1.pdf Draw Highlig + D Page view l A Read aloud Improving Performance through Change Management CASELET 1 The new CEO of Symphony Technologies (Symphony), Anish Vaidya (Vaidya), found himself confronted with the most challenging phase of his 26-year-old career in the industry. The liberalization of the Indian economy and the resultant increase in competition from foreign companies had hit the company's sales and revenue badly. The early 1990s saw Symphony's profits plummeting to an all-time low since its establishment about three decades earlier. Established in 1956, Symphony began as a manufacturer of a variety of electrical appliances, and gradually spread its operations into various other industries such as consumer products, power generation, automobiles and insurance. Within four decades, it grew to become a global company serving customers across the world. In his first meeting as CEO of the company, Vaidya invited employees from the middle and top management level to pool in their ideas to identify and address the problems faced by the organization. The meeting brought to the forefront the following areas of concern: The bureaucratic and hierarchical structure of the organization was stifling the creativity of its employees as a result of which, they were no longer motivated to come up with ideas pertaining to new products or improvements in the existing organizational practices. Competition from multinational companies was eating into Symphony's market share as the technology of these companies was far better than that of Symphony Symphony's very survival was at stake as most of its subsidiaries were facing serious financial crises and increasing losses. The productivity of these subsidiaries was disproportionate to the number of employees they had The inability of Symphony's generic products to effectively penetrate the highly competitive market eventually resulted in blocking the capital. Most important of all, Symphony failed to adapt to the changes in the external environment. Because of this, it not only lost martin Puchared for use by Son 25 Feb 2001 Order 07501 to wow the materialone and pota copy for your personale 26-Feb-2022 Pero tal you are not permite a reducere for any rer purpose You weered to