Yesterday,
I visited one of the financial institutions at Wangdue to do some domestic
transactions. It took me with a surprise for taking almost an hour to observe
one man’s job getting done. The service was at damn snail’s pace.
That
waiting hour was adequate to heat my temper chamber. So, I resorted to giving my
token to a man sitting next to me and drove towards Khuruthang to continue the
work. Eventually, it was done.
I
realized that the public services next to the doorsteps are seldom
unpredictable and inadequate in exercising their functional duties.
But
more than anything else, amidst the myriads of questions that cropped up, I
kept wondering if our financial institutions or public institutions for that
matter were aware of that VUCA factor in the world of work.
The
credit for the etymology of this VUCA acronym goes to the U.S. Army War
College. But today, this military vocabulary is extensively employed in the
fields of business conglomerates and educational enterprises due to its strategic
insight and concept for managing the present and concerning the future.
Image Courtesy: Click LINK |
VUCA
stands for Volatility, Uncertainty, Complexity, and Ambiguity.
Volatility
stands for an unpredictable pattern and dynamics of change in terms of its
nature, speed, volume and magnitude. As the world gets exposed to increasingly faster growth of globalization, digitalization and
commercialization each day, it pushes our world of work further into more complex
settings. Under such a systematically volatile system, change is thus, an
inevitable but certain outcome. The rate of change today is much faster and
different than ever before. Accordingly, reinventing a working system with a
strategic vision that is resilient, dynamic and adaptable has to be in place to
answer such problems.
In
a move to build such flexible and malleable systems, organizations have to look
beyond in finding a new approach to optimize their productivity. Critical to the
success of steering its productivity exponentially for any business is giving
equivalent efforts in considering customer feedback and understanding available
competitors in the business market. When there is a lack of clarity or lapses in
understanding such complex systems, organizations are undoubtedly doomed to
fail miserably.
This
is predictable in our systems which are complexly formed of people from diverse
backgrounds, education, culture and beliefs that are intensely interconnected
and interdependent. The organizations that cater to such diversity have to
focus on surrendering any ineffectual strategies to emphasize creating enabling
conditions to boom their business. There is no room for that traditional belief
or complacency characteristics of assuming their business to be doing OK
without having a clear sense of such complexity. In an attempt to thrive the
success of the organization, the network of chaos that maximizes the likelihood of
creating public nuisances and curtails the general progress of the
institutions has to be sorted out neatly.
Such an act of understanding the cause and effect relationships, and being open to conceptualizing
threats and opportunities can clear the ambiguous path of the institution. When
such vagueness is resolved, so many contextual events can flow in place. Designing
an improved but newer and faster way of delivering service after welcoming
every public outcry will only upsurge the number of customers by leaps and
bounds.
It
is crucial in the business world to accept customer satisfaction as the cause of the success of any organization. But the VUCA concept is more so important in preparing
the entity to respond to the fast changing environment and drive for the change.
But
it depends on how we buffer the effect of such changing landscapes in the complexly
fast emerging world.
“Back in 1958,
a company could expect to stay on the list for 61 years. These days, the
average is just 18 years”
Antonio
Regalado MIT Technology Review