VUCA is an acronym used to describe or
reflect on the volatility (The nature and
dynamics of change, and the nature and speed of change forces and change
catalysts), uncertainty ( The lack of predictability, the prospects for surprise, and the sense of awareness and
understanding of issues and events), complexity(The multiplex of forces, the
confounding of issues and the chaos and confusion that surround an
organization) and ambiguity (The haziness of reality, the
potential for misreads, and the mixed meanings of conditions; cause-and-effect
confusion) of general conditions and situations. The common usage of the term
VUCA began in the 1990s and derives from military vocabulary and has been subsequently used in
emerging ideas in strategic leadership that apply in a wide range of organizations, including everything from for-profit manufacturers to education.
Embracing
Technology
Those likely to survive, and prosper in
today’s increasingly VUCA environment are technophiles, i.e., those constantly
innovating and integrating external technological innovation into their
business models. The world is becoming less linear and turning into a complex
adaptive system. This necessitates a seamless integration of industry,
especially SMEs with their limited organic R&D capability, with related
academia. Through this the super-technophile younger generation needs to be
oriented towards specific skill sets critical for the specific sector.
Cybernomics
This is simply the ability to leverage new
technology, in particular Web 2.0, big data-mining capacities and digitization. Here again, the SMEs that
are able to win a decisive advantage in this fifth domain by achieving
maneuverability and keep their organization lean& high-value, with their
modular structures ensuring agility, will prosper the most.
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