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28/5/2023 0 Comments What is Strategic Change? Strategic change is the implementing of changes to important characteristics of a business, for instance in response to new market threats or opportunities. Upper management and the Chief Executive Officer in particular bear responsibility for this change.
The planning and implementing of strategic change is an important aspect of the role of manager.
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21/5/2023 0 Comments Organisational Change Organisational change is necessary for companies to succeed and grow. Change management drives the successful adoption and usage of change within the business. It allows employees to understand and commit to the shift and work effectively during it.
Without effective organisational change management, company transitions can be unpredictable and expensive in terms of both time and resources. They can also result in lower employee morale and skill development. 14/5/2023 2 Comments Change Management Process Organisations must constantly evolve and adapt to meet a variety of challenges—from changes in technology, to the rise of new competitors, to a shift in laws, regulations, or underlying economic trends. Failure to do so could lead to stagnation or, worse, failure.
Approximately 50 percent of all organisational change initiatives are unsuccessful, highlighting why knowing how to plan for, coordinate, and carry out change is a valuable skill for managers and business leaders alike.  Workplace conflict is inevitable when employees of various backgrounds and different work styles are brought together for a shared business purpose. Conflict can—and should—be managed and resolved. With tensions and anxieties at an all-time high due to the current political divide and racial inequity discussions at work, the chances for workplace conflict have increased.
 According to research outlined in the Harvard Business Review , 85% of executive leadership teams spend less than one hour per month discussing strategy and 50% spend no time at all. The research also reveals that, on average, 95% of a company’s employees don’t understand its strategy. It’s no wonder, then, that 90 percent of businesses fail to meet their strategic targets. What sets successful companies apart is that they have a coherent strategy. They also have mechanisms to ensure that all their stakeholders (employees, suppliers, etc.) live the strategy every day. They carry it all the way through every aspect of their execution. Bottom line, execution without strategy is aimless!
 It’s often said that to lead is to choose. Yet, we often find that CEOs and other senior executives need help prioritising the initiatives that will help a company transform.
For example, a major financial services institution needed to transform its cost base. We discovered that poor prioritisation meant more than 100 initiatives were underway. Most projects were too small to make any meaningful difference. Others existed only on a spreadsheet; no resources had been allocated. A failure to prioritise is a failure of the organisation. Senior executives must recognise that and seize the lead, championing an organisation-level response for change. Then, they should ensure that all managers—starting with themselves—become effective at choosing.  The road is littered with failed transformation programmes that were set up in the traditional way: Leaders define objectives, design a project plan, agree on KPIs, and recruit the right people. As many executives, academics, and consultants can relate to, the rate of failure in transformations is still far too high, and one that organisations can ill afford in these disruptive times.
In order for transformation to be successful, leaders must approach it in ways designed to mitigate emotional harm to — and drive emotional commitment from — employees.  As you may have heard, the robots are coming.
Intelligent and skilled, a new generation of machines is poised to forever change the way we work (or don’t, if you’re one of the 85 million people projected to lose your job to AI by 2025.) In 2023, the pace of change seems to have accelerated even more, with tools like DALL-E and ChatGPT going from niche curiosities for nerds to household names in a matter of months. It’s enough to leave any leader a bit disoriented – and concerned – about how they might fit into this brave new world.  When it comes to business, an organisational strategy means much more than a plan for a better future. If implemented correctly, an organisational strategy perfectly represents the organisation's resources, capabilities, vision and mission, and direction for its manageable future. Today, let's have an in-depth look into the concept of organisational strategy and its diverse types at workplaces.
26/3/2023 0 Comments Business Model Transformation Netflix is famous for being one of the most significant case studies for a successful business model transformation. Netflix originally began as a mail-based rental business through a subscription-based system that specifically focused on selling DVDs.
However, with the decline of the VHS in the early 2000s and the eventual decline of DVDs in the 2010s, sales for Netflix had started going toward a downward spiral. |
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