The following article has actually been extracted from the experts belonging to the webinar, “The Principles of Business Agility: Understanding the Gap between Perception and Reality in the business” delivered by David Siegel, founder of Business Agility Workshop and one of the pioneers in the field of web designing. The webinar was arranged by Madinah Institute of Leadership and Entrepreneurship (MILE).
Mr. Siegel, in this webinar, elucidates Business Agility and how businessmen and senior executives can benefit from it. He presents his point of view by explaining some of the core topics associated with the Business Agility. This concept is garnering popularity with the passage of time and more and more companies are adopting this strategy to dramatically improve their productivity.
First of all, the speaker gives a brief overview of the Business Agility. This particular concept encourages executives to discard planning and be ready to experiment. Although, strategic planning is necessary but if a business owner is willing to experiment, he is more likely to attain results that he wants to attain. This strategy is not very difficult to implement as well. You, as a manager, just have to resist the call of your mental models and try to consider all possible aspects of a problem at hand and all possible solutions.
The first Business Agility topic Mr. Siegel talks about is the System 1 and System 2 Thinking. Generally, everyone tends to understand any situation he encounters according to his set mental models and most often that understanding is everything but correct. This is System 1 thinking that requires you to make less effort to reach a conclusion.
However, commonsense and reasoning do not always provide correct answers and here is where System 2 thinking comes to your rescue. In this case, you need to put little more effort and be more active but the procedure is always fruitful as it eliminates uncertainty and helps you to make a right decision in the end.
Another important component of Business Agility is Facts Vs Evidence. Facts are true but they do not tell the whole story. On the other hand, you need to include even the minutest of details in an evidence to make it more concrete. Mr. Siegel emphasizes on the importance of adopting evidence based thinking as evidences normally contradict commonsense and this could lead them to unprecedented success.
Similarly, the speaker also discusses various traditional human resource techniques and how they have failed to produce results over the decades. For instance, there is a common perception that higher salaries will motivate employees to produce better results but the “evidences” negate this theory. Therefore, it is important for HR managers to integrate new techniques in their repertoire as a part of Business Agility to increase their chances of hiring right manpower and achieving desired results.
David Siegel also talks about other important Business agility topics such as The Black Swans, Cognitive Diversity, Leadership and the Illusion of Control, Hedgehogs vs. Foxes and Mindfulness etc. Concluding, this webinar is about how manager can learn to think roughly; out of the box and make evidence based decisions to polish their own skills, enhance their performance and outperform their competitors.