My home in Somerset sits on a hill with uninterrupted views to the West. With the prevailing weather coming from this direction, on most days it’s possible to predict conditions for up to five hours. I can see when it’s a good time to mow the lawn or wash the car but if I need the opportunity to do a house-maintenance job for instance, I consult the local forecast. And for the approaching weather in the mid-Atlantic, I have the national forecast.
Managing the performance and results of the average business in the UK is a bit like monitoring the weather. Hourly and daily planning is similar to looking out of the window. For weekly and monthly forecasting there’s all manner of up-to-the-minute news and online data to tap into. For longer term outlooks, we have a multitude of professional resources to call upon. In business, as with the weather, we also learn from experience – what is likely to happen and what the effect will be.
Achieving our goals in business can be like a sunny day. If we’re really on form we’ll experience a long, hot summer of on-target or over-target performance. Inevitable blustery periods mean that some days are okay, but some are not, especially when the unexpected showers of uncertain markets or exchange rate fluctuations strike. Using the available tools, it’s possible to forecast the big storms of recession or the hurricanes of a world markets crash. That’s probably why someone, somewhere, once called it the business ‘climate’ – and it stuck!
Today our future is uncertain. With digitalisation, Artificial Intelligence and Industry 4.0, no one knows what each of these phenomena will involve. No one really understands how they will develop, what they will become and how they will change many aspects of our businesses and our lives. There are a lot of people out there prepared to give you a best guess, but that’s all it is right now.
Smart up companies and thinkers are trying to look ahead. These companies are researching as much as they can what is being created and developed, or is already in use and available. At a recent Service Community event, we heard from Heidelberg, one of the world’s leading printing press manufacturers. They anticipated changes in the market and, according to CEO Rainer Hundsdörfer, realised that “business as usual” was not an option. Heidelberg launched a subscription-based pricing model at the end of 2017, charging per copy and for consumables, and aims to sign 100 deals in the next year. They saw the opportunity to build a true digital company – and took it.
Unfortunately, the not so smart companies are closing the curtains and waiting to see what the weather brings. They’re not even thinking or preparing for a change in business climate until it’s upon them. Will it be sunshine, showers or an all engulfing tsunami?
While we cannot be certain, what we can do is anticipate and adapt now. We can ensure we’re in the best position possible to make the most of whatever conditions the weather brings!
Get in touch to find out how MH4.0 consultancy, research and advice could help you adapt and prepare for a changing climate.