Agility & Adaptability

Agility and Adaptability

In 2004-2005, many companies in Indonesia, particularly in Jakarta, were at their peak. New outlets and restaurant chains sprang up, creating a vibrant commercial landscape. Notable among them were Hertz Chicken Buffet, Giant Supermarket, Hero Supermarket Chain, Seven Eleven, Carrefour, Hypermart, Matahari Department Stores, and traditional electronic centers like Duta Merlin, Glodok, and Mangga Dua. Fuji Image Stores were also prevalent across the city.

Fast forward to 2019, and the business environment had dramatically shifted. Seven Eleven announced its closure in Indonesia in 2017, Hertz Chicken Buffet disappeared, and Hypermart and Carrefour downsized. Giant Supermarkets also announced cutbacks. Traditional shopping centers like Glodok transformed into showcases or warehouses as online transactions took precedence. The rise of e-commerce revolutionized distribution, making it a crucial competitive factor.

This shift from conventional outlets to digital platforms marked a new era of competition. Companies that failed to adapt, innovate, and accelerate their strategies based on digital platforms faced decline. Those that survived demonstrated remarkable agility and a robust corporate culture, essential for thriving amidst changing landscapes.

Corporate culture has long been a cornerstone of successful companies. In the mid-2000s, it was a prominent issue, with many companies like Astra International and banks such as Bank Central Asia and Bank Danamon emphasizing its importance. Successful companies embedded corporate culture deeply within their operations, leading to long-term success.

The essence of corporate culture lies in its reflection through people's behavior. Successful companies translate their strategic intent into daily operations, ensuring their culture is embodied by their employees. This alignment between culture and people is crucial for success, especially in an era of hyper-competition.

As we move towards Industry 4.0, built on digital platforms, and anticipate Industry 5.0, the role of corporate culture remains pivotal. It enables companies to navigate industrial challenges and adapt to turbulence. Ensuring the right people are recruited, developed, and retained is essential for maintaining a strong corporate culture.

Building a robust corporate culture requires commitment from everyone in the organization, especially the top management. It involves:

1. Identifying the future vision of the company.

2. Defining desired behaviors for stakeholders.

3. Understanding perceptions and expectations of employees, suppliers, and customers.

4. Establishing common rules for future growth.

5. Implementing systems to reinforce and protect new behaviors.

Although these steps may seem straightforward, the key to success is unwavering commitment. As Heidi Reeder stated, "Commitment is the foundation of great accomplishments." Jean-Paul Sartre emphasized that "Commitment is an act, not a word." Achieving great accomplishments requires everyone to act on their commitment. Thanks to C19, we have been accelerated to adapt to this state of the art technology in business.

Fast forward again to 2024: How ready are you ?

References:

• Oxford Business Group: [Retail & E-commerce in Indonesia](https://oxfordbusinessgroup.com/news/retail-e-commerce-indonesia)
• Euromonitor International: [Retail E-Commerce in Indonesia](https://www.euromonitor.com/retail-e-commerce-in-indonesia)

#BusinessEvolution, #DigitalTransformation, #CorporateCulture, #AgilityInBusiness, #ECommerceRevolution, #AdaptingToChange, #Industry40, #BusinessAdaptation, #Leadership, #FutureOfWork?