Written By Viren and Naina
How has your business changed in the last few years? Did your business go through changes at the time of the introduction of GST or covid-19? Or are you still the one who continues to enter their bills in the notepad? Have you discovered that your most agile competitor is a company that didn’t exist two years ago? It is very important to understand that the 21st century is the “era of change” and for their businesses to survive, businessmen need to possess the ability to adapt to the dynamic environment. So, what next? It is the question that every businessman is forced to think about these days.
Here are our few domains on how to navigate the road ahead and ensure your business is not left behind.
To learn how to adapt and create new ways of working, businesses need to experiment. The growing pace of technology has forced businesses to adapt to changes quickly. Few conservative companies (Kodak which didn’t adopt digitized photography or Nokia which didn’t compete with Androids) may find themselves dragged into this new business reality kicking and screaming. But venturing at the right time is a must. The way Azim Premji took over the company Wipro from his father and expanded it into IT after seeing the growth of the IT sector rather than selling consumer items is one of the most fitting examples of the same.
2. Agile Methodology
Earlier businessmen or companies used to prepare contingency plans. But today, instead of anticipating known risks, organizations must cope with an environment that is volatile, uncertain, complex, and ambiguous (known as VUCA). Transformative models like Agile which can be changed as per the dynamic environment are encouraged rather than restricted models as per contingency plans.
3. Accelerate investment in innovation, partnerships, and reporting
Information is the foundation for action. A data-driven approach can illuminate relative costs. If companies do research and collaborate with other companies, they can end up saving significant sums of money like when PepsiCo and The Nature Conservancy partnered to protect drinking water sources, which helped to cut down their costs by $80 million, or like the company Hilton, which reduced carbon emissions and waste by 30% as well as energy and water consumption by 20%, helping them save more than $1 billion in operating efficiencies.
Nothing is constant, not even the business environment. Due to the growth of technology, the pace of change is relentless. When these developments occur, the organizations that adapt quickest create a competitive advantage for themselves, while the companies that refuse to change get left behind. The best way to deal with any change is to learn it, embrace it, accept it, and apply it. To accelerate the road to success and fame, businessmen need to change their point of view from “what will I lose?” to “whatever happens, I’ll be okay.”