We still hear a lot about “business as usual” — a situation where things follow their due course and continue as they always do. While “business as usual” may still be used to describe an employee’s workday, one could argue that there’s no longer such a thing for business leaders.
The pace and magnitude of the disruption to our markets, economy, and society are challenging any attempt to define normalcy and are changing the very foundation of business.
Let’s focus on the dynamics of “business as unusual,” particularly as they apply to periods of economic shock and uncertainty, as well as their implications for executive decision-makers.
Setting the Scene: A World Prone to Disruption
It feels like stating the obvious, but no superlatives are strong enough to describe the intensity of the disruption brought about by the digital revolution.
Not only did the advent of digital, connected technologies cause a deep reshuffle in the global competitive landscape (with new pure-players challenging established vendors and service providers, with the abolition of geographical barriers, with the creation of brand-new value streams). The digital has also triggered new dynamics where change is the only constant. That’s a major turning point in history, influencing almost every aspect of the way we think about and run our businesses.
A new status quo
New technology developments keep shaking an increasingly fragile status quo (had you even heard of Blockchain five years ago? How long until 9G becomes the new standard for mobile connectivity? Will we even use the term “mobile” 10 years from now?). A sudden breakthrough may make the star product or process of a company obsolete overnight.
And consumers definitely don’t intend to make do with the obsolete. They want the newest, slickest products and the latest services. And they want it right now — because they know they’ll probably have moved on to something even newer 6 months from now. They have grown to expect anywhere, anytime access to pretty much anything. In fact, consumers are more empowered than ever. They are increasingly aware of the power they wield over brands and businesses (that power is very real: think of the potential business impact of a Tweet or a Reddit thread these days).
A new breed of digitally minded consumers is also in your workforce. Today, employees and potential recruits alike expect flexibility and an open career path. They’ve embraced the change and don’t want to be stuck with an employer who hasn’t.
In short, we now live in a world where products, technology, processes, markets, and consumer expectations are constantly evolving. That creates new kinds of demands that require both resources and funding.
Can Business Ever Be “As Usual” Anymore?
Even if you (try to) take digital technologies out of the equation, when was the last time the world felt steady and “normal?” From the COVID-19 pandemic to tariff-driven supply chain disruptions and inflationary pressures, the fiscal challenges organizations have faced in recent years demand the ability to pivot rapidly and effectively.
What’s more, the recent behavior of stock markets has at times defied traditional economic theories, making it harder for businesses to establish reliable forecasts.
From the specter of inflation to geopolitical tensions and environmental threats associated with global warming, a whole array of disruptive forces may snowball to create a climate of uncertainty for businesses worldwide.
Nothing is certain. Then, how can business leaders chart and stay a course?
The Importance of Embracing Business Agility at the Crux
In such a volatile business environment, business agility can be viewed as a prerequisite to organizational survival. Defined as “rapid, continuous, and systematic evolutionary adaptation and entrepreneurial innovation directed at gaining and maintaining competitive advantage,” business agility encompasses both the mindset and the organizational processes that enable a company to respond to unexpected events rapidly and successfully.
In the face of periods of uncertainty, economic shock, or unprecedented challenges, business agility acts as a buffer. Agile organizations have the processes and tools required to bounce back at a moment’s notice. They can effectively reprioritize projects and redeploy resources as needed, ensuring that execution never strays too far from constantly-shifting goals.
How can businesses become more agile?
Embracing agility requires the support of strong data analytics capabilities to detect weak signals early on and identify new threats and opportunities as soon as they emerge — or even sooner. Agility also hinges upon the ability to foster a change-embracing attitude and a culture of speed and responsiveness across the business.
Business agility is what will enable your firm to veer away from the legacy practices that no longer work in order to embrace newer, better ways of doing things. This is the key to keeping pace with innovation and tapping new value streams.
Not only should it help your business to weather the next episodes of change and disruption successfully, but it should also empower you to capture the world of exciting opportunities that lie ahead.
One thing is sure: there is no room for business as usual in this picture unless you consider that adapting to constant change and disruption has become your new business as usual (BAU).
Sciforma’s project portfolio management solutions give you the power to reorient and adjust to the unusual, unexpected, and unprecedented. Book a demo today to see how they can work for you.