Shape Rather than Forecast Tomorrow's Business
Competitive landscapes are shifting faster and with more complexity than ever before. What does it take to become a value creation leader? Gordon Hewitt, faculty member in the Business Acumen Program, says you must:
Expand your View of Competition.
Expect significant innovations to come from outside your traditional industry and competitors. The shift to modern smart phones was led by Apple, Google, and Samsung, not previous market leaders Nokia or Motorola.
Avoid a Predictable Strategic Agenda.
Many corporate strategic plans are based on playing the existing competitive game better. But in today's markets, competitive games and rules are open to change. Becoming more efficient at the wrong game is not smart strategy. Your agenda should focus on new-game value creation.
Think Beyond your Structure.
New game opportunities often span traditional organizational boundaries. Instead of changing the organization chart, think more broadly. To create business and industry innovations, you need to create new collaborative systems across the organization and challenge your
Excelling on Autopilot
Snap decisions, intuition, and gut feelings - you wouldn't consider these sustainable business practices, would you? Faculty director Ray Reilly does, but there's an asterisk. Smart, quick thinking and execution that seems automatic can indeed become second nature, but it takes work to get there.
"Executives must think and act on their feet, but that shouldn't mean fumbling. Business Acumen equips you with tools to be both quick and conscientious."
Go in with a game plan. Developing a solid framework for understanding business is crucial to informed decision making. Otherwise, your actions won't have a foundation.
Think it through. In addition to a framework of understanding, you need a structured thought process for assessing problems. Without one, your decisions will lack continuity and consistency.
Rinse, repeat, and reap the benefits. Over time, applying these formalized frameworks and processes becomes as natural as riding a bike: call it "informed intuition."