MANAGING IN A VUCA WORLD


The world has become increasingly difficult for business. This requires new strategies to manage volatility, uncertainty, complexity and ambiguity. Dr Sue Shortland discusses how to approach these issues in organisations today.


in meaning and characteristics. Hence, the strategies that can be used to address doing business in the VUCA environment will reflect the specific characteristics of each term.


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VOLATILITY We are currently in a very volatile business environment. The characteristics are those of unexpected challenges and unstable environments. Any changes that take place


hile the term VUCA has gained currency today, it is important to look at each component – volatility, uncertainty, complexity and ambiguity – as these differ


are also likely to be of unknown duration. The aspects of doing business in such environments are not necessarily difficult to understand and information needed to manage the situation can be available but preparedness for the events may not be in place. Examples of volatility might include natural disasters,


unexpected geo-political shocks such as war/invasion, and the introduction of unexpected trade tariffs. Prices and costs can vary substantially with an unexpected event. Suppliers may no longer be able to supply goods and services or can only do so at substantially increased cost. Some countries may no longer be able to offer opportunities to do business.


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