By recognizing and leveraging these external factors, companies can initiate transformative changes that enhance their competitive position and drive growth.
Information Technological Advancements: The emergence of new technologies can serve as a catalyst for transformation, enabling companies to improve efficiency, create new products, or enter new markets. Understanding the underlying principles, concepts, and terminologies of various technologies. Awareness of emerging technologies, trends, and their potential applications.
Market Dynamics: Competitor weaknesses or changes in the competitive landscape can provide opportunities for companies to differentiate themselves and capture greater market share. Understand the broader market landscape, including competitors, customer preferences, and emerging technologies that could impact the organization.
Personalized Solutions: Changes in what consumers value or prefer can prompt companies to innovate or transform their offerings to meet new demands, the shifts in consumer tastes. Digital organizations are always on, inter-dependent and hyper-connected, people are always the most important asset in any organization before, today, and future. The digital workplace is all about people-centricity, empathy, innovation, agility, and high-level business maturity.
Change management has a very low success rate. Forward-looking organizations across the vertical sectors are on the journey of strategy-driven digital transformation; it means that the company needs to reinvent itself and change to the fundamental business model, culture, or other critical business factors to reach the next level of organizational growth and maturity. By recognizing and leveraging these external factors, companies can initiate transformative changes that enhance their competitive position and drive growth.
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