For business leaders, the challenge is now to develop a strategy that is agile enough to meet the demands being placed on them and adjusting quickly.
The world economy is changing at a pace that has never been seen before – we can now do more things than ever before and complete them faster than at any other time in recent history.
In fact, PricewaterhouseCooper’s most recent CEO survey has found that more than half (54 per cent) of CEOs have seen their company move into a new sector over the last three years. What’s more, the pace of technological change has become a key area of concern, with 58 per cent citing this as a challenge to their business.
While this continual change is a sign of the times, it also presents a clear challenge that business leaders need to adapt to. For companies that want to thrive in this environment, the challenge is now to build an agile business that can respond to these challenges.
This was cited in a study by Ovum research on behalf of TalkTalk Business, and covered by CBR online. The research revealed that although around 80 per cent of large firms and 90 per cent of SMEs recognise the importance of agility, very few are achieving it.
The research went on to highlight just one area which is holding companies back from achieving greater agility – IT investment. According to the study, 40 per cent of Chief Information Officers feel that legacy technologies are preventing their organisation from moving quickly.
Of course, it isn’t just out-dated technology that is holding companies back – agility is something that businesses will need to consider at every level, not to mention being something leaders will need to commit to.
For business leaders, this also means taking the time to develop a strategy that can close the ‘agility gap’ within a company between the demand for greater agility and a business’s ability to meet these demands.
Elaborating on this issue, TEC speaker Mike Richardson‘s presentation at TedxLaJolla addresses how companies can address and close this agility gap within their operations.