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More than a year after the start of the COVID pandemic, from a business perspective, one thing learned from the experience is that it’s important for businesses to be flexible and be able to pivot quickly when the environment around you changes. Businesses that were affected by COVID and rethought and were able to reinvent their businesses proved to be the most affective.
A recent study by PlanView tried to get to the answer for how businesses can adopt quickly during times of significant disruption and change. The study found five traits that were most useful to companies that were able to respond and reimagine their businesses:
- Making speedy decisions should be a priority
- Rely on technology to help analyze and speed the decision process
- Use short-interval planning cycles so that strategies, funding and operating plans are easier to change
- Be able to reprioritize and reassign resources based on the current situation
- Lean and agile business practices provide the greatest flexibility.
Patrick Tickle, chief product officer at Planview, said that “reducing the gap between strategy and execution becomes even more important as the pace of external disruption increases. We found that the most successful companies are following a similar recipe for success. They are building speed into their business operations to adjust to constant change. They have shorter, more adaptable planning cycles that enable them to respond to shifts in real-time. They remove internal barriers that stand in the way of adaptability. They resist the lure of the status quo. And they use technology and agile processes to build speed and quality into the way they execute on strategy.”