James Staten, VP, Principal Analyst
If your organization is struggling to adapt to today’s unprecedented business environment, you’re not alone. Companies in all industries and markets are being forced to adjust or in some cases completely reinvent their business models to respond to the global COVID-19 pandemic.
In this episode of What It Means, Vice President and Principal Analyst James Staten reviews the core tenets of an adaptive enterprise, the role enterprise speed plays in adaptability, and the IT leader’s part in driving both. “The key to being an adaptive enterprise is keeping pace with your customer’s needs and changes and addressing changing market requirements,” says Staten.
To truly operate as an adaptive enterprise, all groups must support the effort — adaptiveness doesn’t begin and end with groups like IT and marketing. Shifting business models requires support from finance, supply chain, and many other internal functions. In fact, Staten says that the most effective innovation programs solicit new ideas from various functions in the enterprise (and even outside the enterprise, via business partners) to identify and meet changing customer needs.
Looking for examples to follow? Staten says the financial services and entertainment industries provide some of the best examples of adaptive firms using enterprise speed to reinvent their business models based on changing market dynamics.