Navigating in Unprecedented Times: Adaptability is Core to Success One of the key learnings from this pandemic has been the value of adaptability, in our personal lives and in business. Those of us used to driving into an office every day had to be flexible with our daily routine and learn to work from home. Schools had to adjust to educating their students virtually. We also saw large corporations flex their capabilities to meet urgent needs around the world. Fashion labels like Ralph Lauren and Prada reconfigured their production facilities to produce face masks and isolation gowns. Other companies adapted by making ventilators, hand sanitizer and soap at their manufacturing plants. In ordinary as well as unprecedented times, businesses that are flexible and pivot at the right points have a distinct advantage over those that don’t. In order to move forward successfully in this new reality, there are several core factors businesses will need to consider: It’s essential to address evolving market needs. No market remains the same indefinitely. Consumer needs continuously change and markets fluctuate, which means companies must be ready to pivot in order to meet those changes. A great example is DuPont. It began as a manufacturer of gunpowder as far back as the Civil War. In fact, they supplied much of the gunpowder to the Union Army. The market changed after the war and throughout the ensuing years, DuPont reinvented itself many times to become the multi-industry powerhouse it is today. Technology demands adaption. Advancements in technology are continually requiring companies to adapt their business models. Netflix disrupted the DVD rental market when it brought its streaming service to the market. While the company was once in the DVD rental business, it adapted as technology advanced. It forever changed the way we consume entertainment, while Blockbuster failed to be flexible and ceased to exist. Another example of technology driving adaptation is Microsoft. Updating its software programs like Word and Adobe used to be done by purchasing and installing a CD. As cloud-based technology advanced, the company changed its business model to subscription-based software that is more easily and frequently updated.
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Core to Success
