Sunday, August 30, 2020

Uncertainty Management to Fill Opportunity Gap

 By pursuing abundant opportunities via managing uncertainty well, we are shifting from the knowledge economy to the creative economy.

The emerging digital era has many dimensions and demonstrates very characteristics such as options, sharing, empathy, and personalization. To deal with the new normal, knowledge is no doubt important but more than that is complete awareness of what is happening in the business context. Once you do that, you use your ability to classify the elements and know their linkage. 

Either individually or at the organizational level, it’s important to manage uncertainty and fill opportunities gaps, accelerate business growth and reach the next level of maturity.

Knowledge knocks the door to reach opportunities: It is the paradigm shift from information scarcity in the industrial age to knowledge abundance in the digital era. With “VUCA” new normal, we cannot predict anything beforehand but can imagine with many experiences involved in current or in the past. As matter of a fact, uncertainties are a common occurrence in any walk of our progress, be it social, professional or personal life. To deal with it smoothly, information management and knowledge management should be managed holistically as the corporate asset, refine information into business foresight and customer insight, grasp growth opportunities and prevent risks proactively, and make provision to meet any eventuality.

Uncertainty per se is not a problem, it poses a risk for those who have a fixed mindset and creates opportunities for those with a growth mindset. Knowledge knocks the door to reach opportunities. The problem is that knowledge doesn’t always inform you of true understanding, it is important to identify and close the gap between knowledge and insight, and manage knowledge smoothly. If done properly; it can turn the most valuable personally-owned information and knowledge assets into corporately owned assets. You need to not only assimilate existing knowledge, more importantly, you also have to keep updating knowledge, transform knowledge into business insight for spotting growth opportunities, and drive business transformation seamless.

Uncertainty could be an opportunity enabling us to foresee possibilities and probabilities that might crop in our way of progress: As we all know that the only "certainty" or a "constant" is "CHANGE." The challenges, competition, and complexities may be in on the increase but along with it there comes the increase in opportunity as well and in the form of demand. Business is only an extended part of our life and all businesses have to accept the change to survive. The way to effectively deal with uncertainty is to reduce it by getting information to bridge knowledge gaps, enabling us to foresee business possibilities and accelerate business performance.

Due to the “VUCA” (Velocity, Uncertainty, Complexity, Ambiguity) characteristics of the digital new normal, organizations have to leverage refined information to improve its responsiveness in adaptation to changes. Good strategic planning is based on quality information about customers, competition, internal capabilities, and costs, and it needs to leverage emerging properties for making reasonable adjustments. Technically, the problem to be solved is to deal with this mountain of information with both technology and human know-how, then to convert this information into valuable knowledge in handling business uncertainty effectively and making continuous progress.

Effective decision making lifts opportunities toward success: Besides people, information is one of the most invaluable assets in the organization today. The amount of data to manage is huge and creates a lot of pressure. This requires an incredible ability to make data-based decisions and to respond to and anticipate. In practice, the ability of companies to consume and make sense of the information that is available and necessary to make good decisions is becoming a nearly insurmountable challenge.

The change will be the new normality, and the leaders must act with speed but quietly, he or she will need stability, confidence, and self-awareness. They should demonstrate emotional stability and technical competency, become aware of knowledge as assets and resources, to achieve behavioral strategies effectively and have a path of personal and professional improvement, a great preparation, vision, intuition, perseverance, and the ability to work hard for filling opportunity gaps and catalyzing business growth.

Being digital is the state of dynamism, continuum, and interaction. Perhaps by pursuing abundant opportunities via managing uncertainty well, we are shifting from the knowledge economy to the creative economy. Digital leaders and professionals are experimental to try new things, adventurous to explore the “art of possibility,” and cautious of potential risks. or collectively, at the organizational level, it’s important to increase learning plasticity, fill opportunity gaps, and adapt to changes smoothly.


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