Challenges in Change Management and Process Optimization
Like the saying goes, “Change is the only constant”, in the new economy organizations are under tremendous pressure to continuously change due to a variety of factors – market pressures, regulations, disruptive innovations and competition among others. This article highlights some of the key challenges that can arise while implementing change or optimizing processes in organizations. Why do organizations need to change? Organizations have to undergo change under a variety of circumstances. Some of the key events that force organizations to change their processes include: Mergers & Acquisitions Private entities getting Publicly listed Diversifying into new markets/business/products/services Introduction of new reforms/regulations - Healthcare, Finance, Pharmacy Divesting business/assets Arrival of new players in the market Market disrupting innovations Mergers & Acquisitions (M&A) Organizations look to acquire or merge with other or...