Categories: Business

Business Agility: 3 Tips For Standing Out In Competitive Markets

What is business agility? – No matter what industry a business is in, there is no doubt they have competition. And so it is for the essence of their survival that they learn to overcome and adapt when problems are presented to them.

And that is where business agility comes into play. It is a framework that revolves around people within a business. Its intention is to transform and alter how a business operates.

It teaches businesses to respond quickly and calmly to change, whether that be a change in the market or any sudden opportunity that emerges out of nowhere.

Essentially, it means that businesses should be ready in this digital age to respond to anything and everything. This can vary from sudden, anticipated shifts in consumer behavior to emerging trends that force businesses to reprioritise at the drop of a dime.

As consumers, we are always evolving. For instance, HubSpot recently found that the number of Gen Xers on social media using the platforms for product discovery has doubled (and some).

Any business looking to master the art of digital marketing should already be looking to increase its social media spend – not just to capture attention from consumers, but to divert it away from savvy competitors.

Next, consider the gaming world, where the fight for prominence is always tough.

Sites for new and experienced players comparing online casino options shed light on the ways in which every single KPI can be used to get ahead of the competition – or cause a brand to fall behind in a matter of weeks.

For a site like cryptocasinos.ltd, keeping a close eye on customer preferences and behaviours is a matter of survival and success, all at once.

Even more broadly, the gaming industry is largely divided by the so-called ‘console wars’, which mean major developers have to hedge their bets – or pick a side – based on instincts about an ever-evolving industry’s near and distant future.

No competitive market can survive without agility – but what does it really look like?

IMAGE: PIXABAY

What Is Agile Development?

Business agility is based on agile development. This means it is already in place in your business and is a rival methodology to the scrum approach.

So if you want to incorporate business agility into your organisation in order to boost your competitiveness, what do you need to implement and change in your business?

Well, development cycles, whether it’s for products, technology, or processes, need to be streamlined hugely. A big part of business agility is minimising all areas of your business.

This means that if you are at the head of your business, you need to adopt a more holistic approach. What do we mean by this?

This means that you aim to connect everyone within your business under one common goal rather than having them segmented into their respective departments with different goals.

How Can You Use Agility To Boost Your Competitiveness?

If you want to become more competitive in your industry, especially if you’re in a really crowded marketplace, you need to adapt and implement business agility accurately.

The more effectively it is implemented into your business, the quicker your business can react to changes in the industry, in the market, or in consumer habits.

It provides you with the ability to get the first-mover advantage and potentially not only retain your customers but also steal market share from your competitors if it is executed correctly. Although it’s not as simple as changing a process and letting everybody in your organisation know about it,.

Your Audience Will Notice The Change

A big influence on businesses can be regulations and laws being enacted by governments, which mean there is an immediate change in their business environment. If your business is not positioned to be able to react quickly enough, other businesses will capitalise on the customers you’ve lost through this.

And you also need to change your attitude towards change in your business. Let’s say you’ve got a project, you’re right towards the end of the development stage, and something suddenly requires you to change a significant part of the product.

Instead of seeing this as a frustration, you should be seeing it as an opportunity to be able to respond to change and turn it into a blessing.

Business Agility – In Summary

Hopefully today has given you a bit of insight into what business agility is and how it is applied and beneficial to businesses, regardless of what sector you’re in.

If you’re a consumer as well, you will also notice when a company has embraced business agility, as you will notice they have responded to a change in the news, for example, quicker than their competitors have.

There are also plenty of resources out there if you want to know more about how you can implement business agility in your organisation today.

Disclaimer: The above references an opinion of the author and is for information purposes only. Never gamble for more than you can afford to lose. Gambling can lead to a serious addiction. Gamble responsibly.