Albert Einstein's E = MC2 formula (propagated in 1905) significantly transformed the world by making nuclear fission as well as nuclear fusion possible. This formula increased the human race's power manifold and enabled it to achieve feats that were unimaginable before. Although the MC2 formula may not be directly applicable to the business world, any organisation (SME or otherwise) would be more than happy to have a formula or a system that will help it achieve extraordinary business success.

The good news is that such a formula has been devised, and many organisations are actually using it to their advantage. It is called the MC3 framework. The elements of MC3 are Motivation, Calibration, Capability and Capacity.

Created by Nihilent Technologies from India, the MC3 framework is a metrics-based model that facilitates organisations to continuously monitor business goals and implement initiatives to enhance performance. Through this framework, organisations can leverage their intellectual capital, supported by appropriate technology, to accomplish successful results.

So what is the origin of this concept? LC Singh, President & CEO, Nihilent Technologies explains, "Our ethos is 'Evolving Ideas' which enables us and our clients to see the future in the womb of the present.

Change through innovation is the only tool for businesses to sustain. This requires a culture of continuous learning – learning about the changing needs of customers, employees, shareholders and suppliers/partners. Change can be enabled not just by technology but also by people and process changes.

A systemic and holistic change is the answer. So, we created our own patented framework for managing change. Built into it are various tools that enable strategy alignment, skills assessment, motivation development, knowledge management, innovation and best practices implementation."

As we all know, knowledge management is strongly emerging as a key element in today's business arena across the world. Braam Kok, Chief Knowledge Officer, Sasol Ltd, believes, "MC3 is a practical and integrated way of managing knowledge in everyday work.

It enables the principle of 'self control' at the individual level. This state of self-control is enabled through the development and use of Balanced Scorecards." Sasol Ltd – which implemented the MC3 framework – is one of Africa's major producers of chemicals and liquid fuel products and a key player in the South African oil industry.

Managing knowledge is one important element in the entire process of change management. The MC3 framework basically encapsulates change management in its totality. In the competitive business environment, it has become essential for SMEs to deal with change management.

Source: http://economictimes.indiatimes.com/