Why your company needs to continuously adapt to new industry trends?

The market environment isn’t always the same. New trends are emerging in the market. The market trend is increasing so rapidly that some businesses are able to adapt while some are barely hanging on. Change is a part of the business life cycle. Businesses have only one choice either to adapt or shut down the business.

We all living in a dynamic world. Nothing remains the same all the time. Almost everything changes as time passes. And so does the business environment. The business needs to adapt to changes to keep up with the competitors and survive in the market. Change is an important factor that either keeps business alive or dead in the market.

What is a change in a business?

Business change is a strategy of transforming the business process according to market trends. it is an essential part of the business to cope up with the competition in the market. It includes developmental, transformational, and transitional change.

The different types of business change are:

  • Developmental change

Developmental change is a type of change that focuses on improving the current business process. These changes are small and take less time to adapt. Such changes include upgrading technology, improving payroll systems and so on. The company should inform its employees about the changes and provide the necessary training to adapt to the changes.

  • Transitional change

Transitional change is a type of change that focuses on replacing the current business process with a new one. Such changes include introducing new technology in the company, creating new products and services, and so on. Such changes bring fear to the employees about security. So the company should inform about the benefit of such changes and should inform that employees jobs are not in danger.

  • Transformational change

Transformational change is a type of change that focuses on changing the whole business process. Such changes include major cultural change, adopting differently new technology, and so on. The company should properly communicate the changes that are happening and should properly plan and implement the new business process.

What is business agility?

Business agility is a way for businesses to respond to the changes in the market and adapt to the changes. The market is unpredictable. So, businesses should be ready for the changing market environment. Business agility means not to adapt to external changes, but also to adapt internal changes as well. The businesses should respond to these changes quickly to survive in the competitive market.

Agile manifesto

The four core values of Agile manifesto are:

1. Individuals and interactions over processes and tools

For any organization, people are more important than processes and tools. It should value its people that processes and tools. If people work together in an organization, then they can work effectively and use different processes and tools for a smooth development process. If people understand each other and work effectively, then they can solve issues and can effectively develop software products using the processes and tools of the organization.

Communication in a team is necessary to understand each other, behavior, working style, etc so that misunderstanding does not arise. This way the results achieved by the team is the most satisfying one.

2. Working software over comprehensive documentation

The second value states that working software is more important than comprehensive documentation. The most important for anyone is to have working software rather than documentation. Documentation is also important as it helps users to know about the system and working method. But, now people mostly prefer working software that fulfills their needs and requirements.

3. Customer collaboration over contract negotiation

The organization main goal is to satisfy its customers. This can be achieved if a software product is developed that satisfies their needs and requirements. So this value state that customer should be involved in the development process. Customers know what to expect from the software product. So, customer involved in the process helps to develop a successful software product.

4. Responding to change over following a plan

According to agile, change is an important part of software development. As the development process progresses, the client will be able to understand the problem domain and can change the requirements if necessary. Clients are involved in the development process. It helps to get feedback from the clients, can improve the software, and provide additional value. So, the development process must be agile because the requirements can change anytime and implement the change accordingly.

There are 12 principles in Agile Manifesto which are as follows:

  1. Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.
  2. Welcome changing requirements, even late in development. Agile processes harness change for the customer’s competitive advantage.
  3. Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale.
  4. Business people and developers must work together daily throughout the project.
  5. Build projects around motivated individuals. Give them the environment and support they need, and trust them to get the job done.
  6. The most efficient and effective method of conveying information to and within a development team is face-to-face conversation.
  7. Working software is the primary measure of progress.
  8. Agile processes promote sustainable development. The sponsors, developers, and users should be able to maintain a constant pace indefinitely.
  9. Continuous attention to technical excellence and good design enhances agility.
  10. Simplicity-the art of maximizing the amount of work not done-is essential.
  11. The best architectures, requirements, and designs emerge from self-organizing teams.
  12. At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behavior accordingly.

Why agile methodology is important for startups?

Agile methodology is a process in which requirements evolve throughout the software development process. It is based on iterative development. Since the requirement of clients changes, the organization needs to continuously improve the development process. And it most important for any business. So, here are some of the importance of agile methodology.

1. Adapts to change quickly

Agile methodology runs in a small sprint and is based on iterative development. It helps in managing changing requirements. Since clients are also involved in the development process, it helps to get constant feedback from the clients. The development team then can add additional features according to the changing requirements.

2. Saves time

Agile methodology ensures that the project is completed within the deadline with the use of optimal resources. Constant feedback from the clients during the development process helps to improve the software. So, this helps to save time and effort since the necessary improvements are finished before the release of the software products.

