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Embracing Change for Business Excellence
By- Institute of Directors | Authored by- Lt. Gen. Surinder Nath, PVSM AVSM (Retd.)
Apr 02, 2024
Modern organisations are facing a confluence of disruptions. The bar for how businesses handle change and reinvent themselves has increased as a result of these disruptions. Attaining business excellence depends on the leadership of the company. Examples of transformations continue to affirm that much value is at stake and every phase needs careful handling. Successful transformations involve a wide range of actions. A recent survey indicated that four broad elements underlie transformation success: will, skill, rigour, and scope. All companies that have put all four components into practice have seen improvements in both their performance and the organisation's sustainability.
Urgent, aligned, and collective action is now required at a rapid pace. A major concern is to identify the aspirations and evolving priorities of various stakeholders. Understandably, the focus will be on companies' actions that impact business leadership, strategy, excellence, and innovation. Global concern for economic growth in turbulent times calls for strict corporate governance norms, appropriate handling of geopolitical situations, and managing supply chains in the new paradigm. In this interconnected world, every country and every company has to be concerned about how well prepared they are and what new opportunities in strategy and business models will help them be future ready.
New technologies are creating an impact on the future growth patterns of organisations. Boards have to be extremely careful while incorporating changes into their existing models. With rapid changes due to emerging technologies, corporate culture too has to change to match the technological revolution and rapidly changing customer requirements. Corporate leaders need to adapt and change at a much faster pace than ever before. Leaders in the current century have to continuously innovate and manage disruptions effectively. Therefore, they will need enhanced cognitive soft skills and abilities such as problem solving, human relations, teamwork, interpersonal skills, decisiveness, tenacity, and resilience. Leaders need to tap the full potential of digital disruption and create a work environment where 'people' and 'technology' complement each other. One of the biggest challenges for leaders has been the ability to predict change and think ahead.
IOD's 2024 UAE Global Convention on ‘Leadership for Innovation and Business Excellence’ , held in Abu Dhabi on March 5-8, 2024, emphasized that those organisations that were able to innovate and pursue business excellence thrived while others were left behind. Companies have to focus on the sustainable growth of their organisations and consider various elements such as volatility and uncertainty, staying agile with technology, creating new business models, challenging behaviours through inter-generational collaboration, and predicting the exponential growth of technology.
Aligned with the Women's Empowerment Principles established by The UN Global Compact, the Institute of Directors (IOD) commemorated International Women's Day on March 8, 2024, with an emphasis on empowering women in the workplace, marketplace, and community.
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Lt. Gen. Surinder Nath, PVSM AVSM (Retd.)
President - Institute of Directors, India
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
