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Change Management and Turnaround Strategy
- 1. Change management & Turnaround strategies Strategic Management
- 2. Table of contents Introduction/ChangeChange Management Turnaround Strategy Change Management Models 01 02 03 04
- 3. Change in businessrefers to the modification of an organization's processes, products, services, or structure to adapt to new circumstances or improve its performance. What is Change?
- 4. Business Change Example Netflix'sTransition to Streaming: Netflix was once a DVD-by-mail rental service, but in the late 2000s, the company recognized the potential of streaming video and began to shift its focus. By 2010, streaming accounted for the majority of Netflix's revenue, and the company is now the world's leading streaming entertainment service.
- 5. Economic Shifts Technological Advancements Social and CulturalTrends Causes for Change Competitive Pressures Political and Regulatory Changes Customer Expectations
- 6. What is ChangeManagement Change management is the process of guiding organizational change from start to finish, including planning, implementing, and solidifying changes in an organization
- 7. ● Back in2008, Domino’s Pizza was in trouble ● The brand adopted new technologies, a new bespoke delivery truck with a heating oven, was unveiled and used as a form of marketing. ● Domino’s Pizza was back on its feet in 2012 Example of Change Management
- 8. Types of ChangeManagement
- 9. Why is changemanagement important? Understand and predict changing customer needs Adaptability mechanisms Mitigate resource-related risks Critical to success Change is inevitable
- 10. Why is changemanagement important? Increases employee engagement and satisfaction Predict and decrease project overhead Open to innovation It improves your company culture Improve and optimize business processes
- 11. Ineffective change communication Lack ofclarity Lack of governance Change resistant culture Strategic shortcomings Change fatigue Barriers to Change Management
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- 13. 1. Lewin’s ChangeManagement Model
- 15. 2. KAIZEN inChange Management Kaizen Change Model is a methodology for continuous improvement that emphasizes making small, incremental changes to processes and systems to achieve better results.
- 16. PHASES OF KAIZENCHANGE MODEL
- 17. KAIZEN CHANGE MODEL: Organizational Point of view
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- 19. What is TurnaroundStrategy ? The Turnaround Strategy is a retrenchment strategy followed by an organization when it feels that the decision made earlier is wrong and needs to be undone before it damages the profitability of the company.
- 20. Dell is thebest example of a turnaround strategy. In 2006. Dell announced the cost-cutting measures and to do so; it started selling its products directly, but unfortunately, it suffered huge losses. Then in 2007, Dell withdrew its direct selling strategy and started selling its computers through the retail outlets and today it is the second largest computer retailer in the world. Example of Turnaround Strategy
- 21. Indicators of TurnaroundStrategy? • Continuous losses • Poor management • Wrong corporate strategies • Persistent negative cash flows • High employee attrition rate • Poor quality of functional management • Declining market share • Uncompetitive products and services
- 22. Stages in TurnaroundStrategy Emergency Action Change the Leadership Team Situation Analysis Business Restructuring 01 02 03 04 05 Return to Normal
- 23.