11/08/2021

Creating resilient business strategies in a volatile, uncertain world

To survive today, businesses need to be incredibly resilient

The COVID-19 (coronavirus) pandemic brought on several challenges including a business environment that is fragile and unpredictable. What has emanated is the fact that the world is a very volatile, uncertain, complex, and ambiguous (VUCA) place. The strategies for business growth and diversification have been re-assessed with the business models being modified to create better business value. While most organizations have formalized their business continuity and disaster recovery plans, they are being put to the test as businesses resume operations post the lockdowns.

The concept of VUCA originated from the armed forces of the United States and is now applied to depict the challenges and complexities associated with the ever-evolving business dynamics. Over time, business models have changed significantly, with global collaborations, technical know-how being shared entailing rapid innovation, business excellence and customer satisfaction garnering utmost priority, resulting in a complete transformation as to how businesses operate.

To survive in this unpredictable environment, businesses need to be incredibly resilient. While it is impossible to predict the future, there are many strategies that businesses can adopt as a force majeure.

Please select this link to read the complete article from Business Today.