This edition of the “Quarterly” focuses on helping leaders and organizations understand what it takes to operate in a VUCArld.
Memorable Quotes from the Video:
With the rapid pace of change transforming the global business landscape, company leaders are feeling ill-equipped to navigate today’s constantly evolving industry environment. Classic approaches to strategy such as three- to five-year business plans that assume predictability in financing, economic cycles and competitive landscapes have become irrelevant and no longer work. In fact, organizations that are reactive versus proactive in this environment are more likely to be left behind.
What FMI’s research shows is that agile leaders and organizations are the ones that can truly compete to win in a VUCA world. These include entities that are adept at learning from experiences, have processes and systems enabling them to react quickly, and are willing to change in order to take advantage of opportunities. In this issue, we explore the concept of agility both at the individual leader level and at the organizational level.
We’ve also taken a fresh look at how to create effective and adaptive strategies in a VUCA world. What we’re finding is that organizations are dealing with a high degree of variability in their planning processes. Leaders are now focused on developing competency skills, grooming workforces that can react quickly under a variety of scenarios, and capitalizing on the opportunities that present themselves.
Finally, we introduce a practical framework for adaptive strategy that allows leaders to assess their business surroundings—or context—to identify and monitor key factors influencing their daily “ecosystem.” Even though there is no one right way to plan for the future, finding out which drivers and indicators have the most impact on your firm is a starting point. Anticipating change is crucial as firms position themselves for the major shifts that occur, not just in the next few years, but through the next decade. The firms that succeed will be masters of agility, led by executives poised to make the best decisions for their company.
CEO, FMI Corporation