Data Collection and Usage
The collection of data, information and analytics are sweeping the world by storm. They are buzzwords likely heard on almost a daily basis, and they are only becoming more and more prevalent in food and agricultural business.
The authors of this article conducted an extensive review of the literature on approaches to resilience and antifragility in business. The article reviews and refines the definitions of the terms resilience and antifragility. The authors then identify 41 different strategies that companies might pursue to enhance their resilience and/or antifragility. Strategies were categorized into three phases companies faces with respect to a disruption or crisis: readiness, response and recovery. Finally, the research identified 25 capabilities that can assist a company in becoming more resilient and antifragile.
The idea of disruption describes a process in which a company is able to successfully challenge established incumbent businesses. Disruption displaces an existing market, industry or technology and produces something new, more efficient and worthwhile. It usually begins with an inferior product and gradually improves it over time to attract the mainstream. It is distinctly different than innovation in that it does not focus on improving products and services like innovation does. Instead, it aims to fulfill client needs in an entirely new way.
Prior to joining Purdue University as a visiting professor, I was the head of human resources at OGE Energy Corp. Heading HR for nearly 10 years was without a doubt the most rewarding and most difficult role I have ever held. The rewarding nature of HR lies in partnering with people in managing their career, and the difficult part lies in dealing with them when they are at their worst. In my early HR days, I would be floored by some of the shenanigans people would take part in doing.