Ambition is rarely the issue when delivering business transformation programmes, it's the execution. Thistle Initiatives’ Partner, Sam Coe, expands on delivering certainty in transformation.
Transformation is now part of day-to-day business strategy. Most firms are investing in new operating models, digital capability, regulatory change and integration after deals. Ambition is rarely the issue. Most leadership teams are clear on where they want to go. Where transformation often struggles is in the transition from strategy to execution.
At Thistle Initiatives, our Change and Transformation team works closely with executive leadership across complex programmes. Transformation doesn’t fail because organisations lack capability. It struggles when delivery structures aren’t aligned to how the business actually operates.
The Gap Between Ambition and Execution
Many transformation programmes begin with well-defined strategies and future state designs. Target operating models are agreed, roadmaps are approved, and delivery plans are mobilised.
However, less attention is often given to how decisions will be made once delivery begins.
Without clear ownership and pragmatic governance, transformation becomes a series of parallel initiatives rather than a coordinated change journey. Teams move at different speeds, priorities compete, and momentum slows despite strong initial intent.
From Thistle’s perspective, successful transformation starts with execution architecture, not just vision.
Technology is Rarely the Primary Challenge
A common misconception is that transformation is driven by technology.
New platforms and digital capabilities are important enablers, but they do not create change on their own. The programmes that struggle most are often those where technology moves ahead of organisational alignment.
Real transformation happens when leadership priorities, risk considerations, operational processes and commercial outcomes are aligned from the outset.
In our experience, transformation is fundamentally about decision-making and accountability rather than simply implementing systems.
Governance Must Enable Delivery, Not Slow It Down
Regulated organisations understandably build robust governance around transformation. Yet governance can become a barrier when it focuses on reporting instead of enabling progress.
We often see programmes with extensive steering structures but limited clarity on who ultimately owns key decisions. Delivery teams hesitate, escalation cycles lengthen, and confidence begins to erode.
Effective governance should create clarity and pace. That only happens when accountability is embedded into leadership routines rather than sitting outside them.
Transformation Fatigue is a Growing Risk
Organisations today are rarely running a single transformation programme. Regulatory change, digital modernisation, cost optimisation and integration activity frequently run in parallel.
Individually, each initiative may be necessary. Collectively, they can overwhelm leadership capacity and create fatigue across teams.
When transformation is not connected through a coherent delivery framework, people begin to experience it as disruption rather than progress. This is often the point where programmes lose momentum.
What Successful Transformation Programmes Have in Common
While every organisation is different, the programmes that deliver sustained outcomes tend to share several characteristics.
Transformation is treated as a leadership discipline rather than a standalone project. Executive teams remain close to key trade-offs and decisions rather than delegating change entirely to programme structures.
Commercial outcomes remain central. Delivery is anchored in growth, efficiency, risk reduction or integration value, ensuring priorities remain clear.
Risk and regulatory thinking are embedded early in the design phase, reducing rework and building organisational confidence.
And progress is visible. Rather than relying on distant future milestones, successful programmes build momentum through structured phases that demonstrate tangible improvement.
Looking Ahead
Transformation will remain a constant for organisations navigating growth, regulation and technological change. What is evolving is the expectation around how transformation should be delivered.
There is increasing focus on execution certainty, clear ownership, structured delivery and measurable outcomes that build confidence over time.
From Thistle’s perspective, transformation succeeds when it becomes part of how the organisation runs, not something that sits alongside it.
When ambition is matched with practical delivery structures, transformation stops being an abstract concept and becomes a sustainable way of working.
How Thistle Initiatives Support Delivery Certainty
The Change and Transformation capability at Thistle is built on a simple principle: organisations need confidence that transformation will land, not just a clear picture of the future state.
We work alongside leadership teams to shape the delivery structures that matter most, from aligning governance to driving real decision-making to building regulatory thinking directly into programme design.
A core strength of our approach is integration. Many transformation challenges may arise across operating model design, technology, regulatory change and M&A. By bringing these perspectives together, we help organisations avoid fragmented delivery and move forward with greater certainty.
We also focus on senior expertise where it adds the most value. Instead of large delivery teams, we embed experienced practitioners who work closely with executives to unblock complexity early, maintain momentum and ensure operating model changes translate into practical ways of working.
Get in touch at info@thistleinitiatives.co.uk or call 020 7436 0630 to speak with our team.
Meet the Expert
Sam Coe, Partner 
Sam has 14 years’ experience leading large-scale change and transformation programmes in the Financial Services industry, working with several Tier 1 institutions across Banking, Insurance and Wealth and Asset Management (e.g. HSBC, Barclays, Aviva). Sam started his career at KPMG before moving to Capco in 2017, where he was part of the Banking and Payments Leadership Team. He has since spent time at Elixirr helping to grow the UK Financial Services vertical before joining Thistle.
He has led numerous Regulatory Change programmes, including remedial responses to S166, Consumer Duty and Operational Resilience. As well as this, he also has vast experience delivering pre and post-deal transformation programmes related to M&A activity, such as new target operating model design and implementation and post-merger integration. Other experience includes Digital Transformation and Operational Efficiency, where Sam has led programmes saving millions in cost for the organisation.