Research on the Speed of Change: How Prepared Are Companies?
As we start to close out 2020 many of you will have started to consider 2021, and how to take the lessons from this year to ensure you are change ready. Because if 2020 has taught us anything, change is a constant.
The Global Reinvention Survey seeks to understand how organisations are adapting their processes, products, competencies, ways of working, business models, and more – and how often they need to do so to survive and thrive.
Nadya has just published some of the results which we’ve detailed below. It’s clear that managers have shifted from a 5-10 year view to a 3-4 year view for planning and adapting. However, it’s also clear that companies are not any better equipped to adapt to change.
Data insights from 2020 / Global Reinvention Survey
1. The speed of change is accelerating
When considering this statement ‘To survive we need to reinvent our businesses every 3 years or less’ there has been a huge shift in the number of people who are focused on this time frame now.
2018 >> 48% believed this
2020 >> 60% believe this
Where once we may have planned 5-10 years out, this year has seen the biggest shift with 44% of contributors now believing that reinvention needs to happen every 2-3 years
2. There is a much greater need for reinvention
Even though we talk often with companies and leaders about the speed of change, we still didn’t see the same drive or ability to activate real change, even at times a desire to hold onto the past. The below graph shows by industry in 2018 that not all industries saw reinvention as a strategic priority.
However, the impact of Covid-19 has definitely highlighted to all industries that no one is immune to the impacts of disruption, with radical shifts across the board in 2020 by industry in the perceived need to reinvent.
3. However, companies are still talking the talk, NOT walking the walk when it comes to reinvention.
Companies were asked to grade themselves on how committed they are to reinvention, how sufficient the resources they are allocating to continuous renewal, how systematic, deliberate and organised they are with their reinvention efforts, and how efficient they are when implementing change initiatives.
So while companies are very aware of the need to reinvent, they still do not have the processes, systems or cultures to support it.
With 75% of our change efforts failing miserably, and more disruptions coming our way, to survive and thrive we need to adopt new ways of working, and make reinvention part of life science companies DNA.
Read the original published article here
How do these insights compare to what you see in your own life science company? How change-ready will you be in 2021?
Take our Change Readiness Diagnostic to uncover how well-prepared your company is for change.
You’ll gain insights into the 3 categories of change; Anticipating/Designing/Implementing
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