Implementing and managing change has always been vital for companies to adapt to changing market demands. In an age of increased market transparency, labour mobility, globalization, instantaneous communication platforms and constant access to information, companies have been forced into a more flexible and holistic approach to their business strategy. Those that can make even marginally more accurate market trend forecasts than the rest of the industry often obtain a significant competitive advantage.
We need only look as far as Netflix and Amazon to understand the importance of company adaptability with respect to market demands. Moreover, the recession of out-of-date brands such as Blockbuster and Kodak has illustrated the dangers of routine and comfort when developing strategies for firms. As the technology and capabilities of modern society accelerate, so too does the required speed of change.
In this article, we will explore the current fundamental models that have already been theorised for successful change management. We will then explore ‘critical events’, which consist of large, intermittent phenomena that lead to unpredictable and rapid change on a larger scale, and their influence on the factors within these models. Finally, we will use the analysis of these ‘critical events’ to deduce the importance of time when strategizing or implementing change.
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