Profiling Business in Uncertainty: Evolution, Transformation, and Adaptation Across Disciplines and Typologies

Demetris Vrontis (), Alkis Thrassou (), Meliz Bozat () and Leonidas Efthymiou ()
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Demetris Vrontis: University of Nicosia
Alkis Thrassou: University of Nicosia
Meliz Bozat: University of Nicosia
Leonidas Efthymiou: University of Nicosia

Chapter Chapter 1 in Business in Uncertainty, 2024, pp 1-22 from Palgrave Macmillan

Abstract: Abstract The dynamic nature of existing business environments necessitates organisations to cope with and manage various forms of uncertainty, deriving from factors such as technological advancements, global events, and market shifts. Environmental uncertainty, incorporating political, economic, and technological dimensions, presents challenges and opportunities for organisations, requiring strategic adaptation and resilience. Recent global crises, including the COVID-19 pandemic, the war in Ukraine, climate change, and geopolitical conflicts, have intensified the level of uncertainty, leading to the emergence of the term ‘permacrisis’ to describe ongoing and interconnected crises. Managing uncertainty involves strategic approaches such as risk management and strategic management, with a focus on identifying, evaluating, and responding to uncertainties effectively. Strategic management concepts like the Resource-Based View (RBV) and Organisational Agility (OA) provide frameworks for organisations to leverage their internal strengths and adapt to external changes. Additionally, embracing the VUCA (Volatile, Uncertain, Complex, and Ambiguous) concept in the context of Industry 4.0 highlights the importance of agility, innovation, and leadership in navigating turbulent environments. Within this context, the current chapter delineates how strategic management concepts offer valuable tools for organisations to enhance their adaptability, innovation, and resilience in uncertain times.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pscchp:978-3-031-65587-6_1

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DOI: 10.1007/978-3-031-65587-6_1

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