Why invest in Change Management?
Transformations fail without change management
Research from McKinsey and Company showed 70% of all transformations fail… Why?
For many reasons, not enough training, insufficient resources are two, however, most fail due to a weak culture that isn’t aligned with the mission, lack of understanding of the impact, lack of participation and buy-in, understanding of the adopters and resistors, under-communicating, change battle fatigue, and so on.
These issues can be resolved with a quality change management programme.
- McKinsey and Company … A recent survey of business executives indicates that the percent of change programs that are a success today is… still 30%.
- IBM … Nearly 60 percent of projects aimed at achieving business change do not fully meet their objectives.
- Harvard Business Review … The brutal fact is that about 70% of all change initiatives fail.
- Forbes/Towers Watson … A new study by Towers Watson has found that only 25% of change management initiatives are successful over the long term.
- Connor Partners … Change practitioners have some culpability for the atrocious 70% failure rate of change initiatives
The alternative is to bury your head in the sand and hope for the best
Transformations fail to realise their business benefit
Not all transformations fail completely, however, many organisations suffer from a drop in performance, or fail to realise the planned business benefits, especially in technology driven change.
The performance dip
In any technology transformation programme the organisation can expect to experience resistance or reluctance to change.
Typically management focus is on minimising the reluctance and an inevitable “production dip.
The change objective
The focus of the Change Team is to obtain a balance across people, process and technology activities in order to not only avoid the dip, but continuously improve customer experiences and achieve early business benefits.