Abstract
Strategic Agility is seen by many researchers and analysts as an innovative newly developed management paradigm adopted by contemporary organizations to achieve distinction and outperform competitors under conditions of environmental instability and uncertainty. This article is an attempt to introduce the concept of Strategic Agility and to demonstrate its basic characteristics and the importance of adopting it by various organizations to achieve excellence and sustainability. In a competitive environment, characterized by acute turbulence and continual shocks, as in the current environment of COVID-19, strategic agility offers a viable means to harness non-linear scientific and technological breakthroughs with a view to profiting from both the dislocation in the consumer sentiment and behavior and the breakdown in supply chains. Moreover, the article highlights the interaction between strategic agility and firm performance and emphasizes the need to create agile organizations that will thrive in a volatile and uncertain world.
Highlights
The Corona virus pandemic has generated economic disruptions in excess of that during the Global Financial Crisis (2008-2009) on a scale not witnessed since the Great Depression
As the Fourth Industrial Revolution progresses in tandem with the outbreak of the Corona pandemic (COVID-19), many business organizations have been compelled to revamp their strategies and business models – the most successful have seized the opportunity to accrete profits, as pharmaceutical and medical giants Pfizer, Johnson & Johnson, Hoffmann-La Roche, and Sanofi have done through their laser-focused efforts to find a Corona vaccine
Of the many strategies that business organizations and public institutions can adopt to maintain their growth and excellence in adverse environmental conditions, "Strategic Agility", according to several leading academics and practitioners, is the most promising attributable to its ability to sublimate shocks experienced in market and business environment into opportunities that plug into vicissitudes in customer desires – in turn, achieving competitive preeminence
Summary
The Corona virus pandemic has generated economic disruptions in excess of that during the Global Financial Crisis (2008-2009) on a scale not witnessed since the Great Depression. Irrespective of the source of these disruptions – the result of the introduction of new technologies, the emergence of new competitors that no one expected, the spread of pandemic viruses, the occurrence of radical shifts in economic, financial and trade policies et al -- the companies that dominate and attain market preeminence exhibit “agility” through the adoption of the management paradigm dubbed "Strategic Agility," exponents of which, by virtue of their enhanced vision and flexibility, adapt and respond more effectively and efficiently to all sudden changes in market conditions and customer needs relative to other enterprises Employing this leadership builds up market share, enhances enterprise reputation and increases net
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