A number of businesses have been forced to alter established and effective practices in the last few years as a result of changes in market, consumer, and employee demands. As a result, they had to let go of their predictable, safe models and embrace the unknown. Despite their discomfort, these businesses learned that agility is both a core business competency as well as a mindset.
In uncertain times, being agile has become a prerequisite for success.
What Makes an Agile Business?
Why are agile businesses different from others? These are the top three characteristics of agile businesses that rigid, stagnant businesses lack.
1. Adaptability to Take Hold of Opportunities
We have clearly seen through the pandemic, supply chain challenges, and labor shortages that crises can strike anytime and anywhere. A business that does not adapt to change well or is unwilling to do so will be left behind.
Business agility ensures that hardships do not slow a company down. Rather than stagnate, it embraces a strategic, adaptable, efficient, and collaborative approach. An agile organization not only adapts when changes arise, but also searches for, finds, and pursues opportunities as they arise.
2. Open to New Technology
Agile businesses embrace new technologies and tools, recognize their role in innovating for an unknown future, and foster a culture of comfortable technology usage.
As McKinsey reported, digital adoption has taken off at both the organizational and industry levels. This is not surprising considering that the pandemic forced businesses to quickly accommodate remote employees.
As a result, many businesses’ digital transformation plans were supercharged, including the implementation of cloud-based business management solutions, such as cloud ERP software, so that employees could access company-wide data from anywhere, anytime, via any browser-enabled device, regardless of where they were located.
Implementing cloud ERP solutions also provided these businesses with real-time data visibility and increased collaboration, allowing them to make informed decisions.
3. Modifies the Work Environment
Companies are still having difficulty filling increasingly vacant positions in the wake of the “Great Resignation.” Many traditional companies are competing for qualified talent from a limited pool. But a company that is agile focuses on retaining its existing employees.
Recruitment and training of new employees cost more than retaining existing employees, according to studies. The best way to retain employees, however, is to reevaluate the work environment. A diverse workplace, flexible workspaces, and a healthy work-life balance are just a few of the incentives that can be offered.
An agile business is willing—and able—to modify its work environment, thus allowing it to meet the demands of exacting job seekers pursuing fulfilling, difference-making careers.
The Business of the Future
Increasingly, businesses are realizing that agility is the key to success. New technologies, opportunities, and changes continue to disrupt the marketplace, and businesses that do not adapt or pursue these changes will ultimately fail.
Resilience and adaptability go hand in hand with agility. While resilience and adaptability speak to the ability to not surrender to circumstance, agility is what allows that resolve to be realized. Companies that are agile are able to adapt quickly and easily to changing circumstances.
Leaning into the unknown is an essential ingredient of being an agile business. Perceptiveness, a flexible approach, and a willingness to embrace technology are also required.
Contact our experts today to learn how Acumatica supports agility with our modern, innovative, and award-winning cloud ERP solution.