The Importance of Change Management
2020 is the year of change. The entire world has changed forever, and it’s important that every company on the globe changes as well. Many people have either switched roles, changed processes, the direction of the company’s strategy, or the organizational structure within a company-Overall, just the way that work happens in this century.
When companies are faced with these kinds of changes, it’s important that proper change management practices and frameworks are employed. By doing so, management can create contingency plans and ensure that changes happen smoothly and effortlessly, while mitigating any risks.
Driving forces in change management include market reality, disturbances in the market, acts of God (like we’ve seen with COVID-19) and internal situations and factors. 2020 saw huge drivers of change as entire industries ceased to exist or were devastated by COVID-19. Many companies had to employ drastic measures to ensure the survivability of their industry.
However, other industries in the same way, saw opportunities in COVID, where they needed to change to address the situation and benefit from it. We’ve seen companies that drastically increased their market shares and revenue during COVID as well, because their leaders saw opportunities and changed their strategy to meet current demands.
Change management is all about planning as well as execution. From my perspective, having a clear strategy and action plan is important when implementing any changes. The strategy and action plan will help other leaders, stakeholders, and members of change teams to have a reference and stay on track with the vision of these changes as they happen. Every stage, possible outcome and risk need to be considered during change management. Proper framework helps to organize and provide clear directives for the changes that need to take place in an organization. It creates systems and processes around it and serves to consider all possible outcomes and risks that may occur in every stage of the changes that are being executed.
Determining the success of the change management, you would go back to the original change plan and strategic document you’ve created. Within the document, you will have outlined the outcomes you want from the actual change and see the risks you’ve been able to mitigate or not mitigate.
From there, you will be able to judge how well you’ve executed your change management from this framework based on your success. You would also have indicators such as employee retention, or general culture within the company, as well as revenue and other financial factors to determine the success.
During this COVID-19 period, Konsyg had been extremely prepared to adapt. Being a multinational organization, many meetings take place virtually. We were prepared to deal with the new normal and to operate successfully. In terms of our operation, we did not notice any problems. In terms of business, Konsyg has been extremely lucky because we are in an
industry which is sales as a service, which companies are always in need of.
Companies that benefitted or grew in this period came to us for global sales campaigns. We actually grew in this COVID period, especially in the first few months when our clients and partners were coming to us for strategies as well as expansions.
In conclusion, the event of COVID-19 in 2020 allowed a lot of companies to be introspective in terms of how their companies were set up, the processes, talent, and the vision overall. I think all companies in the world reflected on what their business models and their go-to-market strategies were. This introspective period had been a positive moment, where companies could see where they wanted to go, or they were able to reevaluate the foundational aspects of their business. Companies now have to be more realistic in approaching the market, how to create revenue, and how they utilize their teams to execute their vision.