This article explores the growing trend of strategic agility in businesses, highlighting its benefits in adapting to rapid changes and challenges while emphasizing the need to mitigate the inherent risks associated with frequent strategic adjustments.
The big question: How can business leaders use agility for strategic benefit while mitigating risk?From technological advancements and shifting market dynamics to unexpected global challenges, businesses face constant challenges that demand swift, effective responses. To remain competitive and prepared for unforeseen disruptions and emerging opportunities, business leaders are increasingly embracing strategic agility.
In a recent survey of over 500 business leaders by Association for Project Management (APM), almost half (49 per cent) said they update their strategies at least every three months due to factors such as the rise of AI, global instability and sustainability pressures. The findings show a significant shift away from traditional long-term planning and a growing reliance on rapid short-term strategy updates, driven by the urgent need to adapt quickly to emerging trends and increasingly complex challenges.But rapid and regular strategic change can pose its own risks. So how can business leaders use agility for strategic benefit while mitigating those risksConsider the tech industry, where companies must constantly innovate to stay ahead. A leading tech company’s iterative approach to product development, supported by agile project management methodologies, has enabled them to maintain market leadership. Similarly, during the Covid-19 pandemic, communications businesses such as Zoom adapted their infrastructure and services to meet a sudden surge in demand, demonstrating how agility can drive success even in the most challenging times. Outside of tech, some retailers have adopted agile supply chain management, allowing them to respond to fashion trends and consumer demands rapidly. By emphasising flexibility, real-time data and collaboration with suppliers, they can produce and deliver new products faster and staying competitive in a fast-paced marke
STRATEGIC AGILITY RISK MANAGEMENT BUSINESS LEADERSHIP INNOVATION ADAPTABILITY
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