Managing Change in Business Environment !!

"Your success in life isn’t based on your ability to simply change. It is based on your ability to change faster than your competition, customers and business" – Mark Sanborn

In this era of Globalization - shorter product shelf lives, rapid technology advancement, fast changing consumer tastes & preferences and dynamic pricing & financial strategies have truly redefined the global business landscape making this world a much smaller place & far more competitive for business communities.

Change witnessed in the world over the last couple of decades is far more than what we witnessed over the past few centuries! With over 1.4 Bn. Facebook users today, we have a larger chunk of world population on just one social network than what exists in even the largest countries driving away the concept of geographical boundaries that once divided people. Impact of Technology has driven the global online retail sector to generate annual revenue of $ 632 Bn. that makes me wonder the overall impact of technology on the world economy in such a short span of time and this is just the tip of the iceberg if we consider the impact of overall change on Economic, Political, Social & Scientific scenarios that change this world each day. So did you ever wonder, at this pace what our world would look like 10 years hence & what would you need to do to succeed and counter change?

Fortunately there continues to be a shortage of skilled manpower that leaves enough room for Management Professionals like you to offer the value proposition each organization looks for in dealing with their current & future Business challenges.

Coming from the corporate environment, I could put together a simple and practical model that would explain how you could approach this challenge and increase your probability of success: 



You can counter change and manage business challenges most effectively first and foremost by:
  • Setting a clear Vision – In the absence of a well-defined Strategy or a Goal, the results of execution would never be definite and free from chaos. Professionals must strategize and operate factoring the Economic, Social, Political and Scientific “Environment” that the organization, function and people operate within, making it realistic.
  • Structure – Having your vision backed by the right structure or an operational plan increases the probability of success. But if the structure doesn’t support the vision then structure becomes the vision which can be dangerous and misleading.
  • Execution - Implementing the defined process and doing it right the first time can lead to Operational Excellence! However at the core of this process is “Teamwork” since without a coordinated approach, even the best strategy and process may lead to a negative customer experience hence importance of people / team motivators must never be compromised.
  • Measure – Anything that can’t be measured can never be improved. Having business metrics and Dashboards established will only affirm the alignment to strategy & structure during the implementation phase. It’s important for Professionals to “Adapt” and be agile in the process to facilitate modifications to achieve the desired end result.
  • Improve – Having identified the business performance through the right measures, Professionals can then drive further process improvements that eventually lead to customer delight! Please note that “Innovation” is no longer a desirable business trait but it’s a must have to exist in future competitive business scenarios and to deal with the problem of shorter product shelf lives and go a long way in defining the culture of an organization for its Customers, Investors, Stakeholders and Employees.

The rate of change is not going to slow down anytime soon. If anything, competition in most industries will probably speed up even more in the next few decades. Companies & Professionals most likely to be successful in making change work to their advantage are the ones that no longer view change as a discrete event to be managed, but as a constant opportunity to evolve the business.


AUTHOR:
Mr. Manish Kotwani
Vice President - Human Resources
Sterling Backcheck