Importance of Business Agility

  • 10th Jun'20
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For a business to thrive and accommodate ever-changing requirements Agile is the solution. It is more effective than the traditional business model and agile teams are the only solution to the problem of unpredictability. 

 

What is Business Agility?

 

Business agility refers to the "ability of a business system to rapidly respond to change by adapting its initial stable configuration". It can be sustained by maintaining and adapting goods and services in meeting customer demands, adjusting to the changes in a business environment, and taking advantage of available human resources. Business agility is a distinct quality that allows organisations to respond rapidly to changes in the internal and external environment without losing momentum or vision. Adaptability, flexibility and balance are three qualities essential to long-term business agility.

 

Business agility is the ability of an organisation to:

  • Adapt quickly to market changes - internally and externally.
  • Respond rapidly and flexibly to customer demands.
  • Adapt and lead change in a productive and cost-effective way without compromising quality.
  • Continuously be at a competitive advantage.
  • Business agility is concerned with the adoption of the evolution of values, behaviours and capabilities. These enable businesses and individuals to be more adaptive, creative and resilient when dealing with complexity, uncertainty and change leading to improved well-being and better outcomes.

 

You can read the following articles to get a clearer understanding of the Business Agility.

https://www.projectmanager.com/blog/business-agility-what-is-it

https://www.agilebusiness.org/page/WhatisBusinessAgility

 

Why agile business pays:

https://www.mckinsey.com/business-functions/organization/our-insights/why-agility-pays

 

 

 Why Business Agility is important for Startups?

 

https://alltopstartups.com/2018/11/20/understanding-the-importance-of-agility-in-business/

https://www.inc.com/larry-alton/a-guide-to-making-your-startup-more-agile-in-early-stages.html

https://www.forbes.com/sites/forbesnycouncil/2018/04/03/why-agility-is-key-to-business-success/#6915cbee20f1

 

Read the following article of Q&A session by Eckhart Böhme on Lean Startups:

https://www.aoe.com/en/blog/the-startup-way-agile-methods-and-principles-for-modern-businesses-000524.html

 

Read the article to know about Principles for Modern Businesses:

https://www.aoe.com/en/blog/the-startup-way-agile-methods-and-principles-for-modern-businesses-000524.html

 

We, at OpenGrowth, are constantly looking for innovative and trending start-ups in the ecosystem. If you want to have more information about entrepreneurship or start-up basics, then do let us know in the comment section below.

 

Contributor: Akriti Verma

She is a creative, ardent and vivacious individual. She is passionate about bringing change through technological innovation by challenging the status quo. Through OpenGrowth University she envisions to empower and enable individuals with innovative ideas to pursue and excel in their entrepreneurial journey. She loves to paint and write poems.

 

 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Editor , OpenGrowth Content Team

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.


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