What is Business Agility?
According to Wikipedia, business agility is “the ability of a business to adapt rapidly and cost efficiently in response to changes in the business environment”. It refers to distinct qualities that allow organisations to respond rapidly to changes in the internal and external environment without losing momentum or vision. Adaptability, flexibility and balance are three qualities essential to long-term business agility.
Therefore business agility is important for organisations to survive long-term and work in fast changing environment. Innovation is often the key to maintaining long-term business agility.
‘To exist is to change, to change is to mature, to mature is to go on creating oneself endlessly.’
Companies may display business agility at certain times, in which case the agility is a form of crisis response, or the company may have business agility built into its structure. Companies that don’t innovate and rely on ‘proven’ methods of doing things often find themselves falling behind the competition because they can’t adapt quickly enough to shifts in the environment.