Nelson Matheus
Dr Olumide H. Benedict
More than ever before, and over the past few years, the concept disruptive and its impact on business has become more popular. Such unprecedented thrusts and shifts have caused many businesses to shut their doors, while some thrived and remained adjacent with evolving changes. So, what management attributes may be responsible for the survival of these businesses, despite the unplanned turbulence?
Ever since Clayton Christensen coined the term disruptive innovation in the Nineties, businesses have contended to either be the most disruptive or adaptive on different platforms. Disruptive innovation, technology and strategies go with the new status quo that creates accessibility and cost-effectiveness, that creates a new market and value network, or enters at the bottom of an existing market, eventually displacing established market leaders and the big brands.
Apart from innovation and technology, Covid-19, among other recent agents of disruption, has changed the game. Whether businesses like it or not, or merely discuss it or already factor it in, the ripple-effect may have come to stay. So, one thing is for sure: establishments need to shape in or shape out; there is a need to be flexible. That exposes the latest buzzword – adaptability. It is fast becoming a reality that not only at individual level, but also at organisational level, only the adaptable ones will endure.
The questions that arise are: What has changed, and what kind of management outlook and philosophy fits the status quo that businesses are in? And how can the situation be managed? Better put, what kind of management philosophy and leadership style are suitable for a disruptive reality? For instance, what form of leadership is needed to motivate remote-working employees who were used to the face-to-face, office experience?
Some recent academic studies have shown that businesses which listened to the market, predicted the changes in consumer needs and invested in people, technology and new ideas, were rewarded tremendously and were able to easily adapt to changes. This could be seen from some of the powerful brands that existed which are slowly phasing out, while brands that embraced new ideas were able to stay longer in the business.
Some businesses have diverted their resources from making liquor into making hand sanitisers, others from making fashionable clothing into making PPE (personal protective equipment) and masks in a fashionable way. Even big retailers delved into services that took (mobile businesses) goods and services to clients in their space as movement was curtailed.
Over and above the possession of key or core competencies, as well as soft skills such as emotional intelligence and time management, potential leaders will be assessed on their adaptability, innovation and the ability to instil the same in their workforce and team.
Leadership today means investing in a team of opinions one never thought of or would never want to listen to. Adaptive leadership and management require a shift in thinking and mindsets to put aside certain things and transform what is possible. This attribute adaptability continues to, even in times of unprecedented need for change, emanate in different success stories, and therefore deserves more attention from business leaders who want to strive and thrive.