The present is marked by such change and innovation that it is described in revolutionary terms: the fourth industrial revolution, the second machine age, the cognitive age.
How to Survive and Thrive in an Ever-Changing Business Landscape
We recently conducted a webinar with tips on surviving and thriving in the current fast-changing and competitive business landscape. Below is a recap of what we covered, as well as a link to view the webinar recording.
It Is About How We Respond To Change
In 1963, Professor Leon Megginson noted that, according to Darwin's Origin of Species the one that is able best to adapt and adjust to the changing environment in which it finds itself is the species that survives. This observation holds true not only in the world of science, but also in the world of business.
We can learn change management by taking a course of study, but this takes diligence and time. Another way to short-cut the learning process is by taking some simple execution-focused actions.
Action #1: Identify and Understand the Change that is Necessary
We can only respond to what we know is changing within our business and industry. Staying up to date with regulatory developments is essential when it comes to identifying and understanding the required business change that is necessary. One way to stay up to date is to sign up for ASIC's media alerts service for regulator's latest news. Other regulators such as the ACCC and the OAIC provide a similar free service.
Another useful resource is Fee Fie Foe Firm. This is a handy engine for searching for law firm articles that covers the latest developments in case law, legislation, and industry practice.
Action #2 – Managing The Risks of Change with the Help of Technology
According to the new International Risk Management Standard, risk is the 'effect of uncertainty on objectives', and 'risk management' means the 'coordinated activities to direct and control an organization with regard to risk.'
- Accept – We are aware of these risks and we can have controls in place to monitor them.
- Reject – We consider these risks too high, so we will avoid those risks by not engaging in certain activities.
- Transfer – We can transfer some risks to another party, such as through insurance cover.
- Reduce – Some risks are identified and we can implement controls to reduce the risks, such as disclosure in the event of a conflict of interest.
In Case You Missed It
To survive and thrive in this ever-changing landscape, we should master change by improving awareness, identifying and managing risks, treating risks appropriately, and utilising technology wisely.