Why Adaptation Is The Key To Thriving In Today’s Ever-Changing Business Environment

Why Adaptation Is The Key To Thriving In Today’s Ever-Changing Business Environment
SHARE
THIS



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.

Screen Shot 2018-08-22 at 9.32.44 am

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.

Please login with linkedin to comment

adaptation Disruption Jeff Schwisow

Latest News

Tinder: Year In Swipe 2021
  • Campaigns

Tinder: Year In Swipe 2021

2019 had everyone facepalming at the state of the world, 2020 had us shrugging with uncertainty about the future and 2021 is the year we all exchanged and watched the drama unfold. From sharing the collective thought of oh my God when will this end to a common appreciation for simple meet-cutes, Tinder Gen Z […]

GoDaddy Wins Big At Olympic Marketing Awards
  • Media

GoDaddy Wins Big At Olympic Marketing Awards

The Australian Olympic Committee (AOC) announced internet domain registrar, GoDaddy as the winner of the 2021 Inspiration awards for excellence in Olympic marketing in Sydney last Thursday night. GoDaddy’s ‘Dream It. Build It’ campaign earned the top of the podium in a highly competitive field, ahead of Speedo’s ‘Made for Aussies, worn by Olympians’ and […]

How Creatives Can Overcome Innovation Inertia
  • Opinion

How Creatives Can Overcome Innovation Inertia

Zoe Aitken (main photo) is the head of consulting at leading behavioural science and innovation consultancy Inventium and has over 20 years’ experience helping organisations develop customer-centric growth strategies and innovation. In her latest post for B&T, Aitken offers expert tips if 2021 (and you know what) has left your creative juices baked… Fear and […]

Opinion

by B&T Magazine

B&T Magazine
Re:act Encourages Young Drivers To Practise Road Safety In New Campaign
  • Campaigns

Re:act Encourages Young Drivers To Practise Road Safety In New Campaign

Road safety behaviour change campaigns, created by local university students to educate young drivers about the risks of driving fatigued, launched nationally across Australia this morning. The campaigns are now featuring across digital assets in metropolitan and regional Victoria, New South Wales, Queensland and Western Australia, and will run for the next two weeks on […]

LEGO® Australia Rebuilds The World One Brick At A Time
  • Campaigns

LEGO® Australia Rebuilds The World One Brick At A Time

This holiday season Lego Australia will be conducting a giant rebuild of the world at the Sydney Opera House. LEGO® Australia will be inspiring children and families once again through their remarkable Christmas Giant builds. Thanks to an exciting partnership with the Sydney Opera House, the activation will take centre stage on the iconic Forecourt. […]

Tourism NT and KWP! Win Big At Global Tourism Film Festival
  • Advertising

Tourism NT and KWP! Win Big At Global Tourism Film Festival

Tourism Northern Territory’s film, ‘Seek Different’, created by KWP!, has been named the World’s Best Tourism Film – Region after being awarded the top prize at the 2021 International Committee of Tourism (CIFFT) Film Festivals Circuit held in Valencia, Spain last Friday. The circuit brings together the world’s best tourism film festivals from four continents, […]

QMS Announces Slew Of New Promotions
  • Marketing

QMS Announces Slew Of New Promotions

Who ISN'T getting a promotion at QMS today, is the bigger question? And maybe some self introspection if it wasn't you.

Zenith: Aussie Ad Spends To Rise 5% In 2022
  • Advertising

Zenith: Aussie Ad Spends To Rise 5% In 2022

The very real threat of a paper cut aside, it's all good news in Zenith’s Advertising Expenditure Forecasts report.

by B&T Magazine

B&T Magazine
Converse Opens Creative And Sustainable Workshop in Melbourne
  • Campaigns

Converse Opens Creative And Sustainable Workshop in Melbourne

Converse has teamed up with brand experience agency, Amplify, to launch ‘Renew Labs Fitzroy’, an experimental retail experience that showcases creativity, co-creation, and promotes sustainable shoe consumption and usage. This centre is located in Melbourne’s Fitzroy suburb, and will host intimate creative workshops, in which consumers will be encouraged to customise their ‘Chucks’ with patches, […]

DesignCrowd Registers One Million Global Users
  • Media

DesignCrowd Registers One Million Global Users

Creative design marketplace, DesignCrowd, has announced reaching the milestone of one million registered designers on its global platform. The Aussie crowdsourcing start-up currently has a 1,004,000-strong freelance designer network, which has grossed over $A62 million since the company’s 2008 launch. The network have completed over 26 million graphic, logo and web designs for both small […]

The Chiefs & Optus Renew Gaming Partnership
  • Campaigns
  • Technology

The Chiefs & Optus Renew Gaming Partnership

The Chiefs and Optus today announce a partnership extension that will see the brands continue to collaborate around gaming content in Australia for a further 12 months. The news follows a successful 12-month partnership, including members of The Chiefs featuring in Optus’ Gamer Plan launch supporting the development of Optus’ Streaming Booth. Much of the […]

Digital Travel Ad Impressions Up 40% Reports Nielsen Ad Intel
  • Advertising

Digital Travel Ad Impressions Up 40% Reports Nielsen Ad Intel

During the month of October, $A8.5 million was spent in digital travel advertising and digital impressions were up almost 40 per cent from September, according to the Nielsen Ad Intel report. The report found that the top advertisers amongst cruise lines from October in order are Emerald Cruises, Oceania Cruises, and Royal Caribbean. Amongst the […]