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THE IMPORTANCE OF INNOVATION
➢It allows adaptability:
The recent COVID-19 pandemic disrupted business on a monumental scale. Routine operations were rendered obsolete over the course of a few months. Many businesses still sustain negative results from this world shift because they’ve stuck to the status quo. Innovation is often necessary for companies to adapt and overcome the challenges of change.
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➢It fosters growth
Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today’s highly competitive world
➢It separates businesses from their competition
Most industries are populated with multiple competitors offering similar products or services. Innovation can distinguish your business from others.
Organizational change refers to the actions in which a company or business alters a major component of its organization, such as its culture, the underlying technologies or infrastructure it uses to operate, or its internal processes. Organizational change management is the process of guiding organizational change to a successful resolution, and it typically includes three major phases: preparation, implementation, and follow-through.
• Change leadership helps organizations during transitional periods by using the power of vision—translating a mission from paper to daily business operations. Too often, leaders miss opportunities to play specific roles throughout the change process. Understanding where one stands as a change leader, depending on the initiative and circumstances, is critical. There are three distinct roles one can adopt as a change leader that heed positive outcomes:
