The world is presently undergoing the fourth industrial revolution and that is marked by rapid technological advances. For businesses trying to understand where they stand in this process, it can feel like the road is bumpy but the author states that they can do more than just holding on until the ride ends. They can benefit from all the advances that the technology world is providing. There are so many things that can determine a business success which include economic downturn, upheavals in industry, customer preferences that are changing, and transformation in the technological arena, but the businesses that survive are the ones who have known how to evolve with the movements in the markets. Therefore when the only constant that a business is faced with is change, it pays to learn to be agile. One of the cases is when a business identifies a new opportunity or change in technology that would benefit the profit line. Their first response is to seize it before the competition does and that is a classical Business 101 case study. But the difference between success and failure is the ability to adjust the existing business processes to meet new challenges in the industry. A business that is weighed down by outdated systems and processes cannot be able to act quickly and timely.
Key Takeaways:
- The fourth industrial revolution is underway and this revolution will unleash a number of extraordinary technological advances in both our personal lives and in business.
- Many businesses will discover that the ongoing technological revolution can seem like the road is very bumpy but they can do more than just hold on.
- Businesses can thrive and not just survive when the market is changing when they take the bold steps to proactively evolve with the market.
“The importance of agility can be seen more concretely in the recent actions of fast-food giant McDonalds. When consumers began moving away from super-sizing and towards healthier food, revenues began to take a nose-dive.”
Read more: https://www.dynamicbusiness.com.au/small-business-resources/growing/agility-a-business-strategy.html
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