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Experimentation can maximize success in business by allowing companies to test different strategies and approaches in a controlled environment. This can help identify what works and what doesn't, allowing for adjustments and improvements. Experimentation can also foster innovation, as it encourages thinking outside the box and trying new things. It can also help businesses become more resilient, as they learn to adapt and respond to unexpected situations or challenges.
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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As the world moves faster and becomes more connected, Rogue Waves are no longer edge cases. External events of large magnitude like wars, financial crises and large natural disasters have severely affected large companies every seven years on average. American business leaders respond to radical external change nearly 45% of the time. In an increasingly volatile world, resilience is the new growth strategy. Resilient organizations have more redundancies than what Six Sigma advocates find acceptable. But today's organizational mandate is not just about performance. It's also about surviving and recovering from unexpected systemic shocks. Any business or economy is just a combination of games with different rules, different winning probabilities, and different payouts. In a casino, while individual players win or lose, the house always wins the night because it places systemic controls on the flow of information. Similarly, a business can beat randomness and win by placing systemic con...
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