ABSTRACT Business changes are continual and inevitable processes that are used effectively to maximize on business value. The common forces of change in business world include globalization, technology, and societal shifts. The changes have improved ease of access globally…
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The introduction captures the background of change in business with the implications and consequences. The main body evaluates the advantages that business can derive from the business changes to maximize on its values, the actions that business should take to be ready for future changes expected and finally the skills and competencies, which are most appropriate in the ‘new world’ of business. The conclusion section reinstates the thesis and presents the major arguments of discussed. Taking Advantage of Business Changes to Maximize On Value Introduction Businesses have to respond to changes in their operations because of various factors. The business regulations often change. Technological innovations and the need to respond to globalization have all contributed to changes in business operations. Societal shifts and trends change continually, and business have to respond to the needs of their customers by changing their processes, strategies, and operations. Innovations and advances in information technologies have contributed immensely to changes in business processes and operations across the globe through the capacity to bridge the geographical divide. The consequences and implications of advances in information technology in businesses are varied. These changes may affect some businesses positively whereas others may be affected negatively. Nevertheless, an appropriate response to the changes should be by taking advantage of the change forces to maximize on various business dimensions, including shareholder’s wealth, profits and social responsibilities among other things. Businesses need to prepare adequately for the future changes. Skills and competencies are essential assets for dealing with the changes experienced continually. How businesses should take advantage of the changes, mainly on information technologies, to maximize of their value is discussed expansively. Further, recommendations on the appropriate requirements that they need to have and the actions they ought to take to prepare effectively for future changes are provided. In addition, the prerequisite skills and competencies to work effectively in the ‘new world’ of business are offered. Opportunities Provided By Changes in Business to Maximize On Return Value Advances in Information Technologies Advancements in information technologies offer opportunities for businesses to change into innovations that may help in maximizing their business value. Advances in technology can help businesses introduce new products and services into the market to meet the needs of their customers. Further, new technologies can help in developing new business models, which may be used as a competitive advantage against the competitors (Lorenzo, Kawalek and Ramdani 107). Changes in business processes brought about by information technologies may be used by an organization to build on customer value proposition. Technologies and changes may influence businesses to provide their services to the customers efficiently, and with high quality. Quality and effective services and products can be offered to clients and customers using new information technologies that reduce on costs and optimize time. Such changes may help businesses retain and attract huge customer base because of enhanced customer responsiveness (Lorenzo, Kawalek and Ramdani 107). Information technologies are dynamic but businesses use them as essential organizational assets. These new technologies may
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