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Riding the Wave of Change in 2012

By  Daniel J. O'Connor Daniel J. O'Connor  on 2012-01-16 09:35:00  |  Featured in  Financial Services
Daniel J. O'Connor
Posted By Daniel J. O'Connor
in Financial Services
on 2012-01-16 09:35:00

Today’s marketplace is an environment of significant change. Traditional business models, which suggested that products and services be designed for the long term, no longer apply. We are seeing shorter product and service life cycles where speed to market is key to competitive advantage.

In order to successfully ride this “wave of change,” organizations will need to become more adaptive to market, technology and competitive changes that occur. They will need to embrace new models that enable them to anticipate and navigate change in order to effectively compete. Building a “change-capable” model requires a holistic cultural change, where change management must be a core competency. What’s always been true is that businesses sit on a burning platform; it’s not a question of “if” you have to jump, it’s “when.” Today, the new reality is that the “when” is sooner rather than later. In this environment, the successful companies will be agile and will embrace collaboration and partner-oriented models that support faster innovation, speed to market and cost synergies.

Profile of the Change Capable Model

Along with being more adaptive, organizations need to be designed as “change-capable” in anticipation of the need for change. Traditional models of past decades had more insular and fixed components, making change a cumbersome and expensive proposition. The change capable model anticipates the need for rapid change so that firms can quickly respond to new opportunities without redesigning from the ground up.

The following chart provides a new perspective that organizations should embrace in an effort to prepare people, processes and technology to be supportive of change:

Companies will no longer want to standardize for long term investment or to be fully invested in people. They need a model that allows them to drive strategy, own governance, and protect their intellectual property, but leverage market products and services.

In this environment of shorter product life cycles, organizations will have to be prepared to make faster decisions on the direction they should go in and how they will get to where they want to be. Product and service companies will therefore be required to have a deep understanding of their clients’ problems and opportunities, and will need to invest in developing the types of solutions that will enable their clients to achieve their goals.

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