Alvin Toffler wrote about Future Shock in 1970 (Toffler, A.).
The concept of increasing rates of change was proposed by (1970). He demonstrated that social and technological standards have shorter lifetimes as each generation passes, and he voiced concerns about society's capacity to manage the ensuing upheaval and distress. Throughout previous generations, periods of stability punctuated cycles of change, enabling society to adjust and cope before subsequent changes occurred.
According to Wikipedia, in today's volatile business environment, it is crucial for businesses to constantly adapt and update their strategies in response to external conditions. This adaptation can take the form of internal changes, external changes, and programs aimed at re-engineering and transforming business processes. External changes may include shifts in market conditions, technology, competition, global politics and more, while internal changes might involve restructuring and transfor
...mation programs. To effectively undertake change, a well-planned strategy must combine all of these elements in the appropriate proportions and carry it out on a timely basis.
On the flip side, implementing change without proper planning could have the opposite effect and make things worse. As such, it's important for leaders and managers to approach change strategically in order to reap its benefits within the organization. If a change project is executed without a well-planned strategy, it can drive up business operating costs without boosting performance. Conducting an internal and external environmental audit can assist with developing a change strategy to ensure successful implementation. Strategic management's key objective is to help organizations effectively adapt to change, as they face increasing external pressure due to information technology advancements and globalization.
Over the past few decades, the Information and Communication Technology (ICT) industry ha
undergone rapid changes, which have drastically transformed the nature of business in terms of work processes, cooperation, and competition. The emergence of Information Systems, Telecommunication, and the Internet has redefined organizational structures and industry boundaries, fueling debates concerning globalisation. The impact of recent technological advancements is exemplified by the growth and collapse of the dot-com bubble, with businesses continuing to grapple with how best to capitalize on these new possibilities. As globalisation becomes increasingly prevalent, competition in various industries rises, while domestic stakeholders shift to become global in nature.
Adapting to change requires finding answers to various questions. These include determining the direction of change, identifying which departments need to change, assessing whether business restructuring is necessary, understanding the competition, analyzing factors affecting customer preferences, and anticipating potential new threats arising from technological advances.
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