Lampard returned to the club where he holds legendary status earlier this summer and is currently rebuilding following Eden Hazard's departure and the FIFA-imposed transfer ban.
"This is an opportunity to change the culture of the club, change how the club is perceived," Cole told the Daily Mail.
"The culture is fine in the sense we're a successful team but there can be improvements made. We need to use this time now to blood the youngsters, get a settled side, settled staff, settled fan base.
"Frank has got many things in his favour and one of those is being a club legend. He's got other attributes as a man and manager in that he can deal with any type of dressing room, any type of character. Nobody knows the club like him and the intricacies of it. He's in a perfect position to sort it out."