Drivers of change
The need to significantly change the organization, to transform processes, to realign your workforce is sometimes driven by revenues or business performance that are no longer in line with the business strategy. For example, you may need to open a new business line to meet increased revenue targets, or reduce costs through better service delivery approaches to increase profitability, or change the roles and business processes to enhance productivity.
Fusions et acquisitions
Partnerships, mergers and acquisitions are common occurrences in the business world. These imply significant transformational change as cultures mesh, procedures change, roles are redefined, common processes are elaborated and duplicated functions and services are rationalized. For example:
» there is a need for aligned HR
» finance and technology services to ensure consistent treatment of support services for the new entity
» business processes need to be reviewed to promote efficiency and business continuity
» employees with new roles need training to operate in the new environment
» the performance of the organization has to be measured and the impacts of the merger mitigated
» relationships and practices with suppliers need to be reviewed and restated
» and most importantly, the client experience needs to be enhanced and the client base needs to grow.
Technology continues to rapidly evolve as a differentiator in the marketplace. The implementation of new technology consumes a significant portion of business investment with promises of greater efficiency, productivity and performance gains. Organizations intent on maintaining or increasing business results need to make judicious investments in technology and effectively manage the implementation.
Organizations that are able to anticipate and quickly react to market pressures will thrive in a global economy. Market pressures can come from changing economic conditions such as the fluctuating value of the Canadian dollar, new competitors, changing customer values and markets, evolving global conditions and shareholder expectations. Given the nature of the global economy, organizations that are able to quickly effect the transformational changes required to mitigate these pressures will continue to be successful.
The current debate over climate change and the need to address the environmental issues highlight the potential impact of regulatory requirements on business performance. In many cases, new regulations mean significant change initiatives for businesses. Change initiatives may be as limited as added reporting requirements, or as complex as retooling the entire organization to more eco-friendly technology. The leading organizations of the future will have the ability to quickly transform to meet these regulatory requirements.
Availability of personnel
Changing demographics are creating workforce recruiting and retention challenges for organizations. Personnel shortages are sometimes compensated by the introduction of new technology, or changes to operating processes and practices to increase productivity. Organizations able to transform to meet the productivity challenges will succeed.