Why Adaptation Is The Key To Thriving In Today’s Ever-Changing Business Environment
Jeff Schwisow (pictured below) is a Melbourne-based strategy specialist, speaker and the author of Projectify – How to use projects to engage your people in strategy that evolves your business. In this guest post, Schwisow says businesses need to take control of the massive change around them…
To thrive, and perhaps even survive, in today’s highly dynamic environment, requires constant, future-focused activity that allows you to plan and adapt to the change and uncertainty that lies ahead. The most successful businesses will be those that are intentional and strategic about managing their adaptive activities. This means adapt your business to the change that is happening in your ecosystem as well as adapting the opportunities within the ecosystem to help your business change for the better.
The danger in business today
As nearly every business book currently written will tell you, the pace of change in today’s business environment is greater than it has ever been. But this has been true for decades. For a long time, the ‘current’ environment has been more dynamic than ever before. What is different in today’s business world is the pervasiveness of that dynamism. Now, it is not just the so-called disrupted industries or single elements of your business that are being impacted by the pace of change, it’s happening everywhere, in every industry and at every level of business.
Technology is at the heart of much of the changing landscape because it is so engrained in every element of our businesses. Technology influences the way we communicate, the way we market, it drives our business systems, it shapes product development and manufacturing, and, for many organisations, it defines how we interact with our customers.
But it’s not having the best technology that creates a competitive advantage – it’s the businesses that adapt technology to meet their strategic intent that thrive.
The rules are changing
Our traditional management approach is quickly becoming an inadequate competitive response to this changing business landscape.
It is no longer acceptable for businesses to wait to explore a market trend or a new opportunity only after the market – or a competitor – has demonstrated that it is a safe path to follow. Today, by the time you see that a business shift is ‘safe’ for the majority, it has already reached a point where your organisation is scrambling to keep up with the shift.
Conversely, simply following a business trend or jumping on a technological bandwagon is rarely an effective response either. Unless you fully understand the business benefits of a trendy new business approach or how to create value with a new technology, you can easily fail to deliver a positive return on your investment of time, energy and capital. Worse yet, you can generate unintended consequences that can take years to repair.
Importantly, most organisations have a risk perspective on change where they only acknowledge a problem or threat exists when it becomes a BIG problem or threat – one that has confirmed its existence by manifesting itself as a negative business performance result. Reacting to change in this way puts you perilously behind, in a race that punishes those who can’t maintain the pace.
Create technological adaptation that’s outside-in and inside-out
It’s easy to get caught up in embracing technological change for technology’s sake – to adapt your business to the outside technological world. But the most effective businesses adapt emerging technologies to serve the needs inside the business – the strategic goals and the operational environment. This creates two-way adaptation where business direction is used to assess the potential impacts of the changing business landscape and shifts to that landscape are used to set the course of the future business direction.
To create this outside-in, inside-out adaptation requires a learning mindset. By constantly learning about your organisation and your business environment, you acquire the knowledge to make informed adaptation choices. ‘Outside’ learning includes staying abreast of technological development, understanding your customers and tracking market trends. ‘Inside’ learning should include operational improvement opportunities, enhancements to the customer experience and identifying potential new products or services offerings.
As you explore technological improvements, utilise the knowledge and experience of the people on the frontlines of delivering business value – serving your customers, creating what you make, or maintaining your day-to-day business operations – to define what will make the business stronger. Then rely on the people that know the most about the technology to explore ‘what’s possible’. In this way technology enables business value rather than requiring the business to adapt to a new technology.
Business change has long been synonymous with strategic shifts initiated by the organisation. But in today’s cause-and-effect world, business change is no longer a choice. Your business responds to this evolving dynamic whether you choose to or not. Your challenge is to take control of the direction of that change and create an opportunity to adapt to adverse conditions before they negatively impact you and your bottom line.
Latest News
TV Ratings 29/4/24: Farmer Wants A Wife And Lego Masters Lock Horns In Overnight’s Battle
Who won the battle of the big guns - Lego or Farmer Wants A Wife? One thing's for sure, it wasn't Great Train Journeys.
Nielsen Data Reveals Brands Spending Big To Attract Aussie Tourists
Nielsen Ad Intel data has revealed that the travel and tourism industry spent more than $153 million on advertising in Australia in Q1, 2024 – an increase of 8 per cent from the previous quarter, with TripADeal the biggest spender, followed by Virgin Australia, then the Flight Centre-owned Ignite Travel. As many Australians return from […]
IAS Awarded New Responsible AI Certification From Trustarc
Integral Ad Science tossing up over the mahogany or teak frame after being awarded TRUSTe Responsible AI Certification.
AWARD Calls For Hall Of Fame Nominations
B&T's noms for AWARD Hall of Famer includes Louis The Fly, Chums' talking Scottie dog & Mumbrella's coke dealer.
Havas Red Wins PagerDuty PR Account
Havas Red wins PagerDuty's PR. And judging by B&T having to Google PagerDuty, it could probably do with some help.
ACA Poised To Release Results Of 2023 Create Space Census
The Advertising Council unveils date for its census results. Hey, why not coincide it with an office lamington drive?
Why Fear Is Essential To Fernando Machado’s Creativity
If there's anyone B&T loves to chat to, it's fabled marketer Fernando Machado. Although the 5am time difference sucks.
Superdry Drafts AFL’s Patrick Lipinski For New Campaign
B&T fast regretting that poncho we just bought, as it appears the puffer jacket returns as winter's hottest trend.
