As we enter the Digital Age, rapidly emerging technologies such as Machine learning, Artificial Intelligence, the Internet of Things, Automation, Blockchain, Big Data, wearables, robotics, and Industry 4.0 are spurring the development of new business models that will fundamentally transform the business environment. The speed and scope of change add complexity to leaders & entrepreneurs in guiding the ship of the future.
To be Future-Fit is about anticipating and preparing for challenges and opportunities that lie ahead. It’s about developing strategies that will allow your organisation to thrive in the short and long term amidst rapid technological advancement, shifting consumer behaviour, economic uncertainty and global competition.
The future-fit organisation is adaptable, resilient and innovates quickly. These organisations are more likely to survive and thrive in unknown future economies. Developing a future-fit company that can navigate times of volatility, uncertainty, and crisis is top of mind for most business leaders now. And the more uncertain the world seems, the more important for companies to become future-fit.
Some of the benefits of having a future-fit organisation are:
- Agility: Future-proof organisations are agile and able to adapt quickly to changes in the marketplace. They are prepared for unexpected disruptions and can better pivot when necessary.
- Innovation: These organisations constantly evolve and look for new innovative ways. They embrace new technology and use it to create new and better products and services.
- Talent retention: Future-proof organisations are more attractive to talented employees who seek out innovative and forward-thinking companies. This helps retain and attract top talent, reducing turnover and recruitment costs.
- Customer satisfaction: By staying ahead of the curve and anticipating customer needs, future-proof organisations can provide superior customer experiences, leading to higher levels of happiness and loyalty.
- Financial stability: By anticipating potential risks and opportunities, these organisations are better positioned to weather economic downturns and capitalise on market trends, leading to long-term financial stability.
How to be a Future-Fit Organisation
1. Empower the future-fit team through clearly defined purpose: To be future-fit, organisations need to be more purpose-driven than financially driven. According to a report by HBR, employees are three times more likely to stay, 1.4x more engaged, and 1.7x more satisfied when an organisation is purpose-driven. Future-ready companies recognise that purpose helps attract people to join an organisation, remain there, and thrive. When placed at the core of a person’s profession, purpose empowers commitment, guides people through uncertainty, and even unveils untapped market possibilities. Future-ready organisations will make it obvious what they believe in and why they exist. They will utilise purpose as the binding agent to bring together their stakeholders and workers in ways that guide their business decisions.
2. Building innovative systems: Becoming future-ready means scaling up capabilities relevant to future competition. A business must continuously update its knowledge to stay one step ahead of rivals in the long run. A corporation will confront copycat competition, lag in technological improvements, and fail if its know-how stagnates.
Innovation is not limited to technology organisations only. Any organisation, regardless of its industry or field, can be innovative by adopting the right approach and mindset. To embrace innovation, an organisation needs to;
- Encourage creativity: Innovation often comes from creative thinking, so it’s important to encourage employees to think outside the box. Please provide them with opportunities to brainstorm and come up with new ideas.
- Embrace experimentation: Encourage your team to experiment with new ideas and approaches and to learn from their successes and failures. Create a culture where it’s okay to take risks and try new things.
- Foster a culture of learning: Encourage ongoing learning and development, both within the organisation and for individual employees. Support training, workshops, and conferences to keep everyone up-to-date with the latest trends and developments in their field
- Empower employees: Give employees the autonomy and resources they need to pursue new ideas and initiatives. Let them take ownership of projects and give them the support they need to succeed.
- Listen to customers: Innovation often comes from understanding customer needs and finding new ways to meet them. Encourage customer feedback and use it to guide your innovation efforts.
- Collaborate with others: Partner with other organisations, experts, or industry leaders to bring new perspectives and expertise to your innovation efforts.
3. Focus on value: A future-fit organisation starts with how best to create, deliver and capture value. Then they align the activities to match. Perhaps no company does this better than Apple. According to AppleInsider, they make up only 18% of the world’s smartphones yet gain 86% of the global smartphone profit pool. Nobody asks how much the iPhone cost to manufacture – they pay a large price tag because of the value they believe the device delivers. Apple currently sells only 18%of the units of smartphones in the world but gains 51% of the global smartphone revenue and receives 86% of the global profits from smartphones.
4. Treat talent as scarcer than capital: The workplace is changing rapidly. Automation is replacing certain professions, while digital platforms enable others to be distributed more widely worldwide. Many businesses are revising their talent strategies as a result of these changes. Top companies will base their efforts on the tenet that talent is their most valuable resource. They will then focus on these three central questions: What skill do we require? How do we attract talent? And how can we effectively retain talent to carry out our value agenda?
To be future-fit, organisations need to ask themselves if they can change as fast as change itself, how they can remain innovative and how to build internal capabilities. This requires a willingness to take risks, embrace change, and continuously learn and adapt.
At pcl. we understand the importance of a future-proof organisation for long-term success and growth. We should be the top priority for businesses of all sizes and industries. We help our clients by prioritising agility, innovation, talent retention, customer satisfaction, and financial stability to help their organisations survive and thrive in the ever-changing landscape of the future.
Written by:
Damilola Ishola
Assistant Consultant
