The search for constant always ends at the stop– change. When you explore the constants of a VUCA – Volatile, Uncertain, Complex, and Ambiguous world– the results are many.
VUCA was first coined at the US Army War College, explaining the times after the Cold War. As time passed, the layers to VUCA kept increasing to match the multitude of changes. Each of the four words seemed to develop new tags. Today, VUCA is used to describe the challenges or crisis that the business world face.
Understanding VUCA in the biz world
As leaders, it is critical to understand the possible outcomes from the previous VUCA examples.
These examples from the past clarify how business leaders need to be innovative and intuitive. Kodak, a prominent market leader in the camera manufacturing industry, enjoyed the space majestically for over 120 years. Kodak engineers were the first to develop digital cameras but the management rejected the idea of investing in the new-found technology, and they filed for bankruptcy in very little time. This case highlights the importance of embracing novel changes in this dynamic world, even if the situation is uncertain and ambiguous.
Leveraging VUCA
As the saying goes, rolling with the punches is the best way to deal with problems. It allows the space and time for analyzing and getting back on your feet with a clear mind and plan. The best example of this is leveraging the Blue Ocean Strategy, discussed in a book by W. Chan Kim and Renee Mauborgne. It is the strategy of entering uncontested market spaces. And this strategy was seamlessly utilized by leading pharmaceutical companies during the peak of Covid. Their quest for finding a cure or treatment for the pandemic of the century enabled those companies to score higher than what market leaders of other industries yielded. The entire world of consumers was their Blue Ocean.
Change is a constant and so are its protégés- both negative and positive. Arming oneself with adequate resources and mapping the path is the way forward. The world cannot and will not gift you good changes always. Everyone needs to prepare for that rainy day that might demand the most of what describes you as a leader.
So, all that stays constant in VUCA is Volatility, Uncertainty, Complexity, and Ambiguity!
