Sunday, February 7, 2021

Innovating- Interacting

The business is a dynamic system with this side, that side, and the interaction of both sides.

The information exponentiality and the increasing pace of changes create characteristics such as uncertainty, volatility, complexity, unpredictability, and ambiguity. Nowadays everything is interconnected and the business ecosystem becomes so interdependent and interactive. Business leaders couldn’t predict the future with a certain degree of accuracy, so they must learn how to strike a balance between managing complex issues today and predicting the uncertain issues of tomorrow. 

The management and employees need to enforce mutual trust relationships, deal with risk-awareness cultural issues, creating business synergy via interaction and innovation.

Consistency of direction from management, clarity of individual accountability for objectives: Leadership starts with having a vision, and the management should drive the organization forward in the right direction by developing a plan to achieve it. with consistency. Vision must be a shared- a collaborative vision. It should be stable enough to make it worthwhile to make a concerted effort to attain it and dynamic enough to be able to adapt to any change in business direction or context. They communicate and improve employees' awareness of short and long-term objectives and strategies. They hold the belief in the high value of both team and each team member, profits, and performance.

If one is to hold another accountable (peer or subordinate) for achieving expected results, there is a set of conditions that must be fulfilled in advance on the "receiver" side. Regardless of your personality traits, leaders should interact with their team continuously and invest in communication within their team members to achieve growth on a greater scale. Sometimes, it’s not easy to bring all talented people and mold them into an effective team. The team fit or the organizational fit manifested in accepted and expected behavior, has a way of neutralizing differences to create synergy. Technically, shared accountability or collective accountability involves shared ownership, empathetic communication and dedicated collaboration.

The management makes alignment of objectives between business units and corporate; and employees need to be intentional about how they enter the role, focusing on understanding: Alignment is fundamental and multidimensional to ensure a seamless strategy implementation. Methodologically, strategic alignment is a structural process and the result of linking the organizational strategy and its objectives with every unit/business function and employee. The manager's role is to ensure the plans are in line with corporate direction, the individual has thought out the plans thoroughly, and takes step actions wisely. Interaction is critical in every step of strategy management from creating a solid vision and mission statement, sharing knowledge and wisdom to act the way following well-set principles, presenting strong character, and doing it consistently.

The management needs to figure out the way to ensure that everyone is working towards that company's goals and also towards their own goals that will have a positive impact on the organization as a whole. To improve autonomy, employees are the ones to establish their “SMART” goals based on the manager’s “SMART” goals which roll up into the organizational goals. Some things could be within our control, but there may be times when their performance is based on the outcome of others providing them needed resources for them to complete their job effectively. Thus, interaction is crucial to unlock collective performance. The effective management can provide any necessary support (including necessary training), optimize the talents of employees at all levels, build a culture that supports the objectives that the employees are to achieve, and review results on a regular basis to ensure the individual is getting where s/he wants to go, provide positive reinforcement and corrective feedback and link behaviors to appropriate consequences.

The management's emphasis is on risk management and control; and enforcing employees' level of understanding of policy and risk: High velocity brings high risks. It's important to develop an effective risk management model by integrating all crucial elements such as processes, technologies, tools, talent, communication, culture, etc. to model, manage, and measure risks. Regardless of what methods or indicators are used, the key is to express risks in business terms that can really make a business impact. The management collects more information on risk culture assessment, shows the receptivity to messengers of bad news, embed risk identification and assessment in operational processes and multiple management disciplines. And build trust in humans, trust in processes and trust in technology.

The enterprise risk management has to be expanded into enterprise opportunity management. There is possibly a different scenario in which the identification of negative risks unearths an opportunity. This is all a matter of perspective. It requires the stakeholders to interact, open their perspectives or frame on what they are observing and cultivate the risk-awareness culture. As part of implementing an enterprise risk management system, companies should put in place a risk appetite system that goes beyond high level statements. Once the risks have been prioritized, you can then look to mitigate the most important risks to bring them within appetite. If necessary, take entrepreneurs’ spirit to turn the status quo upside down and manage opportunities to expedite business growth.

The business is a dynamic system with this side, that side, and the interaction of both sides. In the company, every department needs to work together to be successful. Interaction, collaboration, transparency, respect and clear leadership are the keys to break down the realities and lead transformative change that carries with it a sense of "evolution" which means a renewed understanding of the future of business and a set of practices of unlocking the full potential of the company.


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