Elon Musk vs eSafety: Legal Experts Warn That ‘Rogue Operators’ Like X Are Unlikely To Win Federal Court Battle
If this legal stoush boils down to who can afford the better lawyers, B&T's backing Mr Musk every single time.
Amy Poehler Presents First Look At Inside Out 2 At Vivid Sydney 2024
Vivid isn't about freezing your arse off while looking at lights on a wall, as you'll learn with this Amy Poehler news.
Mutinex Launches DataOS Improving Data Warehousing & Quality For MMM Marketers
Work in marketing? Does your data warehousing resemble a teenager's bedroom? Here's a Marie Kondo-approved read.
IMAA Celebrates Three Years Of Group Trade Credit Insurance Deal
Are you a struggling indie? Thinking of firebombing the building for the insurance money? IMAA has you covered here.
Adam Sandler Seemingly ‘Slams’ Ukraine In Pro-Kremlin Campaign
Host of A-list celebs caught slamming Ukraine's president. Thankfully it does have the Milli Vanillis about it.
New Marketing & Comms Agency For Defence & Aerospace Industry Takes Flight
As painful as this is to say, judging by current world events, the bomb & tank industries must be in rude health.
Opinion: Do Punters Want To Wear Your Brand?
This columnist asks do punters want to wear your brand? B&T'd say yes if you were Nike, no if you were Anusol.
WiredCo Builds Portfolio With Appointment To G.J. Gardner Creative Account
WiredCo 'cements' its relationship with home builder G.J. Gardner. Did you see what B&T cheekily did there?
Keep Left Reveals ‘Strategically Assembled’ Strategy Team
PR agency announces serious upgrade to its strategy offerings. Thankfully stops short of calling them Delta Force.
Initiative’s Michael Chong: What Do Mountaineering, Media & Marketing Have In Common?
Yes, B&T's running an inspiring mountaineering story. And this from people who won't come to work if the lift's broken.
CMOs To Watch: DrinkWise’s Part Time Builder, Part Time Marketer, Nathan Kent
Despite his love of DIY, B&T can't see Drinkwise's Nathan Kent in any "you can get it" VB ads anytime soon.
Mari Kauppinen Pops Up As MD Of ITA Group ANZ
Mari Kauppinen set to bring some zing, some song and some va-va-voom to her new role at ITA Group.
“It Is Getting Better But At A Glacial Speed”: PR Guns On Shaping A More Diverse Media Industry
B&T has a love-hate relationship with PRs. Love if they take us for a boozy lunch. Hate when you send releases as PDFs.
GoTransit Media Group Unveils The Power Of Regional Transit Advertising
Need reminding lots of people live outside the Surry Hills enclave? It's the regionals &, yes, they have almond milk.
Slew Of Promotions For Special Senior Creative Leadership Team
Special announces a slew of promotions in its creative team. And, no, they didn't order Uber Eats to celebrate.
Kantar: AVOD Subscribers Double In 12 Months
Study finds Aussies happy to watch ads on their streaming services. Or, are they just putting the kettle on more often?
Val Morgan Digital Exceeds All Campaign Uplift Benchmarks Via A 12-Month Brand Metrics Study
Val Morgan announces it has exceeded all its campaign benchmarks. Still can't get under an hour for the City To Surf.
Australian Retirement Trust launches monster of a campaign, by M&C Saatchi and Bohemia
Get offered a seat on the bus today? Knees creak like an old pirate's galleon? This retirement ad may be of interest.
Print Audits To Discontinue As Audited Media Association Of Australia Pivots To Support Influencer Marketing
Is it just B&T or are audits in the media industry suddenly becoming murkier than Roxy's husband's tax returns?
News Corp Australia Launches 2024 National Education Advocacy Initiative With Expanded Program
News Corp set to shine a light on the nation's schools in new series, giving illegal bikie gangs a well-earned rest.
Decoding The Consumer Maze: Urban List Report Reveals How Modern Shoppers Spiral From Discovery To Purchase
Latest report unravels a shopper's journey from the joy of discovery through to a nasty letter from a debt collector.
Cosmo Returns To Australia!
Ever get the feeling we've weirdly warped back to 1988 at the moment? Confirm it with the relaunch of Cosmo in print.
People & Culture Consultancy Human Kind Collective Launches To Plug HR Gap For Media Agencies
Does the very mention of HR have you struggling to remember last year's Christmas party? Get the sweats with this news.
‘We Want To Be A Growth Partner, Not Just A Media Buyer Or Someone That Makes Ads’ – Bohemia Boss On Agency’s Ambition
B&T's chatting with Bohemia boss Paul ‘Hutch’ Hutchison. Although we do think 'the dagger' a far superior nickname.
Initiative’s Geoff Clarke: ‘Youth Hits Targets With Enthusiasm, Experience Hits The Targets You Can’t See’
Initiative’s CCO Geoff Clarke on the value of experience in agencies. Not to mention quoting lines from Pulp Fiction.
The Iconic Teams Up With 5 Aussie Athletes For Latest Campaign
Fashion label brings in the athletes for new campaign, many of whom appear to have prepped with re-runs of Zoolander.
Seven West Media Secures New Director Of News & Current Affairs
After a tumultuous few weeks, Seven unveils director of news & current affairs. And B&T never uses tumultuous lightly.
Seven Network Expands NSW Sales Team With Two New Group Business Directors
Seven ramps up its NSW sales team. Both of whom are well versed in pronouncing Manu Feildel's croque-monsieur.