Innovating Amidst Uncertainty – The Importance Of Business Agility
Written by: Zuleka Kaysan, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
The need to innovate in a volatile and uncertain environment is starkly apparent; almost all CEOs believe they need to change their business models in the next three years, and nearly half are already in the process of change.
Today's corporate landscape is teeming with interrelated challenges. On one side, volatile consumer demands are triggering a scramble to adopt emerging technologies. Internally, employees are demanding better work-life balance from employers. Externally, businesses are navigating intricate economic and geopolitical climates, while simultaneously working to counterbalance the repercussions of climate change.
So, how can business leaders innovate in such an environment? The answer lies in agility.
How agility changes the narrative
The key to continuity lies in an acceptance of change. To continue serving customers and progressing towards business goals, businesses must adapt to changes. Harvard Business Review found that agile teams are more productive, higher in morale and faster to market.
In the remit of R&D, where the term originated, this is because an agile approach involves making incremental adjustments throughout the development process by implementing frequent reviews, which improve the likelihood of successful innovation.
In a broader business sense, agile businesses are so successful because they are proactive in monitoring and predicting the impact of external forces and consequently make internal changes, enabling them to stay ahead and close to their customers. There are multiple benefits to adopting an agile business approach, including the following.
Thrive through downturns
The old way of thinking is that businesses must survive economic downturns and other disruptive events. With an agile approach, business leaders can predict or recognise downturns before they hit the market and prepare the company to weather them. This preparation can also include identifying growth opportunities during times of disruption and implementing them sooner for optimal results.
Forge a competitive advantage
Constantly being willing to adapt and watching out for the next change allows businesses to stay ahead of competitors who are slower to react to disruptive events. Maintaining a solid pace of change can attract new customers away from competitors as they are unwilling to wait for others to catch up.
Continuous development
Being in a state of continuous development creates a culture of innovation. Some changes will be responses to disruptive events. Other changes will come from new opportunities being identified due to the innovative mindset the company embodies. When it's accepted that the way of working can constantly be improved, the workforce will always look for potential improvements.
Customer loyalty
An innovative company is an attractive value proposition to customers. Building a reputation for being cutting-edge in your field is beneficial as it improves customer trust and the perceived value of your products. Beyond the external perspective, agile businesses serve their customers better with an ahead-of-the-curve customer experience and an ability to meet changing demands.
With these benefits in mind, how can business leaders leverage agility for continuity amid change?
How to be agile in today's day and age
There are certain qualities agile businesses embrace to respond to waves of change and disruption with ease.
Future thinking
Instead of waiting for the next disruptive event to happen, agile businesses look ahead to consider the trends emerging in the short and long term. From emerging technology to changes in customer preferences, they prepare for shifts before they happen. This can be supported by AI and ML technology as it has predictive capabilities.
Take bold action
Research has found that growth leaders who consistently outpace their competitors aren't afraid to take bold action. They are willing to take risks and be ahead of the curve. They don't wait to see what their competitors do but are decisive in the direction they want to take, knowing they can make adjustments along the way.
Invest in digital transformation
Technology is the infrastructure of success. A company wholly relying on traditional methods will struggle to compete with a company utilising automation to make progress faster and with the support of AI and ML. That means agile businesses must be culturally comfortable with change and work alongside technology without resistance to implementing new methods.
Attract and retain agile talent
An agile business is made up of agile employees. They should be able to fit into the culture of innovation that supports an agile business. As we can't predict every change and technological development to come, team members willing to participate in professional development to learn new skills are ideal.
Focus on efficiency
Whatever is to come, being efficient in all processes will ease the transition to new ways of working and other changes. So a focus on operational efficiency is always beneficial to an agile business. Even innovation can be made more efficient by enabling collaboration and sparking new ideas internally across the business.
Customer centricity
Keeping customers onboard supports a business through economic downturns and other challenging times. Listening to customers helps companies to make the best decisions on how to respond to changes, allowing the business to continue to meet customers' needs while remaining financially viable and on mission.
Track and adapt
As change is constant, factors may impact a decision already made. Or an initiative may not have the intended effect. That's why tracking the response to changes and adapting accordingly is vital to successful agility. Monitor and assess KPIs before, during and after implementing a change, steering the initiative in the right direction when needed.
By shifting the perspective of change from a risk factor of instability to an opportunity for business growth, businesses will have the agility to navigate the current landscape, garnering success as they do. Keeping sight of the future and considering what that means for today sets a business up to stay ahead in times of uncertainty. What changes can you make to strengthen the agility of your business?
We share practical tips to help businesses become more agile in our webinar here.
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Zuleka Kaysan, Executive Contributor Brainz Magazine
Spurred by her 18-year career delivering business transformation and change in fast-moving corporations with ambitious mandates, Zuleka Kaysan founded The Cornerstone Advisory – to empower tech and service-based businesses at each stage of their growth. She helps visionary leaders elevate their performance through an integrated approach; enhanced customer experience, innovative service design, and a fit-for-purpose culture. Her mission: to bring ideas to life.
