“The new normal” requires a change of plans
Picture this: your organization is on the brink of a new era, where the future demands a transformative shift in your Enterprise Resource Planning (ERP) software. You must choose a system, decide when to implement it, and manage the change. For many businesses, this can feel like a high-stakes surgical procedure.
Best-in-class planning and performance management, also called Enterprise Performance Management (EPM) software, is a more straightforward implementation as compared to an ERP project. But it still requires a thoughtful approach—with the Office of Finance acting as a catalyst for change. Successful implementation of change requires careful planning, coordination, and execution across multiple departments and teams.
However, haphazard implementation comes with a high risk of failure. If not managed effectively, it can lead to data loss, poor performance, and employee dissatisfaction. Assuming that change is a basic truth in business, it’s not a matter of if but when and how.
Organizations must adapt to a rapidly shifting business environment to compete, succeed, and lead. The global economy, societal and political climates, regulations, and consumer behavior all influence that environment. However, digital transformation—such as AI, machine learning, hyperautomation, and other innovative technologies—has an outsized impact, compelling organizations to transform their operations.
In short, change is the new normal. Organizations that accept this truth can build resilience and better prepare for the future. Effective change management can be a transformative force for businesses—propelling them forward and strengthening client relationships. Still, for many large and small organizations, change is disruptive and can lead to unintended consequences and uncertainty.
A longstanding belief within business is that 70% of organizations fail to make changes as intended. Whether that figure is still accurate today, organizations need to realize that any change management process will be full of obstacles and uncertainties. This understanding can help them prepare for the challenges and unknowns ahead.