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Change Control Management is essential in business to manage changes effectively. For instance, transitioning to new information management software in a laboratory affects several Good Manufacturing Practice (GMP) areas, particularly automation in product testing and market release. The video outlines Change Control Management as a systematic process involving the assessment, approval, implementation, verification, and communication of changes. Key elements include impact assessment, change verification, regulatory compliance, and thorough documentation. Effective management of changes, such as switching raw material suppliers, is crucial as it directly influences product quality and formulation, emphasizing the importance of a well-structured approach to change.