Why is Adaptability Important for Business Success?
Our planet goes by another name called “change”. Everything around us is changing, nothing is constant. In fact, quite ironically the only thing that is consistent in our world is change itself! In such a diversifying cosmos it is difficult to cling to the top position. This narrative is especially cogent when we speak in terms of business. Our entrepreneurial ventures are constantly under attack of increasing instability, globalization and refurbishing technology. In order to survive in such an advancing world, the CEO of multinational corporations consider adaptability as their lone and consistent companion.
Let’s consider these three apprehensions in detail.
Globalization accounts for integrating globally and extending out to all parts of the world. Recently the pace of global integration has dramatically increased due to better connectivity, transportation and improved technology. Multinational corporations are manufacturing products with proliferating pace and quantity. These products are sold nationally and internationally as money, raw material and technology moves ever so swiftly across the national border. Besides the goods and the finances new and improved ideas and cultures move as well. Hence adapting to the new ideas and cultures is crucial for business.
Instability here refers to either social or political instability. This factor is of acute importance while setting up new startups. It is important to adopt a risk assessment strategy beforehand in order to adapt to a country’s changing political and social scenarios and to prevent any mechanical and financial loss that may occur.
Introducing new technology is very important for expansion and development of a business. For example up till the early 20th century pasta was made by hand in limited quantities, but with new age, advancement and increasing awareness among people its demand was increased greatly. In order to meet this intensified demand slow and obsolete methods of pasta making such as by hand had to be abandoned and newer methods had to be adapted. That is when the machines were employed to make pasta. This advancement consequently led to increased production and better business. According to a new study in 2000, 1.3 million pounds of pasta were sold in American grocery stores. If you lined up 1.3 million pounds of 16 oz. spaghetti packages, it could circle the Earth’s equator almost nine times! Therefore it is always important to adapt to changing ways and technological advancements
For more details click here