always be a decline in momentum after a year into a transformation programme,
especially for companies that do not have a well-defined structure, methodology or a
dedicated TMO. Even with all the prerequisites in place, many organisations will find it a
challenge to keep everyone enthusiastic about the work years down the line.

The best way to maintain momentum is to put the right TMO resources permanently in
place, ideally separated from BAU, so that the entire function’s purpose is to continually
drive the transformation on an ongoing basis.

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OCT 2021 | 03 CRITICAL SUCCESS FACTORS 08

SUSTAINABLE CHANGE
The danger of positioning transformation as a temporary intervention is that after
completion, when people resume BAU, old ways creep back. As a result, the work done
during the transformation programme is undone, and the new way of working is shelved.
That is until the next crisis sends the organisation scrambling again.

Business transformation should never end. There should always be constant activity to
change and improve. The best performing companies make it a permanent, regular practice
to review their alignment to the mission and progress towards the vision. Companies
that continuously find ways to raise the bar to become better are the ones that remain
competitive and relevant in the marketplace.

Sustainable change happens when mindsets are ingrained with a culture of change so
deeply embedded that it becomes second nature. That is the level of maturity we aim to
bring our clients to.

THE FOLLOWING TERMS ARE OFTEN MISUNDERSTOOD OR POORLY DEFINED. GETTING THESE
DEFINITIONS RIGHT IS CRUCIAL TO ENSURE ALIGNMENT BETWEEN THE COMPANY AND THE
BUSINESS TRANSFORMATION PROGRAMME

STRATEGY MISSION VALUES VISION GOALS

A plan to achieve An action-based The set of The direction the What a company
an overall aim statement that principles that company wants to wants to achieve
describes how guides how head towards as in a certain period.
employees employees an organisation They should be
need to behave should conduct measurable and
to achieve the themselves and actionable metrics
company’s perform their
purpose decisions

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OCT 2021 | 04 IMPLEMENTING SUCCESSFUL BUSINESS TRANSFORMATION 09

IMPLEMENTING
SUCCESSFUL BUSINESS
TRANSFORMATION
Execution is the most difficult part of business This “top-down approach” often results in a
transformation. set of instructions that people will resist and a
transformation programme that will be difficult to
Too often, we see transformation programmes
execute.
initiated this way: A group of senior managers
set the direction for the organisation without Transformation programmes require
consulting employees who are responsible for the out-of-the-box thinking. Most of all, they require
execution. These managers are often out of touch a “top-down, bottom-up approach” because
with the way things are done. As a result, the while managers or leaders at the top can set the
plans made may not reflect the current situation direction top-down, transformation has to be
and are not, in reality, executable. from bottom-up.

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OCT 2021 | 04 IMPLEMENTING SUCCESSFUL BUSINESS TRANSFORMATION 10

Therefore, it is crucial to factor in the input and Renoir’s methodology is centred around this
experiences of the people at the lower ranks of philosophy. Our business transformation
the company because they will be the ones that framework, which is divided into two stages, is
will be executing the programme. designed to tackle the major problems that hinder
success:
With a top-down, bottom-up approach, executives
can: • The strategy and transformation planning

• Ensure clear communication and understanding stage ensures that the journey moves in

about the transformation and what it means the right direction and is set up for success.

for every employee. Alignment is achieved and an executable plan

with effective governance is put in place.
• Create buy-in and reduce resistance to change.

• Identify potential risks and issues and minimise • The transformation execution stage ensures

them. that the programme is executed successfully

by using a tailored change management
• Develop an executable plan.
approach.

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OCT 2021 | 05 STAGE 1: STRATEGY AND TRANSFORMATION PLANNING 11

STAGE 1: STRATEGY AND

TRANSFORMATION PLANNING
In this stage, we put all the right “pieces” in place to ensure success.

DEFINE THE STRATEGY

Where would you like to see the organisation
going? What are your current plans?

It is vital to validate the vision and mission of

the organisation and ensure that it is effectively
communicated throughout the organisation. The
strategy needs to be defined in cohesive terms.

SET GOALS AND OBJECTIVES

What are the goals for the organisation, and where
would you like the organisation to be in the next
few years?

This needs to be formalised and set at a group,

business unit and functional level. This is where
the defined strategy is translated into tangible
metrics that can be measured.

ALIGN MANAGEMENT AND GET SIGN OFF

Do we agree on the vision for change?

For transformation initiatives to come to life,

they require management alignment, ownership
of strategy and organisation-wide buy-in.
Management must understand, agree and sign-off
on the transformation programme. This is critical
to its success.

