Innovation and Change

             Change is rarely, if ever, an easy process, especially within an organization. Nowadays however, change in organizations is the norm, not the exception. Heading into the 21st Century, the world of business is faced with critical challenges. Increasing returns is an important concept for today's economy - one that requires growth in order to survive. It is not merely an idea for the e-world, but one that applies to all businesses that want to remain competitive and adaptive in today's uncertain marketplace. By understanding that innovation is more of a process than a single plan and that innovation that cascades throughout the organization is essential for its progress, companies can begin to build unforeseen growth potential.
             In a 16-year study of over 200 firms cutting across 22 industries, John P. Kotter and James L. Heskitt found that poor performing organizational cultures were those with the inability to change and adapt. Another study, conducted for a March/April 1997 Harvard Business Review article points out that in a period of less than 13 years, one-third of the 1970 Fortune 500 companies had been acquired, merged, or for some reason disappeared.
             Both internal and external factors force today's companies to continuously redefine their organizational goals, purposes, and their "way of doing things".
             The playground for organizations in the 21st century is an environment that is moving faster, exploding in geographic scope, and reflecting the demands and constraints of a new society.
             Increasing global competition, merger boom, and changes in governmental programs escalate the unpredictability of today's unstable market. Managers all over the world are faced with ever-changing consumer tastes and expectations, rapid technological modification, and major shifts in workforce demographics. Additionally, the new world of knowledge-based business presents multiple outcomes to any one problem.
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Innovation and Change. (1969, December 31). In MegaEssays.com. Retrieved 18:58, April 23, 2024, from https://www.megaessays.com/viewpaper/61209.html