Strengthen your ability to identify, unlock, and capture disruptive growth
Most of the high-growth opportunity spaces are forming on the outskirts of mature markets where disruptive growth is the norm. These opportunity spaces tend to be more fragmented, faster-moving, more fluid, and harder to grasp.
This is where the Strategy function can help these organizations. How? By architecting a fit-for-purpose model that creates the necessary conditions for identifying, pursuing, capturing, and managing new opportunities.
Shape and drive the disruptive technology agenda
Technology is exponentially changing human potential, progressively pushing the boundaries of what is possible, and unlocking new amazing opportunities. Winning organizations of tomorrow will be faster, able to target opportunities more granularly, and more connected.
The Strategy function must play a central role in bringing this vision to life as an orchestrator of strategic actions across the enterprise. CSOs should look to educate themselves on the basics of the underlying technologies, illustrate their applications through case examples and demos, and help open the aperture to new possibilities through “art-of-the-possible” ideation sessions.
Adopt more agile and dynamic strategic planning practices
Current strategic planning cycles do not match the speed with which the market is moving and may need to be reinvented. In fact, the vast majority of CSOs (71 percent) report spending more than three months on their strategic planning process, and nearly a third (31 percent) spend more than four months. In addition, the survey results reveal that most companies (45 percent) refresh their strategy on an annual basis, while others only go through that exercise every two (23 percent) or three years (22 percent).
In today’s fast-moving world, the current strategic planning cadence is not nearly fast enough to avoid incoherence between a company’s strategy and the evolving realities of the marketplace. Strategy should become a continuous discipline, not a periodic exercise. The Strategy function should lead the way in reimagining the strategic planning process in its own organization.
First, scenario planning has proven to be an invaluable tool to help companies “future-proof” their strategies. Secondly, technology offers many enhancement opportunities to create next-generation strategic planning capabilities. Digitizing the process is a critical first (and necessary) step to unlock new possibilities. Finally, companies should seize the opportunity to utilize better and quicker access to data to monitor how their strategy is faring in the marketplace.