That way, when a structured engagement model is deployed across all key layers of the organisation,
the agreed vision, mission, goals, roadmap and initiatives are communicated effectively.

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OCT 2021 | 05 STAGE 1: STRATEGY AND TRANSFORMATION PLANNING 12

PERFORM AN INTERNAL
AND EXTERNAL GAP ANALYSIS
Where are we vs the strategy we want to achieve?

To get successfully to where you want to go,

you need to understand where your business is
now. In doing this we get a clear picture of what
needs to be done and how to do it to achieve the
company’s goals and objectives.

The external analysis collates and interprets

industry, market and competitor data as well as
customer and employee insights.

The internal analysis involves a comprehensive review of existing organisation functions to understand
current processes, management systems, structure, skills and capabilities, behaviours, and culture.

We need to understand the limitations and constraints of the current way of working versus the current
external position of the company to identify opportunities for improvement.

DESIGN THE EXECUTION FRAMEWORK

How do we get this done?

This is where we determine what is the best way

to get the transformation done. Here, the strategy
is translated into a plan that can be executed.
Some of the tasks include:

• Developing a roadmap aligned with

management commitments on strategy.

• Identifying required transformation

management support and governance
required to realise strategy.

• Developing change management strategy and

execution plans to ensure success.

• Identifying resources, required organisational

support, and actions to ensure success.

The framework should allow you to balance the work that needs to be done as part of the transformation
with the work that needs to be done business as usual.

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OCT 2021 | 06 STAGE 2: TRANSFORMATION EXECUTION 13

STAGE 2: TRANSFORMATION
EXECUTION
A transformation roadmap will contain initiatives That is why a tailored change management
to launch and new ways of working to implement. approach needs to be the backbone of every
At the core of this, we must remember this vital initiative in the execution stage.
fact: People power up organisations and make Renoir’s practical methodology incorporates
them run. If people do not change, initiatives will change management, elements of design thinking,
not succeed. lean and agile methods to ensure the successful
Managing the “people factor” is vital for any and sustainable delivery of transformation
transformation initiative — many strategic failures programmes.
stem from mismanagement of the change journey. Ideally, the transformation programme is overseen
An example of failure is assuming that everyone by a TMO, which will oversee the execution of the
will instantly understand and use proposed transformation roadmap and perform a “health
new solutions whilst completely disregarding check” at the end of every stage to ensure that the
awareness, buy-in and compliance issues. initiative has what it needs to proceed to the next
stage.

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OCT 2021 | 06 STAGE 2: TRANSFORMATION EXECUTION 14

IDEAS
New ideas will pop up as we go through the transformation lifecycle. These need to
be evaluated to ensure that they are feasible and aligned with company goals, meets
transformation needs, and that there are no duplicate projects.

If the idea is accepted, it will be part of the transformation roadmap and will go through
the stages outlined below.

ANALYSIS
Once a project or an initiative is identified, we need to get a clear understanding of the
current situation, and assess what needs to be changed or improved. We arrive at a
high-level understanding of how we’re going to deliver the change.

PLANNING
At this stage, we come up with the solution to solve the problem. The analysis stage would
have given us an idea of what solutions are needed. For example, processes that must be
changed or whether we’re going to manage the transformation in-house or get a partner.

These key elements need to be determined for the approved initiative:

• Budget
• Project plan or schedule
• Resources

To determine that the initiative delivers on what it promises, we must also define the ROI
or the quantifiable and qualitative benefits.

EXECUTION
About 70% of a project’s lifecycle’s activities happens at this stage. This is when we
install and test solutions. For example, this may include installing an enterprise solution,
performing a data migration or changing processes or even an organisation’s structure.

Before the new system can go live, it’s important to perform User Acceptance Testing (UAT)
to determine its readiness and if employees fully understand the new ways of working.

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OCT 2021 | 06 STAGE 2: TRANSFORMATION EXECUTION 15

IMPLEMENTATION
It can take up to six months or a year before an initiative or a new system can go live.
Many activities must happen first. They include:

• Adoption — is the workforce proficient in the new way of working?

• Change management — are we managing the behavioural aspects of change and

reducing resistance to the new system?

• Communication — are we consistently communicating the vision, mission and goals of

the transformation to the workforce?

• Measuring the benefits — is the initiative delivering the right ROI?

The goal is to ensure that the project or initiative is delivering the benefits it promises and
if it isn’t, we need to determine what can be done to ensure that it does.

CONTINUOUS IMPROVEMENT
At this stage the changes have been implemented successfully, but to ensure that they
last, the organisation needs to adopt the mindset of continuous improvement. Companies
that constantly learn, improve, and are unafraid of change, will be more resilient to
disruptions and ready for the future.