3. Improves quality

Agile methodology helps in improving the quality of software products. Adapting to change quickly helps to improve the quality of software products. Constant feedback from the clients during the development process helps to adapt to changing requirements. As a result, this helps to improve quality during the software development process.

4. Employee engagement

Agile methodology is not a lengthy process and employee can quickly learn and starts implementing it. Agile methodology also involves daily stand-ups. Stand-ups gives information on what employees worked on today and what are the targets for tomorrow. This helps employees to interact with other team members. And also helps to know the scope of the projects.

It has become impossible for any business to survive in the market without adapting to change. Change is necessary for any business in this competitive world. The change impacts the business process as well as the employees. So let’s see some of the business trends in 2019.

  • Rise of remote work

Those old days are slowly fading when a worker had to be in the office from 10 am to 6 pm. Now people are working remotely and many companies are also adopting and hiring remote workers. According to different surveys, remote work is increasing at a rapid pace. Since remote workers are more productive, most of the companies are hiring remote workers. Some companies are shifting to remote companies as well.

  • Artificial Intelligence (AI)

Artificial intelligence is a branch of science that focuses on creating human-like intelligence in machines. The AI can make a decision, recognize patterns, walk and talk like humans. AI is now used extensively for businesses. AI here is about software that is used in marketing tools, analytics tools, mobile devices, laptops, and so on. Almost in every field, AI is being used and is making our business process simple.

  • Big data

Big data, in simple terms, means large sets of data that helps in analyzing the business patterns and better decision-making. It helps business to analyze the data and identify new opportunities for efficient operations, customer satisfaction, and profit maximization. By analyzing the data, the business can create new products and services. It helps in the survival of the business in a competitive market.

  • Hyper-personalization

Hyper-personalization is a step above personalization. Personalization considers a customer’s name, location, or purchase history. But hyper-personalization also considers browsing history and real-time data. Based on this data, the business recommends products and services according to customer’s needs and preferences. For example, the recommendation of similar or related products while browsing Amazon or other e-commerce sites or applications.

  • Rise of subscription services

The subscription services are increasing rapidly. It is a business service in which customers have to pay some amount monthly or yearly on the basis of the subscription plan. Customers who pay for subscription services are called subscribers. It is convenient for customers as they don’t have to worry about products. They will receive products and services because they have paid for it as a subscriber. This helps in building strong relationships with customers.

Challenges of change

Change is a part of the business life cycle. The business environment can change anytime and it id important for the business to implement necessary strategies to adapt the changes. But, it is not so easy as it sounds. There are many challenges that come with change. So, here are some of the challenges that the business face.

1. Resistance to change

One of the main problems faced by any business is resistance to change. Those who are working there will not agree to implement changes in the business. It creates a feeling of job insecurity. Since different new technologies are to be implemented, employees feel insecure about their job. Some may feel that implementing the new business process will prevent their increase in salary, promotion, and so on. This will create a worse situation for the business to handle.

2. Employees feel ignored

Different strategies to adapt to changes are planned thoroughly. The meetings are conducted to implement strategies. But, this is done between the superiors of the business. Employees are not involved in such meetings. So, employees feel like they are ignored. Employees feel like they do not have any role in the business.

3. Conflicts

Change brings several challenges and conflicts is one of them. Since change brings the feeling of fear such as job security, promotion, and so on. Because of uncertainty and fear, conflicts arise within the organization. This will increase stress in the workplace.

4. Lack of communication

Another challenge is that communication with employees is often ignored. Employees are the main assets of any business. They are the ones that make a business successful through their hard work. But when the time to implement or plan strategies, they are ignored. This creates a feeling of fear. So, the business has to communicate the benefits and impacts of changes to the employees.

5. Lowers employees morale

Change in business brings problems for the employees. It lowers the employee’s morale since it brings fear of losing the job. The change includes the technological change that might replace the manual workforce. This increases job insecurity within the employees and thus employees morale goes down.

6. Adopting new technology

Technology is one of the main factors that help a business grow. Introducing new technology can be a challenge to business. Firstly, it creates a feeling of job insecurity within the employees. Secondly, the organization has to provide the necessary knowledge of operating new technologies. Lastly, it costs the business time and money.

7. Bringing everyone on the same page

The business should bring everyone on the same page before adapting to change. Everyone should agree to implement changes in the organization. If not, the organization faces barriers in implementing the changes. So, the organization should inform everyone about why changes are being implemented and their benefits. This helps to bring everyone on board.

