Maintain Long-term Identity while Repositioning
Advances in technology and global connectivity have combined to unleash a host of new opportunities for companies of all sizes. As organizations become adept at morphing their strategies to take advantage of these opportunities, they gain strategic benefit by establishing and maintaining a long-term identity that speaks to their core strength. This ability to change also protects companies from failure if their existing business is marginalized or deemed untenable by government legislation, new technological innovation, or other unforeseen events. By building and communicating an identity vision, organizations are able to leverage their ability to “differentiate themselves from competitors, motivate their employees, and build lasting relationships with customers.”[i]
Several approaches can help leaders reposition their business while maintaining their overall identity. Defining a transcendent vision allows a company to redefine aspects of its business while maintaining its overall identity. SAS, for example, is a global Business Intelligence Solutions company that started out creating software for statistical analysis. A SAS user was someone who knew how to write SAS code. Today, SAS has broadened its scope and evolved into a leader in Business Intelligence solutions with an emphasis on business analytics. With SAS, anyone within the organization can access information to gain knowledge about their business through simple graphical user interfaces (GUIs). But the vision of the company as one that helps businesses turn data into knowledge still rings true for SAS.
To ensure success when adapting strategies, organizations should keep an eye on customer value while taking advantage of all the internal knowledge as well as market indicators to determine which new activity or group of activities will serve future needs of customers.
Another consideration is to reduce reliance on forecasting tools and statistical methodologies. In a volatile economy, these tools are only marginally useful. Companies that are thriving today are leveraging the concepts of chaos theory and complexity science. These concepts include “better monitoring of trends in the external environment, regular reevaluation of the broader industry configuration to see where margins are highest (to see which players are making the most money), scenario planning, pattern recognition, improved ability to pick up weak signals in the environment, and rapid and coordinated decision making.”[ii] By focusing on the future rather than on past patterns and accomplishments, the application succeeds by tapping into the innovative spirit of the organization.
Look for the next 8 Principles on Leading a Dynamic Organization! Feel free to comment with questions, additions and ways in which you have had to morph your strategies in order to take advantage of new opportunities!
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[i] Christopher Laszlo and Jean-François Laugel, Large-Scale Organizational Change (Boston: Butterworth Heinemann, 2000), 57. [ii] Ibid., 62.