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Strategic Analysis Best Practice 7 – Diverse Models
Solutions addressing today’s multifaceted business challenges and opportunities can be extremely difficult to recognize; the ever increasing pace of change within the business environment further complicating this problem. In order to successfully deal with this challenge, decision-makers need the support of people and tools to help them distill large quantities of data, recognize important business trends, discount temporary fads, and translate their findings into meaningful organizational activities. Because no one analysis perspective will adequately account for all of the important nuances associated with a complex problem, multidiscipline teams and diverse tools should be employed to establish a complete picture organizational performance and environmental conditions. Use of a diverse set of models during the strategic analysis process helps create this needed picture.*
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Analytic models are crucial to developing a resilient understanding of company, industry, and environmental conditions. While this is widely recognized, it is rarely practiced. Many companies prefer instead to rely on stereotypes, assumptions, and conventional wisdom about their competitive environment and industry structure, and as a result cling to points of view that are often obsolete. Effective strategic planning requires consistent and rigorous application of models of competition, markets, and industries. For more, see article collection at http://www.outwardinsights.com/news/publications and post your comments on our blog, http://outwardinsights.blogspot.com.
Kenneth,
I couldn’t agree more. I find that all too often, organization’s hold on to prevailing, conventional wisdom because it validates their desired course of action. Organizations achieving real gains are those that establish one or more strategic objectives and then rigorously evaluate internal organizational performance and external environmental factors; using this information to evaluate and select the initiatives to be pursued independent of whether or not these represent the initial desired course of action.
Posts throughout the StrategyDriven website are aimed at helping leaders successfully develop and execute an unbiased strategy that maximizes their organization’s value. Outward Insights also offers thought content leaders can use to help their organizations become more strategy driven. I’d encourage all StrategyDriven readers to checkout the high quality content on Outward Insights.
Thanks again for taking the time to share your thoughts with us, Kenneth!
All the Best,
Nathan