The digital normality-volatility, uncertainty, complexity, and ambiguity bring challenges in business management.
Consider an organization as a coherent, and hyper-connected ecosystem. In a world where change is significantly speeding up, business leaders couldn’t predict the future with a certain degree of accuracy, and the strategy can no longer stay static, the business goals can no longer be well framed in advance.
In order to deal with a new normal of uncertainty, hyper-diversity, understand the dynamics, influence desired changes, envision alternative scenarios: With today’s “VUCA” digital new normal, organizations have blurred territories, overwhelming growth of information, business management has a very wide scope and a relatively new area of expertise. never assume you know what the problem is. Never think there is a short list of solutions you can pick from. Agile organizations should be complex enough to act intelligently and nimble enough to adapt to changes promptly.
The key is to enlist the dissenters to provide input during the process to maintain engagement. Business outliers have an open mind that holds onto its beliefs while being prepared to consider other perspectives should they make sense. It’s crucial to encourage creative and independent thinking, gain fresh knowledge, and take diverse perspectives to understand emerging issues, in order to come up with alternative solutions.
In many circumstances, business management itself has to be changed for fitting the digital new normal: Organizations are made by people and people are the key element in self-adaptive organisms of today’s organization. As a matter of fact, uncertainties are a common occurrence in any walk of our progress. It’s so easy to focus on the bad; see faults and mistakes, instead of seeing the positives, recognizing good and bringing those to light.
Well planned Change Management with comprehensible understanding greatly reduces complexity, practically eliminating the fear of change that derails good or even great intentions, so it should have a better opportunity to achieve expectations. Today’s digital leaders have to know the psychology behind changes, balance the optimistic spirit and cautious attitude; openness and standardization; discipline and flexibility to expedite business transformation.
Industries and businesses are leveraging the two speeds-industrial and digital speed in navigating through “VUCA” new normal: The change will be the new normality, we cannot predict anything beforehand but can imagine with many experiences involved in the current or in the past. Organizational leaders and professionals must act with speed. They need stability, agility, confidence, and self-awareness. They should demonstrate emotional stability and technical competency, become aware of knowledge as great assets and resources, to achieve strategic goals effectively.
In face of “VUCA’ normality, all businesses have to accept change to survive, and build innovation competency to thrive. A hybrid nature of organization mixes the virtual platform with the physical functional structure to enforce cross-functional collaboration and hybrid innovation. Timing is, therefore, critica; because when you miss the right timing, you miss the opportunity; and if you don’t move fast enough, you already lag behind.
The digital normality-volatility, uncertainty, complexity, and ambiguity bring challenges in business management. Business leaders should realize that the breakthrough success in business requires not only forward-thinking strategies but also a transformation of the company’s underlying functions and structures, in order to build the new sets of business capabilities to adapt to the “VUCA” digital normality.