The importance of adaptability in an increasingly complex world
Adaptability to changing conditions is a must-have trait for today’s organizations, especially during today’s uncertain world. Business leaders must prioritize adaptability as a must-have organizational trait, and as disruption accelerates, there is no guarantee that the biggest and toughest industry players will survive.
Organizations that understand their environments and are positioned to sense change and adapt are the most likely to survive in the event of disruptions.
Adaptability: the fundamental goal of any business is to survive and thrive.
Today, no industry or company is safe from disruption, but many organizations are not prepared to adapt quickly enough to survive the effects of accelerating change.
For companies to position themselves for long-term success in this ever-changing environment, business leaders must prioritize and foster adaptability as a must-have organizational trait. Businesses can no longer rely on traditional measures of business health. The focus must be about changing perspectives and transforming quickly and at scale to become adaptable today in order to survive tomorrow.
One way that companies can start their journeys to becoming more adaptable and, therefore, more fit for an uncertain future is to adopt new perspectives on business sustainability.
Many business leaders still appear to believe that traditional indicators of market dominance provide an insurmountable competitive advantage. However, as the amount of disruption accelerates, it becomes more apparent that the biggest and "strongest" industry players are not always the most likely to survive. This has become increasingly clear as the pandemic has continued, with many companies, large and small, struggling to survive the COVID-19 disruption and its ever-lasting effects.
The COVID-19 pandemic has accelerated the pace of disruption and highlighted the extent of globalization and the interconnectivity of technology, business and society in ways never seen before now. This shift has also revealed the instability of many companies that were long seen as industry leaders.
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Not all companies have struggled during the pandemic, however, some companies were lucky to be in the right place at the right time. For example, so-called "work from home" companies and e-commerce leaders. Others have remained stable due to a strong focus on resilience, financial stability and contingency planning. In addition, there are those that have used the crisis strategically to innovate their business models for growth. In all cases, these organizations have demonstrated the uncommon ability to adapt quickly to the changing environment. With the right planning and fortitude, these companies are uniquely positioned to compete during uncertainty now and in the future.
The future health of any organization will rely on many things, with differences varying due to geography, industry and even business type. Still, the common thread is to focus on transformative business drivers to stay fit while gaining dynamic competitive advantages.
- Consider the human factor: focus on all business stakeholders by designing business models, products, and services.
- Drive innovation: be prepared by exploring innovations before disruptions occur while promoting organizational cultures that reward innovation.
- Deploy technology quickly and efficiently: develop a strong digital transformation strategy to keep pace with technology advancements and ahead of any potential disruption that may occur.
These qualities will be trademarks of any adaptable and future ready organization. This preparedness will provide the ability to move quickly and adapt to changes in customer demands, technology advancements and unsettling competition better than those that rely on size and efficiency alone.
Many additional internal and external reasons may hinder a company’s ability to adapt, but better planning and transforming can serve as a guide for leaders hoping to avoid the same mistakes that have led other companies to the brink of disaster.
When it comes to cloud adoption, organizations need to source a cloud service provider to help plan and execute the much needed strategies for a smooth and easy transition to the cloud. Disruptions occur at any time and the right cloud service provider will deliver the desired peace of mind that your data is ready and available at all times in order to keep your business running while also avoiding consequences from a disruption.
Sarah Doherty is Product Marketing Manager, iland