Change is happening all around us, in every industry, and at lightning speed. A company’s ability to respond to that change is the most important factor as to whether or not it will sink or swim. But what constitutes agility in the modern era?
According to a new report from Forrester Research, there are 10 dimensions that define business agility, and companies can use them to effectively measure their maturity in the space. These dimensions span three main areas — market, organizational, and process — and include: channel integration, market responsiveness, knowledge dissemination, digital psychology, change management, business intelligence, infrastructure elasticity, process architecture, software innovation, and sourcing and supply chain.
While business agility has long been measured by intangible things like leadership, it has historically ignored things like technology. But, 70% of the companies that were on the Fortune 1000 list a mere 10 years ago have now vanished — unable to adapt to change. So, in order to be truly successful in today’s business ecosystem, Craig LeClair stresses that a combination of agility across numerous dimensions is necessary.
“In a world rife with change, dominance is fleeting; only agility creates sustainable advantage,” he writes in a blog post. “As we move forward, the market must put a premium on agility and companies must measure it along with other key metrics.”