Responding to disruption (2)
Thursday, 10 September 2015
What is needed to compete in today's economy? From PwC's Annual Global CEO survey 2015.
- Focus on what you’re good at: In an increasingly confusing marketplace, it’s crucial to identify your organisation’s key capabilities, those which make it unique. We don’t think companies can manage more than three to six truly differentiating capabilities.
- Re-evaluate the business you’re in: Once you understand your strengths, consider the true value you give to stakeholders. Recognise who your competitors really are – including those in different industries. Ensure there’s strong cohesion between your organisation’s capabilities, value proposition and product and service offerings. It could be that your core strengths could excel in a sector you’ve never been part of before.
- Anticipate policy issues: Pre-empt them by self-regulating effectively. Work with government to develop effective and balanced policies, as part of a collaborative network of partners.
- Build diverse yet aligned partnerships: Consider how partnerships could enhance your capabilities. Develop a broad, diverse and dynamic ecosystem of partnerships that you can adjust upwards or downwards depending on needs. And strengthen collaborations by identifying mutually beneficial outcomes.
- Transform through digital: Understand the impact of digital technologies on your stakeholders and the value they seek. Assess how your operating model needs to change to fulfil new needs and desires – and have a clear vision and plan for how digital investments can help achieve these changes.
- Develop a good mix of talent: Leverage the full spectrum of differences in thinking and working to build a collaborative and technologically skilled workforce that can deliver the innovation you need to compete in the new economy.