It is natural for people to feel sceptical about change. Various sources contribute to this fear. Identifying them can help you to consider these fears when designing the change management process.
feel sceptical about change. Various sources contribute to this fear. Identifying them can help you to consider these fears
Business analytics refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business Analytics is the process of analyzing historical data by using statistical tools and technologies to get insights into businesses and improve strategic decision-making. Business Analytics helps to identify weak areas or gaps in businesses so decisions for improvement could be initiated or planned, which we will further study in the Business intelligence topic.
Business intelligence comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current, and predictive views of business operations.
Business Intelligence (BI) software is an application designed to automate the retrieval, analysis, reporting, and presentation of business performance data, to help organizations, understand and visualize their key strengths and weaknesses. For example, the Power BI tool.
Business intelligence can help companies make better decisions by showing present and historical data within their business context.
Analysts can leverage BI to provide performance and competitor benchmarks to make the organization run smoother and more efficiently. Analysts can also more easily spot market trends to increase sales or revenue. When it is used effectively, the right data can help with anything from compliance to hiring efforts.
Businesses and organizations have questions and goals. To answer these questions and track performance against these goals, they gather the necessary data, clean it, analyze it, and determine which actions to take to reach their goals.
BI plays a key role in the strategic planning of organizations and can be used for multiple purposes. For example
BI is for everyone. In past, only large enterprises managed to take the help of an expensive specialist to delve into BI but these days range of self-service BI tools are available that small or medium enterprises can also use to enhance and optimize their businesses and can track their performances towards their goals. Self-service BI tools are plentiful and affordable but most importantly they are easy to use.
There are two archetypes of theories of change as demonstrated by Michael Beer and Nitin Nohria . They are known as Theory E and Theory O. They are both valid and each can achieve some of the management’s goals.
| Dimension of Change | Theory E | Theory O |
|---|---|---|
| Aims | Increase and maximise shareholder value | Improve organisational capability |
| Focus | Focus on cost saving, efficiency and systems | Focus on corporate culture, attitudes and employee mentality |
| Results | Focus on short-term immediate results without which the organisation may not survive. | Focus on long terms goals to change course and end up with persistent gains. |
| Leadership | Top down change management. | Bottom up change management. |
| Process | Plan specific programs. | Experiment and evolve. |
| Use of Consultants | Consultants provide support to the management and employees to come up with their own solutions. | Experiment and evolve. |
| Rewards | Provide financial incentives to motivate. | Use commitment and increased responsibility as incentives motivate. |
Companies don’t always go through change uniformly and this can have a significant impact on the way they handle change or anticipate it. The following are the most popular patterns of change (Arnold et al. 1998).
Great leaders know that change is inevitable, and they don’t shy away from it. They also remain positive
Great leaders know that change is inevitable, and they don’t shy away from it. They also remain positive
Great leaders know that change is inevitable, and they don’t shy away from it. They also remain positive
We are about to enter the fourth industrial age. The first industrial age began with the invention of factory in Britain in the late 18th century. It was centred on mechanisation of the textile industry. Rather than producing the textile by hand in hundreds of weaver’s cottages, it was all brought under a single cotton mill.
The production ramped up and soon put pressure on many of the traditional producers.
