Importance of Continuous Improvement in a VUCA Environment
Businesses must constantly renew themselves to stay competitive and relevant. The business environment is constantly changing at an unprecedented speed, and some describe it as VUCA (Volatile, Uncertain, Complex and Ambiguous).
Some of the impacts of the changing environment include:
- Product life cycles are getting shorter and shorter
- New technologies and disruptive innovation are challenging the survival of traditional business models
- Customers are getting more demanding as search for alternative suppliers / service providers is only a mouse click away
- Old business models and business processes that worked well in the past decade may not work anymore going forward
Organisations which fail to adapt and respond to the VUCA environment are not likely to survive. Only those which can swiftly change their business models and business processes to suit the environment can continue to exist and flourish. Continuous Improvement is their best approach to achieving this objective in a systematic manner. Continuous Improvement is hence not an option, but a key to business survival. A well-executed Continuous Improvement programme can turn the adverse VUCA environment into tremendous opportunity when traditional competitors are being displaced without a clue.
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