Organizations Must be Adept at Managing Change that is Necessary for Growth and Survival

Organizations that embrace change are likely to be the most successful. Hence many firms, companies and institutions are watchful and continuously supervising their structures and procedures with the view to improve them and moving with ever changing speed and changes. Businesses that have been in existence for long have a need to change, to accommodate new advances and improve their work flows. Change management is a necessary component for any organizational performance improvement process to succeed, including programs like: Six Sigma, Business Process Reengineering, Total Quality Management, Organizational Development, Restructuring, Reengineering and continuous process improvement. An NGO of earlier period transformed to a regulated MFI and later changed to an NBFC-MFI being a continuous process bringing with it plenty of challenges and opportunities. Transitioning into Business Correspondents, offering multiple banking products is a significant change for MFIs, promising a bright future for furthering India's ambitious financial inclusion goals. Currently RBI is issuing Small Bank Licenses and making NBFC's at par with Banks. This article is based on secondary data alone focusing on the need for change, and the transformation of NGOs/NBFCs to NBFC-MFIs and the success of implementing the change by quoting a few case studies both International and National. In order to survive and sustain the organizations of varying businesses, size and ethnicity move towards change. The organization's mission may not change spectacularly but a significant shift in institutional culture is required to meet the demands of the new form.