Thriving in a Shifting Marketplace
Consolidation, tight margins, increasing consumer demand and price transparency are just a few of the challenges currently facing the agricultural retail supply chain, forcing leaders to adapt and adjust. These challenges have made continuous improvement in supply chain and operations management more important than ever before to maintain a competitive position.
The possibility of having a sizable online channel for selling or buying ag inputs has been under discussion for quite some time. After great expectations, some attempts, overpromises and maybe some frustration, this channel format slowly started to take shape. Interestingly, it is gaining a complexity in itself such as e-commerce in other industries. In certain ways, it is now impossible to talk about just one ag input online channel format anymore.
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.