Definition: The deliberate effort of an organisation to anticipate changes and to manage its introduction, implementation, consequences & feedback.
Example: During the process of scaling up and taking their operations international, the firm hired a Change Management expert who provided strategies to the management to make the process easier. A few real-life examples of Change Management illustrate the importance of this function.
Business Insight: In the modern economy, digital transformation is a necessity for a firm to stay competitive. Change Management can help tide over the transition process.
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