Written by Annie Button, a content specialist in business growth and development. Annie shares her experiences and knowledge through blog posts in a variety of publications.
No industry is exempt from our constantly evolving business world. Restructures and turnarounds are common scenarios. Companies that resist change and fail to innovate will wither and die. It’s as simple and cut-throat as that. But extensive research by John Kotter in the field of change management reveals that only 30 percent of change programs succeed.
There are many examples of businesses that failed to adapt to change: Blockbuster lost out to Netflix, Kodak failed to embrace the digital era, Sony lost out to Samsung and Apple. There are many more stories of complacency and they won’t be the last.
The moral of the change management story? Organizations that are the most adaptable to change are the businesses that are most likely to succeed. Managing change has become critical for business success. The global economy and the digital age demand it. But how easy is it to manage change in business?