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Welcome to VUCA World, a period full of uncertain scope of changes, incomprehensible process, and unpredictable incidences!
VUCA is originally a military term coined by the US Army to describe the Post-Cold War Period as volatile, uncertain, complex and ambiguous with the emergence of a multipolar world and asymmetric threats. The business world has started to use VUCA to describe fluctuating periods in business and economy.
There are four characteristics of VUCA periods:
Volatility: The frequency of changes in the ecosystem. The speed of changes could be radical, increasing instability. Volatility requires rapid adaptation as well as collaboration and participation among the organization.
Uncertainty: The inability to see and predict the coming as well as prospects for surprises in business terms. Uncertainty blurs the decision-making abilities, causing delays in the projects and strategic planning.
Complexity: The difficulty in analyzing the causality in data or incidences. There are no more precise factors affecting certain situations; rather, there are several affecting differently.
Ambiguity: The hardship of properly interpreting incidences and the data. There are now more than one meaning of the conditions; which cause misinterpretation or misreads of the situation.
These times look like extremely foggy and snowy weathers. We can neither see the front nor the coming. Still, we have to go on that way.
In our onward article series, we will discuss how we could transform and change in the windy and turbulent ecosystem.