By Pinkerala News Desk | Nov 30, 2017

We now live in a globalised economy where everything is transforming day by day. A small development good or adverse in the US or Europe has the impact or reverberations in India. Well, this in a way is the advantage and the disadvantage of the present globalised economy and also the challenge we face.

Now the question is, are we fully prepared to take up this challenge? Is it not the time we seriously think of transformation that too, in a big way? To my feeling, it is the need of the hour. Let us analyze the situation in a more logical manner.What actually is transformational change?  It is the making of a thorough or dramatic change in the form, appearance, character etc of an entity. Transformational change thus provides us vision, mission and instils pride and trust.

There are three types of changes that occur most frequently in any organization. They are developmental, transitional and transformational. Developmental change occurs when an organisation/entity makes an improvement to their current business. If it decides to improve their processes, methods or performance standards etc. this would be considered a developmental change. Transitional change is more intrusive than developmental change as it replaces existing processes or procedures with something that is completely new to the company. Transformational change occurs after the transition period. Transformational change may involve both developmental and transitional change. It is common for transitional and transformative change to occur in tandem.

Now the foremost challenge we as managers face is that due to the advancement of information technology, the customers have become better educated, more articulate and demanding. There needs to be much more involvement, participation and quality of work from the management side.

When we undertake transformational change we have to realize that there are two critical dimensions to this i.e. “process and culture”. It is almost impossible to make any significant change if we ignore the cultural dimension. Now we need to articulate clearly the goals of the overall change perceived. Now it is the time to adjust the individual and process performance measurements to bring them into alignment with the desired behaviour. And finally, we need to establish clear goals, accountability and monitor the performance till the transformational change is fully adapted.

Now let us see the benefit that will accrue to the society. As I have explained above the need of the hour is a thorough change to sustain in our business in the backdrop of a highly competitive globalised economy. In the process of changing over, we gain everything, and this change will steer towards extraordinary achievements with a vision for the farthest future.

Let us choose the path of transformational changes within our organization to overcome the present challenges. This will surely take our enterprise to reach its pinnacle in the present globalised economy.

CA. Mathew Jacob

Former MD, Oil Palm India Ltd.