Business Agility: What Is It & Why Is It Important?

Business Agility: What Is It & Why Is It Important?

Business agility is an organizational method to help businesses adapt quickly to market changes that are external or internal. It is part of the agile framework, which was developed to address the problems of changing requirements and uncertain outcomes due to the complexity of the technological project. Business agility demystifies business change and provides a simple and effective framework to respond to it. It can help businesses maneuver market change, adapt products and services, or map a successful route to launch something new.
Business agility is the process of quickly responding to an emerging opportunity or threat. It involves creating a minimum viable product that can be quickly produced and refined based on customer feedback. To create business agility principles, it is important to review the original agile project management principles and lean manufacturing principles. To engage the right people at the right time and in the right way, create clear, concise, customer-centric goals and promote self-organized communications and collaboration. Finally, establish a list of what the business needs to do, how it'll do it and determine the appropriate organization and governance to structure and oversee that process. This leads to the innovation hub, which is composed of the people who execute the plan and oversee its success.