Business in a Turbulent Era: Organisations, Industries and Markets

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

Chapter Chapter 1 in Business in a Turbulent Era, Volume I, 2025, pp 1-23 from Palgrave Macmillan

Abstract: Abstract This chapter investigates business turbulence, focusing on its causes, implications, and strategies for organisational adaptation. Turbulence, characterised by unpredictable external changes, arises from factors such as geopolitical tensions, technological advancements, and evolving consumer demands. The chapter aims to evaluate and synthesise theoretical and empirical contributions on resilience, agility, resource-based perspectives, and digitalisation. Grounded in dynamic capabilities and the Resource-Based View (RBV), it emphasises how organisations can navigate VUCA (volatility, uncertainty, complexity, and ambiguity) conditions to achieve sustainable competitive advantage. The theoretical foundation integrates dynamic capabilities and RBV, positioning agility, innovation, and resilience as critical drivers for thriving in turbulent environments. Methodologically, the chapter employs a critical literature review, synthesising peer-reviewed studies from 2020 to 2024. The review is structured around four themes: the nature of business turbulence, dynamic capabilities, the impact of Industry 4.0, and strategies for addressing VUCA challenges. Studies were precisely selected for their analytical depth and contextual relevance. Findings highlight the multidimensional nature of turbulence, encompassing market, technological, and competitive disruptions that demand proactive adaptation. Digital transformation and Industry 4.0 are identified as pivotal enablers, enhancing responsiveness and efficiency. Practical recommendations include embracing digital tools, fostering resilience, and adopting agile strategies. This approach identifies research gaps and provides strategic insights for navigating complex business environments.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pscchp:978-3-031-89798-6_1

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DOI: 10.1007/978-3-031-89798-6_1

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