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The International Monetary Fund has stated that the impact on the economy due to the Pandemic is unlike anything ever since the great depression of the 1930s. In June 2020, the International Labour Organisation predicted a loss of around 196 million jobs worldwide, while the NBER reported that as of May 2020, more than 100,000 small businesses had permanently shut in the United states.
Amidst this chaos, many organizations in the IT, consulting, logistics and healthcare, industries have reacted reasonably well. They have reimagined their business strategies, processes, tooling, security, business continuity plans and remote working approaches. Their strategic advantage was Business Agility that allowed them to pivot as quickly as needed.
Business agility requires organizations to form coalitions and change structures to embrace new opportunities without problems and disruption. Business agility allows companies to pursue agile business models at the organizational level. Agility is strategic because agile organizations can change, and often they change faster because they change frequently. Incorporating business agility into your business strategy could help you survive, thrive, and prosper in an unprecedented environment and make your operations future proof for the long years after a pandemic.
What is your X-Factor?
Businesses in today’s competitive world need to have an X-Factor. An X Factor may be an intangible value associated with your product or service offering. For Instance, Apple leverages a fusion of art and technology to create an extremely user-friendly product. That is their X-Factor. Their X Factor is constant innovation. Amazon is the largest retailer in the world but does not manufacture any of them. However, their prompt delivery service using the prime membership differentiates them from the competitors.
At the core, an X-Factor is about the way you think, who you are, what business you are into, and what you bring to the marketplace. It need not always be an industry disruptor. It can be your processes; it can be your organizational culture. The most fundamental pillars of any successful business are marketing; indeed, creating a demand for what you have in the offering.
Finding your X factor requires a combination of skills, marketing & psychology, innovative culture, and experience to find your competitive edge.
At HBITS, our Co-Innovate ecosystem allows us to create disruption through collaboration. The consulting approach allows us to work with our clients to help them find their X-Factor and innovate for them. Innovation need not always be tangible. It can be even as simple as improvising the processes using automation.
Defining your X-Factor on how and what you can do to continually add value to your clients will find you ahead of the competition and keep your business growing in the coming years. There is an opportunity to flourish for your business to innovate and develop new solutions, create raving fan customers and annihilate the competition.
The fundamental ask for you to be able to do this is Business Agility.
For more details on HumaneBITS, Co-Innovate Consulting offering, please feel free to write to firstname.lastname@example.org