THE TRANSFORMATION MANAGEMENT OFFICE

To ensure good governance and adequate resourcing for transformation programmes, we recommend
that a Transformation Management Office (TMO) be created.

The TMO is a focused engine room that supports the business in the delivery of initiatives. It:

1. Provides a methodology and delivery framework to ensure transparent and effective execution.

2. Facilitates the necessary communication and change management support to ensure implementation.

3. Acts as a single source of truth for project status, progress tracking and outcomes versus objectives.

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OCT 2021 | 07 BUSINESS TRANSFORMATION IN PRACTICE 16

BUSINESS
TRANSFORMATION
IN PRACTICE
There is no single way to implement business transformation. Every company is different, which means
every transformation programme will be unique.

However, Renoir’s business transformation methodology can be applied to any organisation, no matter
its maturity or stage in its transformation journey. Here are several examples of how we have adapted
the framework to help clients with different business challenges:

THE COMPANY NEEDS AN EFFECTIVE TRANSFORMATION STRATEGY

A 50-year-old privately held company faced a changing market where illegal operators were chipping
away at their market share. It urgently needed to modernise its operations, but to do so, their workforce
needed to be supported and upskilled so that the business could move towards a more digital direction.

What we did:

The company needed an effective strategy to attack

their problem, so we built their transformation strategy,
defined their roadmap and supported them in executing
it. We created an execution framework and transformation
governance model tailored to the business and the
strengths and weaknesses of the management team.
To ensure that we maintained the momentum towards
achieving the company’s goals, clear targets and objectives
were identified for every quarter over the next five years.

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OCT 2021 | 07 BUSINESS TRANSFORMATION IN PRACTICE 17

THE COMPANY NEEDS TO REFINE ITS BUSINESS STRATEGY AND TRANSFORMATION ROADMAP
A board mandate to diversify the business meant that a South-East Asian toll company had to conduct
a complete reorganisation and refocus of the business. They had embarked on multiple business and
digital transformation projects, but management struggled to align to the new strategy.

More than 20 initiatives were running, all with varying degrees of clarity, management ownership and
scheduled adherence. Due to the lack of uniform approach and governance, programmes started to
flounder and management became consumed by BAU.

What we did:

We first helped the organisation get clarity on its

necessary transformation initiatives. With that achieved,
we designed a transformation structure and governance
model that aligned the programme with management.
A TMO was also built to proactively address roadblocks
and support transformation initiatives across the
business.

We also helped them translate the board mandate into

a clear and cohesive strategy that had management
alignment and ownership, which is key to any successful
programme.

THE COMPANY HAS A STRATEGY BUT IS EXPERIENCING CHALLENGES WITH EXECUTION

A beverage company had a business strategy to expand its team and grow into new markets. But to make
that happen, management needed to deliver transformative initiatives across multiple functional areas
and locations simultaneously during stressful circumstances whilst rapidly growing its organisation and
business. The company did not have a dedicated function to drive transformation across the business.
Therefore, BAU dominated most management discussions.

What we did:

The company knew where it wanted to go as it

had already defined its strategy and set goals
and objectives. Therefore, we helped them
create a transformation plan and an execution
framework to get to their vision. After getting
management aligned, we set up a TMO to drive
the transformation across the organisation.

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OCT 2021 | 08 THE KEYS TO SUCCESS 18

THE KEYS TO SUCCESS

Every business transformation programme needs the following to succeed:

LEADERSHIP VISION
Transformation initiatives require clear The move towards an envisioned future state
commitment and direction from the top. needs to be done in a structured manner.
Without commitment from the top, business That future state needs to be defined well and
transformations are severely handicapped. It everybody needs to believe in it. Without this,
is imperative that the senior leadership teams the initiative may end up a meandering journey
recognise the company’s urgent needs and with suboptimal results.
deeply want things to be fixed. They also need to
demonstrate utmost belief in the team’s ability
to deliver. Leadership sets the tone and leads
the entire organisation in the transformation
programme, but perhaps most importantly, they
never relent in seeing things through. Too often,
transformations fail when senior leadership
loses interest. GOOD GOVERNANCE
Transformation requires coordinated change
across multiple fronts. This requires a body
with resources, governance flexibility and
know-how that can incorporate new initiatives
and opportunities as they arise and ensure that
objectives are met.

