Companies and institutions must be agile, adaptable, and change-ready in an era of disruptive technology. AI solutions have only increased the pace of change. Old jobs are getting rapidly replaced with new jobs. Redundancy and attrition rates have risen, and insecurity is widespread across workers. The need for change management solutions in organization management is high.
Typically, a company requires change management when it undergoes significant organizational changes. These changes could occur after mergers and acquisitions, restructuring, process improvements, new technologies, and new strategies are introduced.
Economic cycles can lead to stress in over-leveraged companies. Institutions unable to withstand financial stress are acquisition targets of turnaround investors. Change management teams assist turnaround teams in helping nurse such corporations back to health. Change management also is critical to support restructuring and downsizing and facilitate process and cultural change.
Change management involves planning, communication, stakeholder engagement, training, and support systems to ensure employees can adjust to the changing environment.
Change management framework:
We assist clients with disruptive changes by using the following framework
1. Identify a new paradigm based on the recommendations
2. Identify the impact of the new paradigm on the existing personnel
3. Identify various stakeholders
4. Categorization of the stakeholders based on above
5. Establish a communication channel to inform the stakeholders about:
6. Empower personnel to move into the changed paradigm seamlessly
Monitor change impact
The consultants will deploy the DICE model Boston Consulting Group (BCG) developed to monitor the change's impact. This powerful tool has evolved through the application on 225 companies and subsequently rolled out for over 1,000 change management initiatives worldwide.
This model comprises four factors that bear the following distinct characteristics:
· First, institutions can measure them in direct or indirect ways.
· Second, institutions can easily communicate their importance within and outside organizations.
· Third, and perhaps most important, institutions can quickly influence those elements.
The BCG model reveals a consistent correlation between the outcomes (success or failure) of change programs and four hard factors:
These are the DICE factors. We could use these to determine changes in a project's success.
Institutions can determine if their change programs will succeed by asking staff to calculate scores for each of the four factors of the DICE framework—duration, integrity, commitment, and effort. They must grade each element on a scale from 1 to 4 (using fractions, if necessary); the lower the score, the better. Thus, a score of 1 suggests that the factor is highly likely to contribute to the program's success, and a score of 4 means that it is highly unlikely to contribute to success.
The DICE model or framework has also developed a scoring system based on the variables that affect each factor. Change management teams can assign scores to the DICE factors and combine them to achieve a project score. The DICE score is calculated according to the following formula:
DICE Score = D + (2 x I) + (2 x C 1) + C 2 + E
In the 1-to-4 scoring system, the formula generates scores ranging from 7 to 28. Institutions can compare a project's score with past projects and their outcomes to assess if the project is slated for success or failure. There is a hierarchy of scores:
· Scores between 7 and 14: The project will likely succeed. We call this the Win Zone.
· Scores higher than 14 but lower than 17: Risks to the project's success are rising, particularly as the score approaches 17. It is the Worry Zone.
· Scores over 17: The project is extremely risky. If a project scores over 17 and under 19 points, the risks to success are very high. Beyond 19, the project is unlikely to succeed. That's why we call this the Woe Zone.
Change management team
A change management team comprises a domain specialist, business analyst, and training expert.