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Change Management and Turnaround Strategy
- 1. Change management & Turn around strategies Strategic Management
- 2. Table of contents Introduction/Change Change Management Turnaround Strategy Change Management Models 01 02 03 04
- 3. Change in business refers 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's Transition 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 Cultural Trends Causes for Change Competitive Pressures Political and Regulatory Changes Customer Expectations
- 6. What is Change Management Change management is the process of guiding organizational change from start to finish, including planning, implementing, and solidifying changes in an organization
- 7. ● Back in 2008, 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 Change Management
- 9. Why is change management important? Understand and predict changing customer needs Adaptability mechanisms Mitigate resource-related risks Critical to success Change is inevitable
- 10. Why is change management 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 of clarity Lack of governance Change resistant culture Strategic shortcomings Change fatigue Barriers to Change Management
- 13. 1. Lewin’s Change Management Model
- 15. 2. KAIZEN in Change 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 KAIZEN CHANGE MODEL
- 17. KAIZEN CHANGE MODEL : Organizational Point of view
- 19. What is Turnaround Strategy ? 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 the best 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 Turnaround Strategy? • 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 Turnaround Strategy Emergency Action Change the Leadership Team Situation Analysis Business Restructuring 01 02 03 04 05 Return to Normal
- 23. Thankyou