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Cultural Transformations by Nick Vaidya, John Mattone

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Introduction

The Transformation Imperative

Change Is the New Normal

In today's business world, the rate of change is at an all-time high. Rapid digitization and globalization the likes of which we've never seen before are transforming the face of global business and making the competitive environment far more unpredictable than it was even a decade ago. From smartphones to virtual marketplaces, new technologies are changing consumer behavior, empowering start-ups, and reducing product life cycles. And with the growth in emerging economies like India and Brazil outpacing growth in developed countries, companies are being forced to develop unique strategies for each sector. Within this changing landscape traditional operating models are becoming obsolete and the once-dominant players are increasingly being overtaken by more agile, entrepreneurial companies with business models that are built on change.

In this brave new world, transformation has become an imperative for companies to succeed. In the past, transformation efforts were perceived as emergency solutions to broad and systemic problems. But transformation efforts today have become a basic necessity to keep up with and stay ahead of the ever-changing marketplace. In fact, fewer than 50 percent of the organizations we have worked with directly, including those featured in this book, have been forced to transform due to chronic underperformance. The most forward-thinking companies are launching preemptive transformations, ...

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