1.1 Introduction
Organizational change is an initiative of actions leading to a change in course or direction that has an impact on how an organization functions (Leavitt, 2003). Becoming different is the process of change. Commercial banks are under a great deal of pressure to manage their workforces due to the shifting economic landscape, technological advancements, and competitive national and international marketplaces. Employee attitude assessments are used by high retention workplaces to gauge the culture of the staff (Irakoze, 2016).
Disruptive technologies such as machine learning (ML) and artificial intelligence (AI) are revolutionizing management methods and radically changing enterprises (Brynjolfsson and Mitchell, 2017). In today's rapidly evolving global economic, social, political, and technical landscape, strategic change thinking is critical to an organization's survival and longevity. The modern world is characterized by its rapid changes.
This chapter will address the background information that motivated this study, the challenges that prompted it, its aim, and objectives as a preface to subsequent sections of the study. Additional factors include the study's significance, scope, limitations, research questions and hypotheses, and the definition of technical terms.
1.2 Background of Study
In recent years, strategic change has emerged as a major issue in a number of organization and management research disciplines. It is beneficial to the extent that it can promote new knowledge and constructive learning, which are also the results of time-based processes (Grichnik et al., 2020). For a change to be effective, a corporation usually needs to realign or change certain aspects of its organization, culture, or strategy while maintaining others (Dutta, 2018). As such, the process of successfully implementing changes necessitates a high level of ability and competence and is essential to maintaining a business's competitiveness. Being able to foresee, keep an open mind, be adaptable, and give others the freedom to make tactical modifications as needed (Covin & Slevin, 2008).
The proliferation of technology and information has led to the constant change of today, requiring new approaches that are both advantageous and necessary for people, companies, and society at large to adjust to the new trends (Mehedintu & Munteanu, 2016). To prosper in a world of disruptive change and intensifying competition, organizations nowadays need to have a constructive attitude toward continuous innovation (Daft, 2010). Businesses in particular need to adapt and execute change due to a number of factors, such as changes in international legislation, sustainability, the growth of global information networks, and technical improvements (Mehedintu & Munteanu, 2016). Therefore, in order to remain competitive and to win in competition, firms need to be aware of changes in both their internal and external surroundings.
A strategy is developed and the necessity for change is assessed during the Initiation stage. Adjustments are made as the plan is implemented during the implementation stage. At the institutionalization stage, the adjustments are incorporated into the organization's operating processes and culture. Later, at the continuation stage, the modifications are kept and enhanced. According to this idea, managers must comprehend the process of planned change if they are to implement strategic initiatives that determine the organization's performance (Ford et al., 2012).
According to Ryan et al. (2013), many forms of change leadership are necessary for various types of change to go without hiccups. Time management problems are a critical aspect of the experience of change (Ryan et al., 2013). The theory is based on the following, according to Ghasemy & Hussin (2014): the existence of organizational complexity; the importance of the relationship between the organization and its environment in relation to internal organizational relationships regarding the organization's goals, values, and changes; and the existence of environmental turbulence and its role in contributing to organizational chaos. For companies, the Theory of Strategic Change Complexity offers a useful paradigm for managing complex and unpredictable change. Businesses that recognize the complexity of their surroundings and adjust their approach appropriately can increase their chances of success and achieve their objectives.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Effectiveness of Strategic Change Management in Adapting to Disruptive Technologies.
1.3 Statement of Problems
Investigation revealed that the business has a variety of problems and obstacles in relation to adopting and implementing strategic change. Important issues in strategic change and adaptation include integrating staff in strategic change to enhance motivation, improving internal communication within the organization, and setting quantifiable short-term goals while designing strategies (Feldberg, 2014).
Strategic management implementation has proven to be challenging for far too many businesses. In order to develop strategy, they hold frequent planning meetings, examine massive amounts of consumer data, and use a range of techniques. Yet, they often fail to live up to the expectations. In light of this, the purpose of this study is to assess how effective strategic change management is at helping organizations adapt to disruptive technologies.
1.4 Aim and Objectives of Study
The aim of the study is to evaluate the effectiveness of strategic change management in adapting to disruptive technologies. In achieving this aim, the following specific objectives were laid out as follows:
- To assess the theories, contexts, and methods used to study strategic change and adaptation and its competitive advantage;
- To determine how effective strategic change and adaptation aligned with organizational performance; and
- To examine the possibilities that exist for advancing knowledge and enhancing representation in regards to future researches about strategic change adaptation and its effect on organizational performance.
1.5 Research Questions
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
- How effective strategic change and adaptation aligned with organizational performance?
- What are the theories, contexts, and methods used to study strategic change and adaptation and its competitive advantage?
- What are the possibilities that exist for advancing knowledge and enhancing representation in regards to future researches about strategic change adaptation and its effect on organizational performance?
1.6 Research Hypothesis
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
Hypothesis One
- H0: There is no significant relationship strategic change management and to Disruptive Technologies
- H1: There is a significant relationship strategic change management and to Disruptive Technologies
1.7 Significance of Study
The findings of this research would be relevant to academicians, investors, financial institutions as well as the government who may wish to avail themselves of the data and information therein. It will particularly assist student of finance on their study of foreign exchange on economy and will also enlighten the public on how foreign exchange management policies affect their daily business and governance. Furthermore, the study will also serve as a dimension for future research and recommend direction for necessary amendments.
1.8 Scope of Study
The scope of the research is focused on Evaluating the Effectiveness of Strategic Change Management in Adapting to Disruptive Technologies.
1.9 Limitations of the Study
During the course of this study, there were some problems encountered which stood as limitations to the research work. Some of the limitations include:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
- Initial Cooperation Delay from Respondents: A particular limitation of this work came as a result of the respondent refusal to offer their cooperation at the initial time they were contacted. This contributed in making the success of this research study difficult.
1.10 Definition of Terms
Organizational Change:
Organizational change occurs when a company makes a transition from its current state to some desired future state.
Strategic Managers:
These are individuals who bear responsibility for the overall productivity of the organization or for one of its major self-contained divisions.
Strategic Adult:
This is concerned with analyzing and assessing what has been achieved in the past and what the organization is capable of achieving in the future.
Scenarios:
This is a form of educated guesses made by planners. Objective: a statement of what is to be achieved.
Strategic Gap:
This is the difference in the level of productivity called for in the firm's state objective and the level of productivity that seems likely to result from the continuation of current operations.
Goal:
This is synonymous with objective; a statement of what is to be achieved.
Mission:
This defines the basic purpose or purposes of the organization; usually includes a description of the organization's basic products and/or services and a definition of its market and/or sources of revenue.
Productivity:
This is an economic measure of efficiency including what is produced relative to resources used to produce it.
