The world of strategy is changing.
“Back in the 1970s, corporate strategy was largely seen as akin to managing an investment portfolio, in which the corporation allocated capital to different business units as efficiently as possible.”
This HBR article by Martin Reeves and Annelies O’Dea, talks about how the business landscape is changing and how that means our approach to strategy has to change as well.
Full article: 6 Factors Driving Changes to Today’s Corporate Strategies
“Six factors are driving these changes:
- Dynamism
Competitive advantages do not last as long as they used to, as reflected in the acceleration of the competitive fade rate. - Uncertainty
As a product of the technology revolution and other factors, business plans have become less predictable. - Contingency
Strategy must cultivate capabilities to apply and balance – diverse frameworks, picking the right approach to strategy to each business. - Connectedness
Strategy has become more open to external influence and collaboration. - Contextuality
Strategy must now create credibility, social contribution, and generate advantage by dealing creatively with new social and ecological constraints. - Cognition
Shift the focus of human minds to more uniquely advantaged areas like ethics, empathy, and creativity.”
We know that the business environment has become and is becoming increasingly uncertain. This is why we are proving that an Open Strategy approach works.
An Open Strategy approach helps us to see blind spots, and make decisions that have the greatest impact.
It keeps organisations and leaders adaptable – as listening & getting insight with customers, staff, partners are key in decision-making.
It means that we’re making well-informed decisions based on unique and factual insights, rather than what we think we know.