The term “business agility” might sound to many as yet another buzzword. However, the idea behind this phrase can be the deciding factor in the growth and success of your business.
What is Business Agility?
Business agility is the ability to thrive and compete in the digital age by quickly adapting to internal and external market changes; responding flexibly to customer demands; leading a productive and cost-effective good or service without compromising quality, and competing at a competitive advantage.
Why even be Business Agile?
The reasoning behind this is simple: the future lies unpredictable, and with the constant changes and innovations in technology, there is greater uncertainty to the market needs and requirements. Embracing and increasing your business agility can help your business rapidly evolve and adapt to the changing trends without fearing to be left behind.
Looking for ways to enhance this ability is vital to succeeding in the business landscape. Here are 6 ways you can increase your business agility:
- Swiftly introducing new products and services
Demands for new or better products or services keep arising. A business then needs to be quick to identify the consumer demands and swiftly introduce their product or service to the market. This will provide you a head start compared to competing businesses. However, it is important that the decision-making, manufacturing, or financial decisions are not expedited to a large degree as it would likely compromise the quality.
- Providing exceptional customer care and satisfaction
Exceptional customer care is not only focused on treating customers well but also is proactively looking for ways to exceed expectations. It leads to forming strong relations that lead to a loyal consumer base. Retaining this base is less expensive than finding new customers and can lead to loyal customers providing good online reviews or positive endorsements.
Around 96% of American businesses close their doors within 10 years and this is mainly due to poor customer care. Buyers can get frustrated over small problems if they are not addressed quickly and it might reflect that the business does not value their customers. Dedication and continuity with exceptional customer care are fundamental to increasing business agility and to achieve customer satisfaction.
- Adapting and responding to change in the market
Replacing existing infrastructure takes immense amounts of time and money. But making use of new generation technologies to adapt to market conditions like agile project management eliminate the need for large infrastructure. The best business practices revolve heavily around data which in turn drives business agility. Investments then in reliable technological management services become paramount as these will help you identify the demand and respond quickly.
Agile project management platforms like Monday.com can provide profound and flexible management configurations for various hybrid methodologies that have automated tasks and customizable task boards. This will help in managing assignee, due dates, task status, and also provide immediate access to product sales, geographical trends, and company performance —making your business more agile than ever.
- Streamlining effective and quick communication through technology
The ability to execute business agility lies upon one overarching factor which is of communication. Most companies resort to using email for everyday talk. However, this mode of communication will not always outcome an agile business process. Modern agile management services are also great for streamlining communication by enhancing adaptability to changing market conditions.
Further, it fosters collaboration by facilitating faster and effective communication. This will allow your team to make room for a more agile way of doing business by connecting quickly and easily to communicate and respond to market changes and avoiding miscommunication.
- Empowering your workforce
An agile workforce means an agile business. Taking an open-minded approach can be the best way to empower your workforce to make well-informed decisions and also to systems for business agility. Instead of dictating commands, empathy, and working together with each employee or team can boost collaboration to grow an innovating business.
Empowering your workforce can also be achieved from a group of people who are not confined to just one area of expertise. This will increase adaptability and diversity that will also be a continuous learning environment upon which the core values of an agile business can be built.
- Corporate Commitment to the Environment
While this might seem odd, committing to sustainability and care for the environment must be viewed as an important factor. As industries continue to flourish, the environmental aspects are often overlooked. At any time, governments can impose stricter laws and regulations that hinder business agility due to ongoing environmental challenges.
This could affect your supply chain and hence makes it vital to embrace a corporate commitment to the environment while planning a product or service. In several cases, abiding by the commitment to the environment will also reflect behavior that may impact the people who seek to invest in it.
The extent and changes in market conditions faced by your business can be influenced by several factors. But by effectively crystalizing the multiple ways through which you can become more business agile will contribute to your business being ready in any turbulent situation and remain competitive by taking advantage of new opportunities.