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Many European companies didn’t have contingency plans if Britain decided to exit the EU, and now are playing catch-up. They shouldn’t have been caught off guard.
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Anecdotal evidence suggests that considering various scenarios helps strengthen decision making. To test this idea, researchers offered a scenario-based workshop to executives to see how considering scenarios affected decisions. They found that though participants’ confidence in their choices never wavered, the strategic choices they made before the exercise often changed dramatically after viewing the scenarios, with a tendency to become more flexible and focused on long-term value.
Companies that are able to radically change their entrenched ways of doing things and then reclaim leading positions in their industries are the exception rather than the rule. Even less common are companies able to anticipate a new set of requirements and mobilize the internal and external resources necessary to meet them. The article focuses on three companies that transformed themselves and compares them with three other companies from similar industries that hadn’t been required to make a dramatic shift.
As sustainability-related pressures change the competitive landscape, what kinds of capabilities and characteristics will that landscape demand of companies that aim to thrive? Here’s what Business of Sustainability survey respondents and sustainability thought leaders say.
The strategic planning model is due for a “new release,” one that enables companies to keep pace with changing environments, quickly create and adapt strategy and empower people throughout the organization to make effective choices.
Although most companies undertake acquisitions with an eye toward fueling growth, the resulting infusion of new ideas, perspectives and processes can produce lasting benefits that are broader and deeper.
Few organizations understand the benefits of having tactical planners, who use computer models to optimize the supply chain, in close communication with the senior managers who formulate strategy. The author outlines a planning approach that ensures that critical supply-chain details inform a company’s business strategy and that supply-chain management aligns with the strategic direction.
The ability to set the right price at the right time, any time — the very definition of a pricing capability — is becoming increasingly important. Based on their work with dozens of companies, the authors explain how investments in human capital, systems capital and social capital come together to form a pricing capability that competitors will have a hard time imitating.
Using the metaphor of improvisational theater, the author lays out six elements of strategic improvisation that executives can apply to transform their organizations into experimental arenas. Companies that engage in such continual improvisation are better equipped to explore highly threatening disruptive technologies and embrace radical change.
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