11 years, 29 days ago

Triggers of Business Change

Link: http://theknowledgeeconomy.wordpress.com/2013/05/01/triggers-of-business-change/

ImageAll businesses are continually  subject to change. With the recognition that change is inevitable having processes in place to deal with them ensures that a considered and informed response can be made.

The drivers of change can originate from multiple sources, few of which are under direct business control. Some of these are:

  • Introduction or changes of Legislation;
  • Introduction or changes in industry codes of conduct;
  • Competitive pressures;
  • Financial Pressures;
  • Customer needs and
  • Technology changes

Changed or new business driver will trigger a series of cascading events that need to be efficiently and effectively managed.

In response to a change in business driver there will need to be a corresponding change in business strategy. Depending on the change this can then trigger either changes in existing business capability or potentially require the development of new ones.

In realising a capability change there will consequential changes to business process, with a ripple effect on all parts of the business (people and technical) that the changed processes have contact.

With the application of change within a business an assessment of its efficacy should be fed back into the strategy change process.

This assessment can only be reliably made if in executing change key performance measures are set early in the change process and monitored as the change progresses through to completion. By assessing the impact of change and matching it to a known baseline taken prior to the change taking effect, the efficiency of the change process can be measured as well as the effectiveness of the decision making process.

How a business responds to change drivers and the lessons learned through implementation of change can define how well a business operates.