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Your strategy needs a strategy : how to choose and execute the right approach
\"What approach does your company use to develop and execute its strategy? We are confronted with a plethora of different approaches and frameworks which purport to answer this question--from the classic Michael Porter approach to Kim and Mauborgne's blue ocean strategy to Steve Jobs' \"build it and they will come\" philosophy. The answer? There is no one approach that works for everyone, but there is a best approach for your specific context. From Global BCG strategy experts Martin Reeves, Knut Haanµs, Janmejaya Sinha (and based on the bestselling article in Harvard Business Review), Your Strategy Needs a Strategy offers a practical guide to help you to match your approach to strategy to your environment and execute it effectively, to combine different approaches for companies which operate in multiple environments, and to lead your organization in making better strategic choices.\"-- Provided by publisher.
Book
The Working Limitations of Large Language Models
Large language models (LLMs) like ChatGPT have gained significant attention and investment due to their ability to generate humanlike text. However, it is important to understand the limitations of these models to avoid misapplications. LLMs work by predicting the next word in a sequence based on training data and context. They rely on factors such as model size, training data volume, and prompt size to generate accurate responses. Despite their power, LLMs have several limitations. They lack complex reasoning abilities and struggle with understanding relationships between words. They are also limited by their knowledge and expertise, often reproducing errors or providing incorrect information. LLMs can also fail to understand prompts and may not be able to plan or execute practical solutions. To overcome these limitations, businesses should complement LLMs with human oversight and other technologies. Validation of AI-generated outputs, tailoring prompts, and exploring complementary technologies like reasoning engines and domain-specific models can enhance LLMs' capabilities. Understanding these limitations is crucial for implementing LLMs effectively and avoiding reliance on their capabilities that they do not possess.
Journal Article
When SMART Goals Are Not So Smart
We rarely question the need for goals, and the familiar acronym SMART instructs us that good goals should be specific, measurable, achievable, realistic, and time-based. But none of these attributes say anything about the context in which we are setting goals. In stable, predictable environments, it makes sense to set goals that are specific and measurable. For instance, some markets, such as confectionary and cosmetics, grow with gross domestic product and follow relatively predictable trends. Thus, a company like Mars Inc can plan out a multiyear strategy in its core categories. In more dynamic and uncertain environments, however, SMART goals can be problematic. It's hard to manage to specific, time-based targets when demand, technology, business models, and competitor sets are incessantly shifting, as is common in emerging or recently disrupted industries, like genetic testing services or augmented reality technology. SMART goals, by specifying details such as the destination and arrival time, help us identify the right actions in the right order.
Journal Article
Setting the Rules of the Road
The rapid rise of digital ecosystems has led to the success of a few powerful platforms, but the reality is that less than 15% of business ecosystems are sustainable in the long run. Many failed ecosystems can be attributed to governance failures, particularly in the explicit and implicit structures, rules, and practices that govern the behavior of ecosystem participants. Ecosystems face various governance challenges, such as opening up access to developers too late or allowing overly open access that leads to a flood of inferior products. Managing an ecosystem requires a different approach than managing a traditional company or supply chain, as it relies on voluntary collaboration among independent partners. Ecosystem leaders can improve the sustainability of their ecosystems by understanding the components of a comprehensive governance model and learning from both successful and failed ecosystems. They should focus on mission, access, participation, conduct, and sharing as key elements of their governance model. The strategic priorities, competitive differentiation, social acceptance, and adaptability of the governance model are also crucial factors for success.
Journal Article
The Benefits of Sustainability-Driven Innovation
What connects corporate sustainability with business profits? According to our 2012 global executive survey on sustainability, an important factor is business model innovation. Managers who say that their company's sustainability activities have added to the company's profits are more than twice as likely to say that sustainability has caused their organization to change their business model than not. The sustainability story at Grief, a leading manufacturer of industrial packaging, illustrates the importance of business model innovation and several other key findings from our survey. Scott Griffin is chief sustainability officer at Grief, a 135-year-old global industrial packaging company headquartered in Columbus, Ohio that had net sales of $4.2 billion in 2011. Griffin says there are four keys to Grief's sustainability agenda, which has become central to the companys overall business operations and strategy. One is top management attention to sustainability. One reason sustainability works here at Grief is high-level, strong executive commitment, says Griffin. Unlike many chief sustainability officers, Griffin reports directly to the CEO and is a member of the company executive strategy team. Another key to Grief's approach to sustainability is collaboration. In the past three years, Grief has collaborated more with customers and nongovernmental organizations because of sustainability-related issues.
Journal Article
HOW HEALTHY IS YOUR BUSINESS ECOSYSTEM?
Paying attention to the right metrics and red flags is crucial for leaders to avoid common pitfalls in the development of business ecosystems. Less than 15% of ecosystems are sustainable in the long run, with strategic blunders in their design being a major cause of failure. Metrics such as the number and engagement level of marquee partners, number and engagement level of high-value customers, and customer feedback can help assess ecosystem health in different phases of development. Red flags include critical partners not joining the ecosystem, the wrong users subverting the value proposition, opinion leaders leaving, and frequent changes to the value proposition. In the scale phase, metrics such as the number of new active customers, number of new active partners, number of successful transactions, and unit cost per transaction are important. Red flags in this phase include a persistent imbalance between participants on both sides of the market, ecosystem growth reducing value for one side of the market, increasing misuse of the ecosystem by users, declining quality indicators, and rising operating model complexity. In the maturity phase, metrics such as churn rates of customers/partners, revenue per customer, contribution margin per transaction, retention costs for customers/partners, and acquisition costs for customers/partners are key.
Journal Article
Fighting the Gravity of Average Performance
Strategy has always been about defying averages--doing something exceptional that earns a company correspondingly exceptional rewards in the market. Today, that is still true, but the relentless churn and volatility in the business environment mean that simply outperforming the average is not enough. Rather, the true test of leadership is continuing to outperform over time. Here, Reeves et al examine the relative performance of 22,000 companies, looking specifically at how they compete within their sector and how long top performers can remain at the top.
Journal Article
The Myths and Realities of Business Ecosystems
Ecosystems are attractive partly because of the new possibilities they create for products and services spanning traditional boundaries--often using digital platforms, APIs, Internet of things technology, and new tools for data gathering and analysis. The growing interest is also driven by necessity: Business environments are evolving more rapidly, requiring the rapid acquisition and coordination of diverse, novel capabilities. The rise of ecosystems requires a new way of thinking about business--the ecosystems perspective. Here, Fuller et al discuss the characteristics of business ecosystems and dispels several common ecosysten myths.
Journal Article
When Wait and See Is Smart Strategy
[...]wait and see is especially reasonable when the context is reflexive - that is, actions taken may spark reactions that further increase uncertainty or even increase the probability of a negative outcome. Conversely, new, hard-to-unwind commitments should be avoided. [...]the past decade has shown that when businesses engage with political issues, there are significant risks of escalation. [...]businesses may face a protracted period of regularly occurring surprises, each of which has the potential to alter the path to future success. [...]consider the risk that a decision or announcement could trigger a negative political response or public backlash.
Journal Article