Evaluate the Internal and External Drivers of Change
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Currently, a number of businesses are globalizing themselves which makes it an important reminder to clearly grasp the concepts of business management. The business environment is the entirety of all factors that influence a business’s operations and decision-making. A business is a profitable initiative that is ventured into with the aim of maximizing profits and providing quality goods and services to society. While operating a business, there are a number of things/events that occur that either impact it in a positive or negative way. These events/ factors are also called driving forces or environmental factors.
This paper evaluated the internal and external drivers of change in an organization. The question answered here is; what are internal and external drivers for change?
A driving force is a tactical area that impacts an organization's nature and direction for example, it influences the products manufactured, the services provided, and the market of the products and services. These forces exist in every organization and they form a basis for an organization's strategic planning. [Markus, R.M. (1981), "Driving force: Key to strategy", Planning Review, Vol. 9 No. 6, pp. 24-27]
These forces can either be internal or external. Internal driving forces are those factors that occur inside the business and the organization has control over them. Internal forces include; organizational culture and structure, organizational values, financial management, employee engagement, customer services, and leadership style among so many others.
External drivers of change are those factors that occur outside and the business has no control over them. These include; the economic environment, political forces, new competitors, technological factors, customer preferences, and regulations among so many others.
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Evaluate the Internal and External Drivers of Change a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the difference between internal and external drivers of change, and how they can impact an organization or business.
- Identify specific examples of internal and external drivers of change, and how they have affected different businesses and industries.
- Develop strategies for responding to internal and external drivers of change, and how to effectively manage change within an organization or business
1.0 INTRODUCTION
Drivers of change in an organization or business can come from many different sources. Some of the most common ones include new competition, technological advancements, and changes in customer preferences. When a new competitor enters the market, it can force other businesses to change their strategies or offerings in order to remain competitive. Similarly, advancements in technology can make certain business practices obsolete, requiring companies to adapt in order to stay relevant. Finally, changes in customer preferences can also drive change in a business, as companies work to meet the evolving needs and desires of their customers.
Internal driving forces are those factors that occur inside the business and the organization has control over them. Internal drivers of change can include things like changes in leadership or company culture, while external drivers of change might include new competition or advancements in technology.
One example of an internal driver of change might be a company that decides to restructure its leadership team in order to better align with its overall goals and objectives. This kind of change can be difficult to manage, as it can result in changes to job roles and responsibilities, as well as changes in company culture.
External drivers of change are those factors that occur outside and the business has no control over them. On the other hand, an example of an external driver of change might be a new competitor entering the market, or a change in customer preferences that requires a business to adapt its offerings. For example, a company that sells physical books might need to change its business model in order to compete with online retailers like Amazon, or a restaurant might need to change its menu to better meet the dietary restrictions of its customers.
Overall, understanding the drivers of change and how they can impact an organization or business is an important part of effective change management. By identifying and responding to internal and external drivers of change, businesses can stay competitive and adapt to new challenges and opportunities.
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