Employees as Assets
Allan Gray, the center’s director, recently sat down with us to discuss how agribusinesses should think about investing in their employees during an industry downturn. Below, Allan Gray shares:
- Why you shouldn’t be so fast to cut professional development from the budget
- How to view learning as something other than a cost on the balance sheet
- How to position your people to be more capable of handling a different market environment
- How the changing market environment will affect farmer buying decisions
In this multi-part blog series about data-driven decision making in times of crisis, we have argued that intelligence, not data itself, is the critical component in decision making. We have also pointed out the importance of understanding the critical data needed for a specific decision and the processes involved in collecting, organizing and storing this data. In this article, we focus on what may be considered the most important step in the intelligence cycle: the processing and analysis of data and information.
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.