Question

Q83

Write an essay of 1000+ words on the topic ‘Shifting the Corporate Mind-set from Relative Complacency to a Strong Sense of Urgency for Ongoing Improvement’. [8 Marks]

VERY IMPORTANT: NO PLAGIARISM IN ANSWER REQUIRED.

DO NOT WRITE THE ANSWER - USE WORD FORMAT.

Answer 1

It has been found that once the business organisations achieve the established standards and specific targets set, they do not urge themselves in the direction of a continual improvement. Corporations introduce various strategies for the achievement of goals and objectives and once they fufill and achieve them , they become stagnant. There are various reasons behind it , some of them can be explained below:

Extensive Competition not letting the corporation to grow and prosper due to the strategies introduced by them or the competitive edge they have over the corporation.

Dynamic environment , changing every time while any method is adopted by the company making it less useful or less efficient than the emerging one.

Constant Up gradations in technology and new advancements which the corporation become unable to keep up and cannot introduce these changes due to weak financial position thus lacks behind.

New improvements in machines and equipments and emergence of artificial intelligence resulting in automated operations which cannot be either afforded by companies or the required infrastructure is not available or the organizational structure does not allow it.

Risk of failure after the introduction of a new technology.

All these factors build the mind set of relative complacency as the organisations think it is better to maintain the status quo and have a knack over the current methods and , techniques currently being used and stay satisfied with the results produced rather than to spend a lot of time and resources at first introducing the change and then training the corporation for its effective implementation.

Corporations due to the fear of failure, weak financial position and comfortable current working situation get discouraged to incorporate new practices and stay satisfied with the current position to the extend of not supporting any change.

The corporate Inertia or the trajectory of organizations play an integral role in resisting to change and being complacent with what the organization has achieved so far. Moreover when tje corporation is making good earnings and is payingvwell to its stakeholers in terms of monetary and ono monetary benefits, it does not geel to improve its current condition towards achieving more as its major objectives ate accomplished.

However it is the demand of today's world that the corporations instead of being complacent with the prevailing situation need to be open to change, new technologies , new methods so as to enable the business to grow abd not to stsy stagnant.

​​​​​​Even when company is making a good earnings and its majors goals are accomplished it nerds to set new targets more difficult and higher than before, it needs to restructure the corporation and increase the standards Evey time it achieves them. This will allow business to growth, progress and improve. It will take it out of trajectory and will save it from and consequences such as obsolete technology , old methods , amortisation etc. It will allow the business to expand its operations , to increase its presence and to overcome competition through getting a competitive edge over others by making it possible to attain the first mover advantage through exploiting opportunities. The corporation will be able to attain tasks and activities with much more efficiency and effectiveness with the introduction of new technology and upgraded methods. Various benefits such as cost reduction, efficient utilization of resources , increase in quality of products will be possible through introduction of advanced methods.

Thus the corporations needs to understand the urgency of directing its operations towards continuous improvement by not being resistant to change rather being vulnerable and open to the dynamic environment. The need of the hour is to grow the economy by developing the corporation and encouraging it to expand its operations inorder to maintain a wide presence, recognition and value.

The corporations need not to get stuck with the current problems, complexities or issues but rather needs to focus on the picture, the gains in the long run and long term benefits that will ensure and solidify the survival of business.

The businesses needs to restructure its business to make the necessary infrastructure available for introducing and incorporating those changes which it wishes to introduce and which will benefit the corporation in various ways.

A keen evaluation should be done in order to perform Cost Benefit analyses which will enable the corporation to understand which change should be brought and which will not prove beneficial and the business accordingly will identify the various reliable sources of finance that can be used to finance the new projects, or a new technology proving beneficial in long run by the businesses and can be paid at end when the technology will yield its benefits.

The most important part of business is to improve the ongoing process of corporation for enhancing efficiency and effectiveness of the current processes to an extend that business starts performing the operations smoothly, eradicating the hurdles through being adaptive and flexible.

Thus the current performance needs to be constantly directed towards improvement and enhancing the current methods for improvement.

Thankyou

Dear student hope i explained well and the answer meets the word count.

​​​​​good luck and god bless.

:) sorry for any typo mistakes.