The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Urmanpreet Singh, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
VUCA is the fancy term which can be aptly used for describing today’s business environment. It is acronym for Volatile, Uncertain, Complex, Ambiguous. Today there is so much volatility in the business environment, these volatile changes happen in uncertain patterns and they are characterised by a complex environment. What has happened in these changes is also ambiguous.
Amidst these challenging conditions, how should one aim to stay afloat and flourish. There can not be one roadmap to do that. Even claiming to capture uncertainty is uncertain. Then what should one do and aim for.
Even though there is so much uncertainty, the world has more opportunities than it ever had in history. The whole point lies in whether can we adapt and optimise the risk-return proposition. Business must be lean enough to adapt quickly. This will help them in two things- Minimise risk and take maximum benefit from the opportunity. No strategy is evergreen. A strategy which has minted gold for you may not work now. Even, a strategy which worked for everyone in the business may not work for you. The key is in adapting and finding the best fit for yourself.
Change has never been absent. It has always been more or less. One who can accept its existence is wise. One who ignores it, is made wise.