TIME TO CHNAGE
Published in
3 min readFeb 20, 2021
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Industry 4.0 Innovation for Change
𝗧𝗶𝗺𝗲 𝘁𝗼 𝗖𝗵𝗮𝗻𝗴𝗲 𝘁𝗵𝗲 𝗚𝗲𝗮𝗿
■ Lots of time organizations are forced to innovate and transform due to several influencing factors.
■ Here are the 7 influencing factors which act as a catalyst to initiate a Digital Transformation Program.
■ 1. Change in Customer Demand
Changes in customer demand pattern in terms of need, volume, & variety of products.
■ 2. Change in Market Ecosystem
Changes in the market ecosystem due to entry of new players in vertical integration of supply chain.
■ 3. Change in Business Model
Changes in a business model that how an organization creates, delivers, and captures value.
■ 4. Change in Technology Landscape
Change with respect to the availability of new technology to create and deliver the product and services.
■ 5. Change in Regulatory Compliance
Change with respect to new rules, guidelines, and policies from the regulatory bodies and government authorities.
■ 6. Change in Economy Dynamics
Change due to various factors from Microeconomics and Macroeconomics.
■ 7. Change in Demography Features
Change in demographic characteristics includes age, gender, income, education, homeownership, marital status, family size & health, etc.
𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 & 𝗖𝗵𝗮𝗻𝗴𝗲 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁
■ In any Digital Transformation program, Change is always inevitable. Avoiding or refusing it can only lead to failure.
■ On the other side of the coin, adopting change looks like to be the secret to the success of the most innovative and profitable companies today.
■ Nevertheless, such a transformation does not happen overnight. It is a long-term process, requiring everyone’s responsibility for it to achieve.
■ We all display a certain form of natural resistance when it comes to change, which can lead to mistrust and disbelief. Therefore, it is important to quickly support a culture of change within the organization.
■ Change management is a set of methods designed to support the workforce in circumstances of major transition — such as digital transformation.
■ Adopting a change management strategy at an early stage of the digital transformation program helps to relieve fears and encourage the adoption of new tools and practices.
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■ Next, in the following 3 steps, we can manage a change associated with a digital transformation program.
■ 1. Ready for change planning and execution by involving all the key stakeholders and considering all the impacting factors.
■ 2. Put People at the heart of strategy as organizational culture & people are at the center of any change program.
■ 3. Communicate on a regular basis by establishing a feedback mechanism and a firm governance structure so as to adapt to any change.
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Academy ti4 | www.ti4.org
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