Solutions

Change in business comes with challenges. But, there are solutions to cope up with such challenges. So, here are some of the solutions to those challenges:

1. Clearly define the change

The organization should clearly define the change. The organization has its own goals and objectives. So, the organization must ensure that change does not affect its goals and objectives. The change in business should help the organization to fulfill its goals and objectives. The organization should know what are the changes that are necessary in the organization and why such changes are required.

2. Determine the impacts

The organization should determine the impacts of the change in business. The organizations should understand the benefits and impacts of the changes. The organization should know about the impacts of the change in business and thoroughly plan the strategies to implement the changes.

3. Effective communication

One of the solutions is effective communication. The organization must inform employees about the changes in the business, their benefits, and their impacts on the organization. This helps to prevent resistance to change. This will also help to bring everyone on board if they know why change is necessary for the organization.

4. Involve employees in the change process

Another solution is to involve employees in the change process. The organization should ask whether they are in favor of implementing change or not. If not, inform them about the change, their benefits, and their impacts. This will help them understand that the change is necessary for the organization to survive in the competitive market.

5. Ensure employees about job security

The organization should ensure that conflicts do not arise. One of the main causes of conflicts is uncertainty and fear. This increases the fear of losing the job within the employees. So, the organization must ensure employees that their job is secure. This will help to remove fear from the employees and the conflicts may not arise right from the start.

6. Training

The organization should provide necessary training to the employees. When the organization introduce new technologies employees are unaware of operating the new technologies. So, the organization should provide necessary training to the employees so that they can operate easily. An effective training session is necessary for the employees to understand about operation of the new technologies.

7. Learn new skills

Change is unavoidable in any organization. The organization should adapt to change in order to achieve its goals and objectives. Since the organization implements changes, it should also inform that the employees must learn new skills since the changes demand. If the business process is changed, obviously the employees must learn new skills to adapt to changes. Skilled employees helps to improve business processes.

Why change is important for business?

The environment never remains the same. We are living in a competitive world that changes rapidly. Change is a part of a business. So, the organization should plan and embrace the change accordingly. To survive in this competitive market, the organization should implement changes in the business. So, this section discusses the importance of change in business.

1. To remain competitive

The survival in the competitive market is the most important for any organization. The main goal of any organization is to remain competitive in the market. For this, the organization should bring changes to remain ahead of the competitor. The organization should bring new products, implement the latest technology, innovate, etc to remain competitive in the market.

2. Opportunities for growth

Change in the market environment creates an opportunity for the organization to grow. The organization should know why change is necessary and the impacts of change in business. This helps the organization to analyze the environment and helps to identify the opportunities for the organization to be ahead of the competitor. Thus, the organization will focus on innovations and creates an opportunity to grow.

3. Innovations

Change in business is inevitable. To survive in the market, the organization has to provide unique products and services. So, the organization needs to bring new ideas to create unique products and services. This way the organization plan thoroughly to bring in a new idea and starts implementing it.

4. Employees growth

Change in business does not only help in the organization but also helps in the growth of the employees. Since change is necessary to survive, likewise change is also necessary for employee’s growth. The change in the organization brings uncertainty and fear within the organization. This forces employees to learn new skills and learn to operate the latest technology. Thus helping the employees to improve their skills necessary for the successful change in the organization.

5. Improve performance

Another reason for an organization to implement change is to improve performance. If the organization thinks that it is growing then the organization can bring changes. Introducing new technology in the organization can help to simplify the business process. Changes help employees to learn new skills that helps them to enhance their performance and boost the productivity of the organization.

Change is unavoidable as the environment changes rapidly. The organization has to adapt to the changing environment. This helps the organization to have healthy competition and grab new opportunities to be ahead of the competitor and survive in the market. This helps the organization to analyze its strengths and weaknesses.

If you want to know more about the importance of change in business, then please buy our e-book from the link below.

References

http://www.situationmanagementsystems.com/blog/index.php/influence-skills-2/why-change-is-good-for-the-workplace/ https://www.business.qld.gov.au/running-business/employing/staff-development/managing-change/types https://www.coxblue.com/7-trends-startups-can-focus-on-to-succeed-in-2019/ https://www.projectmanager.com/blog/business-agility-what-is-it https://smallbusiness.chron.com/barriers-challenges-change-implementation-30842.html https://www.pulselearning.com/blog/6-steps-effective-organizational-change-management/ https://www.softwaretestinghelp.com/agile-manifesto/ https://www.openxcell.com/agile-methodology-important-start

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