In the past, business strategies, like their operations, were mostly manual. There was a more laid-back approach; a plan but with the understanding that the business could figure things out along the way. The problem with this? The smallest of disruptions could render the business unable to adapt and operate.
In current times, we have learned how catastrophic certain events can be for a business. The smallest of changes can throw an entire operation off balance. Because of this, many companies today have switched to a more adaptable and agile approach— one that uses repetitive tools, processes, and governance to respond and adjust to both internal and external changes.
- Functions on an agile foundation that allows change and integrated business planning.
- Implements control measures to mitigate risk resulting in constant support and guidance across the strategic journey.
- Offers a customized governance toolkit that addresses the needs of the business while working long term.
While this sounds great in theory, there are concerns about whether it is sufficient to future proof a business.
In the current climate, no company can stave off disruption. The automotive industry is an ideal example of this. Self-driving cars, ridesharing apps, and many other factors have resulted in many well-established companies to keep coming up with new ideas to stay on top of an evolving market.
Similarly, a data-driven business that is future-proof must have an outward focus. The relies on data-based, real-time insights that keep your business tuned to the evolving needs and expectations of customers and employees. Adaptability isn’t the only thing you need to consider. You have to keep looking ahead and gauge the atmosphere in your industry to easily identify new risks and opportunities.
An adaptive business strategy will enable you to spend less time figuring out what to do. Instead, there will be a great opportunity to leverage data further to evade obstacles and find new routes to success with a more autonomous method.
Your next step in strategic planning maturity will also look at the culture and zeitgeist of the world and where things are headed. As time passes, boundaries and constraints will switch across the overall business ecosystem. Accessible knowledge, social responsibility, intuitive intelligence, partnership evolutions, and even more automation will change the way businesses operate and are structured. To navigate this brave new world, greater globalized planning and long-range surveys will be needed to gain success over time.
Crafting a More Autonomous Strategy
Here are a few ways how a more autonomous strategy planning approach can help your organization move forward effectively.
1.Navigation Based on External Data
Many businesses create their strategies as part of internal budget cycles and set priorities through internal consensus meetings. As a result, they end up skipping even the simplest competitive analysis. Take stock of the time your organization takes to look at internal versus external factors to set strategy. Have your executive team develop a strategy to put you out of business for a change. What would it take to massively disrupt your organization? What are your safety measures to prevent it from happening.
2. Real-time Navigation Checks and Adjustments
Businesses need to have a system of checks and balances that will help them react to internal and external changes. Examine the scale of adaptability within your resources and investments. You need to make sure some necessary processes or enablers speed up or slow down based on the latest data and insights. Does the business have the necessary ability to address your employees’ or customers’ new desires or expectations with human-centered design? How agile is your business model and how will it meet changes in internal and external needs?
3. External Sensors
Even automated devices use sensors to transfer or integrate external data points that interact with the machinery inside. What data or “sensors” do you have to update your strategy? Are you combining both internal and external data to gain better insights? Make sure that you invest in predictive market research or different market analysis tools to connect formerly incongruent data sets and create forward-looking trends and insights.
4. Insurance or Back-Up Plans
There will always be instances of failure due to issues, missteps, and unforeseen circumstances so it is important to have some kind of plan for when things go south. Adaptability or agility is your insurance against disruption. As a result, always make sure you have certain measures in place to keep you well protected.
No matter what kind of business you’re in, the future of the industry is more unpredictable than ever. It’s time to re-evaluate conventional approaches and ensure your strategy is ready to bring on success. Whether it’s something as simple as API-led connectivity, a strategy for the future will shield your business from unwanted consequences of the disrupted marketplace.