Transformational Change

Change is everywhere. In today’s business world, change is inevitable. To prosper and survive in the modern business environment, organizations must be aware of the drivers that stimulate change and implement initiatives in response to these changes. These drivers can include new competition, unfavorable economic conditions, and increased cost of raw materials, to name a few. Transformation planning is a process of developing a strategic plan for changing an organization’s systems, processes, culture and people. Successful implementation of transformational organizational change requires a clear plan of action. The ability to create transformational change is an invaluable tactic in attaining a competitive advantage for businesses. One such company going through a transformational …show more content…
According to the Harvard Business Review, the most influential driver of transformational change is to stay competitive in the business market. To compete, businesses must change how they operate. With this in mind, organizations must employ transformational change efforts to remain relevant, increase revenue and to retain market share.
Why This Is Considered A Transformational Change?
A transformational change is essentially a change in leadership practices, communications, how work is done, and the overall shift of the organization’s current business culture. Transformational change is a large undertaking. One way to look at is to see change as the chameleon, whereas transformational change is the caterpillar transforming into a butterfly.
Why Can The Firm Not Just Keep Doing What It Has Been Doing?
Organizations have to facilitate methods to remain relevant. Continuing current methods will ultimately result in losing out to new competitors. Business environments are continuously evolving and without some type of innovative methods implemented, complacency will lead to lost revenue and market share or eventual