We often hear the phrase, change is the only constant. This is backed up by a Forbes Insights report entitled “Making the Change”. The report suggests that 93% of U.S. based companies are in some state of change regarding their business model.
“According to recent research by consulting firm KPMG, businesses that aren’t thinking about transformation are all but irrelevant. Business transformation can mean everything from a major shift in IT systems to a large-scale innovative construction project or changes to business models and product designs”
Forbes Insights, November, 2014
The process of building a vision, a strategy and ultimately seeing that vision through to fruition through successful implementation is known as ‘organisational change’, and more specifically as ‘change management’.
We are surrounded by examples where reluctance to change, or poorly executed change strategy has huge consequences for the companies involved. Thankfully, we can find just as many examples of companies who have thrived by implementing successful business transformation.
Due to the importance of organisational change and its correlation with organisational outcomes, the primary focus of this paper centres on what makes change strategies work and considers various applied models from both academic research and business literature. It also considers the different drivers of change, the challenges and potential opportunities that exist within change strategies and assert a preferred model of change which Insights adopts within client engagements.