A volatile economy, a disrupted supply chain, a widespread talent shortage, and environmental challenges have left many business leaders wondering how to move forward. In this environment, change is the only constant.
Navigating these headwinds requires evolving your relationship with global uncertainty and seeing the creative opportunities it presents. ServiceNow’s Workflow special report, From adversity to advantage, offers an actionable framework for making this essential pivot.
“This environment we’re in now is actually giving us the real education of what we’re going to need to think and behave like as leaders in every waking aspect of how we run our business moving forward,” explains Nick Tzitzon, chief strategy and corporate affairs officer at ServiceNow.
Finding the hidden opportunities in today’s macroeconomic environment requires shedding old ways of operating and embracing new ones. For example, transitioning from a supply chain to a supply network can help improve collaboration among your manufacturers, suppliers, and logistics providers.
Tapping on-demand executives can help you fill senior-level gaps. And leaning into automation can free workers from repetitive, mundane tasks to improve employee satisfaction and loyalty.
Although tech is not a panacea, various emerging technologies can help organizations address macro challenges. For example, digital twins and machine learning applications can help boost productivity in response to inflation and rising interest rates.
Blockchain and advanced data analytics can help track your company’s climate impact and increase overall transparency. All this helps position your organization as an innovator at a time when others are stuck in a fight, flight, or freeze response.
The Workflow special report includes insights from influential thinkers, such as renowned talent expert Josh Bersin, founder and president of The Josh Bersin Company, a leading research and advisory firm.
While tech layoff announcements have dominated recent news cycles, Bersin argues that challenging macro environments are actually the perfect time to invest in your workforce. A 2021 study by his company found workers considering leaving their roles are less motivated by money than they are by feeling like they belong and can grow with a company.
If you’re worried about retaining—and hiring—employees amid the global talent crisis, there’s good news: You don’t necessarily need to grow your business budget to grow your teams. Instead, learn from best practices. Show current employees they’re valued and can advance their careers without leaving your company.
Investing more in employees may seem counterintuitive when industry competitors are cutting budgets and shedding workers. However, prioritizing the employee experience separates the innovators who use challenges to find new ways to thrive from those who will be left behind.
Other practices you can put into effect immediately include using AI to get ahead of problems, prioritizing shipping capacity over price, and finding opportunities to minimize waste and be more environmentally friendly in your current supply chain.
If these sound like bold actions, it’s because they are. Times of upheaval call for new ways of operating. Integrating bold new strategies allows businesses to weather the storms and emerge stronger.
“Visionary organizations treat this kind of moment as an opportunity,” says Anup Srivastava, a professor and Canada research chair at the Haskayne School of Business at the University of Calgary.
Of course, taking bold action doesn’t mean taking reckless action. Srivastava recommends approaching today’s opportunities “while using a fine scalpel.” When new ideas meet strategic thinking, better ways of operating become clear.
No matter which areas of opportunity you choose to focus on, change will come from a place of accepting the situation at hand and finding innovative ways to forge ahead. Our report suggests organizations can reap significant rewards by embracing the hidden opportunities that uncertain times offer.
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