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by Greg Hutchins Leave a Comment

Living in VUCA Time

Living in VUCA Time

VUCA is an acronym for Volatility, Uncertainty, Complexity, and Ambiguity.  VUCA is the driver of most disruption in business.

I believe we live in VUCA time.  And, VUCA is changing how business is done:

  • Worldwide communication networks and computers facilitate aggressive worldwide competition.
  • Aggressive high-tech countries (ie. Singapore, Brazil, China, and Korea) grow in capability.
  • Outsourcing countries (i.e. India, and China) are growing middle class markets rapidly and compete vigorously to retain markets.
  • More competitors are emerging in many industries, at home and abroad.
  • Previously regulated (and protected) industries are deregulated (i.e. finance, banks, airlines, telecommunications, utilities).
  • Reinvented business alliances (using information technology) result in synergistic competitive strengths.
  • Competition is based on new business models.
  • Free trade agreements are being renegotiated and becoming more balanced.
  • Alliances among nations change the role of international competition, as in the European Community.
  • Customers have more online purchasing choices.
  • Increased competition results in over supply and lower margins.
  • Companies radically redesign processes to give higher customer satisfaction.
  • Companies with new structures and redesigned processes are faster to market.
  • Quality awareness causes customers to demand higher quality.
  • Rapid growth of new technology lead to newer business opportunities and render existing operations obsolete
  • New technology allows established markets to be attacked by new entrants.
  • Reengineered factories with ‘lean’ manufacturing challenge traditional factories.
  • New design (robotics, etc.) and manufacturing (3 D printing, etc.) technologies can quickly change the rules of competitiveness.
  • Products designed for automated fabrication drive down prices.
  • New product design to market cycles shorten.
  • Everything is speeding up because of computers, networks, supply chain risk management, lean, and just-in-time techniques.
  • Companies have less time to respond to new threats.

What else could you come up with?

Filed Under: Articles, CERM® Risk Insights, on Risk & Safety

About Greg Hutchins

Greg Hutchins PE CERM is the evangelist of Future of Quality: Risk®. He has been involved in quality since 1985 when he set up the first quality program in North America based on Mil Q 9858 for the natural gas industry. Mil Q became ISO 9001 in 1987

He is the author of more than 30 books. ISO 31000: ERM is the best-selling and highest-rated ISO risk book on Amazon (4.8 stars). Value Added Auditing (4th edition) is the first ISO risk-based auditing book.

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CERM® Risk Insights series Article by Greg Hutchins, Editor and noted guest authors

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