With the recent development in the business environment, business environment requires continuous improvement of business processes that may affects the workers productivity and overall returns to the organization. This in turn, requires organizations to be open to and ready for change at whatever cost it may involved. Business organizations have experienced lots of technological changes and improvement that are constantly changing the face of the entire work process
In Nigeria, the banking system has over the years witnessed a revolutionary which can be classified into six major periods, the free banking period (up to 1952); the pre-central banking era (1952-1959); the era of banking legislation (1959-1970); the indigenization era (1970-1977); the post Okadigbo era (1977-1995) and the post consolidation era (1996-date). This revolutionary trend has brought about a characteristic performance in the behavior, growth and survival of the industry and it is this need to survive that has generated a lot of research in the overall management of the banks to bring about the best in them.
It is therefore; to this end that strategy formulation is largely an excursion in entrepreneurship. The content of a change management plan reflects entrepreneurial judgments about the long-term direction of the organization on whether there is a need for major new initiatives and actions aimed at keeping the organization in position to enjoy sustained success.
Broadly viewed, the management task of change implementation is one of scrutinizing the whole internal organization to diagnose what change approaches are needed and what actions to take in order to accomplish them. In addition, there is the need for the different pieces of the implementation plan to be arranged into a pattern of action that will produce an orderly change from the old practice to the new strategy rather than creating disruption and dissatisfaction with the way things are being handled.
Change management is the focal point of any business organization and both the sequence of actions and the speed of the implementation process are important aspects of uniting the entire organization behind strategy accomplishment.
A good change management is one that is right for the organization considering all the relevant specifics of its situation. The entrepreneurial task of formulating change strategy is always requiring heavy doses of situational analysis and judgment with the aim being to achieve goodness of fit between strategy and all the relevant aspects of the organization’s internal situation and external environment. Indeed, one of the special values and contributions of managers is the ability to develop customized solutions that fit the unique features of an organization’s situation.
Business organizations are constantly making decisions which contribute a great deal to the survival of the industry and play a major role in the destiny of the firm on the long-run and it takes superior entrepreneurship and competent strategy implementation over a long period of time.
The future belongs to the aggressive and the ambitious who can apply change strategy as a process of stretching resources and seeing opportunities for innovation. The chances are excellent that when an organization has a well-conceived, well executed change strategy, it will be a high performer.
