Change is constant in a business environment. Survival of the fittest is all about adaptability to a changing environment and adjusting to new competitive realities, in short ‘agility’.
We live in volatility, uncertainty, complexity and ambiguity world which is an era of risk and instability. Globalization, new technologies, greater transparency and social responsibility have combined to increase the complexity of the business environment to give many CEOs a deep sense of unease. On the other hand, enterprising CEOs sense great opportunities in this uncertainty and change.
Industry competition has always been a fact of life, but in current business environment, the chasm between ‘relevance’ and ‘obsolescence’ threatens to grow wider every day. To avoid obsolescence, firms must be agile and be able to pre-empt the move embracing innovation. Global competition has become an entirely new game, with a more crowded playing field, with networked economies and a faster clock. In the past, executives could quickly size up their competitors and could anticipate their tactical moves. But now, firms in all sectors have to be on constant alert to face new technology-enabled challengers that are sprouting with surprising speed from unsuspected corners of the globe. Firms need to anticipate geopolitics, globally emerging trends and markets, and be proactive to these new demands with knowledge, innovation and entrepreneurship. They also need to be equipped on 'How to evolve a strategy for coping with unanticipated events, challenges and crises? How does leadership create a work-environment and work-life that not only survives a crisis but capitalizes on today’s frequent and disruptive accelerating changes?'.
Knowledge is a strategic resource in knowledge-intensive world, its effective management by the organizations is critical for competitiveness. The culture of innovation which enables continuous pumping of new technologies would have a strong impact on firm’s competitiveness, working life and expected behaviour.To read in detail about Change Management Drivers and its relationship with Entrepreneurship and Knowledge Management, subscribe to the recent issue from South Asian Journal of Business Management.