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OCT 2021 | 08 THE KEYS TO SUCCESS 19

DEFINED, STRATEGIC OBJECTIVES CAPABILITIES, RESOURCES AND INVESTMENT

Objectives bridge the gap from the vision and If transformation is expected to happen on top
goals to the actual initiatives required to deliver of current workloads, you have created a buy-in
the strategy. These are the endeavours that problem: “Leave me alone! I already have enough
organisations take to achieve its identified goals. work to do!” The most successful transformation
While there is a single vision and set of goals programmes involve investments in capabilities
for an entire organisation, there are multiple and resources to tackle the challenges. Based
objectives, depending on the functions involved. on our experience, leading companies invest
There should be short-term as well as long-term as much as 5% of their operating expenses in
objectives. They must be feasible, realistic and transformation programmes.
operational, and must respond and react to
changes in environment. Meaning, they must be
flexible.

CHANGE MANAGEMENT
Change management is crucial and must
start at the very top and trickle down to the
MEASURABLE OUTCOMES
entire organisation to ensure that every
These are the time-bound, measurable results
employee understands how the transformation
that we expect. Every objective must be supported
programme will impact them and what they
with ways to gauge success. Sometimes these are
must do to help the company succeed. As
Key Performance Indicators (KPIs). Other times,
described above, the management of change
they may be certain identifiable milestones or
must be adjusted at different stages of the
implemented new ways of working.
transformation. Mismanagement of change is a
major contributor to failed initiatives.

Not all companies have these elements in place. However, a business transformation delivery partner
can provide the crucial experience and support to get companies to the required levels of maturity,
accelerate the business transformation process and increase its chances of success.

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OCT 2021 | 09 THE RENOIR ADVANTAGE 20

THE RENOIR
ADVANTAGE
Renoir has had over 25 years of experience helping clients define and execute their transformation
strategies. Our tried and tested methodology ensures that the required focus is applied to all stages of
the transformation journey and that programmes deliver on their strategic objectives.

Renoir brings:

• Help for our clients to build and define their transformation strategy and roadmap.

• Support to ensure that the business transformation is implemented successfully. We partner

collaboratively with our clients by working with people at all levels of the organisation to ensure
that the business plan is realised.

• Knowledge and expertise in executing business transformation successfully in companies from

various industries around the world.

• A deep understanding of the process and methods that leads to success.

• Bespoke solutions that are tailored to a business’s needs and goals.

If you are ready for the next step, connect

with us at [email protected] or
visit https://www.renoirgroup.com for more
information.

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OCT 2021 | 10 REFERENCES 21

REFERENCES

01 Vijay Govindarajan and Anup Srivastava “Strategy When Creative Destruction Accelerates”
Tuck School of Business Working Paper No. 2836135
(https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2836135)

02 “How long do firms live? Finding patterns of company mortality in market data,” Santa Fe Institute, April 1, 2015
(https://www.sciencedaily.com/releases/2015/04/150401132856.htm)

03 “The Transformation 20: The Top Global Companies Leading Strategic Transformations,” Innosight, September 2019
(https://www.innosight.com/insight/the-transformation-20/)

04 “Bertolini, Mark; Duncan, David S. and Waldeck, Andrew “Knowing When to Reinvent,” Harvard Business Review,
December 2015
(https://hbr.org/2015/12/knowing-when-to-reinvent)

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ABOUT RENOIR ABOUT THE EXPERTS
Renoir Consulting is the trusted business transformation Farouk Jivani is Head of Transformation at
partner for the world’s many leading companies and Renoir Consulting
institutions for more than 25 years. We have partnered He has over 12 years of consulting experience and has
with clients from diverse industries in more than 50 worked with Renoir across North America, EMEA, and APAC
countries to co-create bespoke solutions that produce in various roles. He now heads Renoir’s Transformation
real outcomes and sustainable change. Our boutique practice supporting clients in utilities, retail, consumer
approach means that our clients receive the highest level goods, finance, and oil and gas.
of professionalism, expertise and leadership ownership.

Max Ferrin is a Transformation Director at

Contact us: [email protected] Renoir Consulting

For more: renoirgroup.com He has 19 years of experience in various multinational

organisations and business environments; helping
Renoir Consulting
companies to organise and deliver their Business and
@Renoir Consulting Digital Transformation programmes. He is now supporting
our clients to define their transformation strategy by
ensuring the required focus is applied to all stages of the
journey.

Paul Archer is a Transformation Management Office

Programme Manager at Renoir Consulting

He has had more than 20 years of experience designing

and implementing transformational change programmes
around the world across varied industries. He has
experience in organisational restructuring, business
transformation, operational excellence and sales force
optimisation.

This document is provided for information purposes only. This

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