What do you do if your industry is rapidly changing and you need to make strategic decisions?

In today's fast-paced world, the financial ecosystem is undergoing rapid changes that demand adaptable leadership. As Sheryl Sandberg wisely said, "The ability to learn is the most important quality a leader can have." Financial leaders must prioritize continuous learning, actively seeking insights from industry experts and staying attuned to emerging trends. Fostering a culture of collaboration and open communication is essential, as it allows diverse perspectives to converge, kick-starting innovation. However, amidst the pursuit of growth, we must remain anchored to our core values, ensuring that financial inclusion and social impact remain at the heart of our decisions.

In my opinion, staying competitive in a rapidly changing business, is a must for surviving today. Closely monitoring business trends, competition, customers needs and how the overall ecosystem is impacted by technology, are all prerequisites. Once these are ensured, you will have to adopt dynamic planning, foster agile methodologies, an innovative data mindset and composable technologies to lead or even quickly adapt to on-going changes. Establishing long term goals is still valid, however you will have to move with small tactical steps unless you are facing a major crisis. In this way you will avoid no regret moves, review and adapt the plans and technologies more frequently, while adapting more effectively the organizational culture.

Understanding and intelligence is key. The more you develop your knowledge on changing trends the more you will find the gaps to exploit within your industry. With deep understanding you can formulate a strategy that will then benefit your clients, your firm and your employees. Conversations with clients are critical - they are the ones that keep your top line chugging and see how you can pivot to give them what they now need. Also dive deep into your business processes because so often organisational inertia is what is preventing you from being nimble and adaptive

You must always be tuned right into the Zeitgeist of your market. It's not "what's happening now" it's all about "What could happen in the next 2 years?" You need a 360' set of inputs - customers - competitors - emerging technologies - purchasers and any information point that is forward looking. If you base the question on "what are the pain points to fix tomorrow" it will give your answers of what is needed for tomorrow. Once you understand the "need" - not the "want" - you can then start from "imagine if that was solved" and work backwards to build a strategy that brings you back to today - and that lays out the road to get to the end point.

I think we need to stick to the basics, - Keep an eye on emerging trends - map the company's SWOT and check for alignment - If required do a benchmarking analysis - make tactical changes as required but stick to the company's vision and mission

To maximize the strategic value of gathered intelligence, go beyond traditional data sources. Consider partnering with data aggregators specializing in alternative information like social media sentiment analysis, patent filings, or emerging technology trends. Such datasets can reveal early indicators of disruptive innovations or changing customer preferences, allowing for a more proactive strategy. Remember, in a hyper-connected world, tapping into diverse information streams provides a strategic edge in anticipating disruptions and identifying hidden opportunities.

Innovation has a crucial role to play in industries where changes are coming in at a swift pace. Innovating further than just bringing new products or services to the market means revisiting your business model and operational process and how you interact with your customers. This is to nurture a workplace culture environment of creative thinking, freedom to experiment, and realization with focus on taking calculated risks. This way, your organization can take part in dynamic markets, adapt quickly to new challenges, and consequently open up new opportunities for the future. Driving an ethos of relentless innovation is what helps any organization achieve perennial growth and gear themselves to negotiate through market vagaries confidently.

A verdade é que, no mundo dos negócios altamente competitivo de hoje, a capacidade de acessar e interpretar informa??es relevantes é fundamental para o sucesso. Além de simplesmente coletar dados, é crucial entender como transformá-los em insights acionáveis que impulsionem decis?es estratégicas. Isso envolve n?o apenas reunir informa??es sobre concorrentes e tendências do mercado, mas também compreender as necessidades e expectativas em constante mudan?a dos clientes. Ao adotar uma abordagem proativa para a análise de dados e manter-se ágil na adapta??o às mudan?as do mercado, as empresas passam a ter condi??es de prosperar em um ambiente de negócios em constante evolu??o.

These points are strong and valid, I would also advise on urgency. The main theme is that we are in a rapidly changing environment and that demands the agility to make quick(and usually unexpected) pivots. Lean on real time intel from customers, competitors, etc and a baseline of data points. Minimize the participants in a decision and build stakeholder teams primed for agility.

In my business and advisory experience it was extremely helpful to learn how priorities and demand for our customers’ products have been changed. We often found new disruptive trends learning from the clients of our clients. Say if you sell plastic for packaging/bottling you need to understand well what drives the end product customers. Many chemical companies missed the chance to get sustainable up on time, because underestimated demand on green solutions in B2C segment. We have to look at bit further than just our clients needs.

By definition, if you are in a rapidly changing industry, you are an innovator, and making strategic decisions is the norm, whether you like it or not. In this scenario, innovation needs to be seen as a continuous process that needs to be formalized within your organization or at least your sphere of influence. So rather than pick an innovation randomly, reach out to the innovators in your immediate sphere or beyond. Many companies have innovation teams, and most are great to talk to and would welcome your call. If there is no such team, find out which executives are risk-takers; they'll be the most likely to help. Your ultimate goal is to find the tools that can help you innovate so that you aren't going it alone!

Innovation, the secret sauce of success in the fast-paced business world! It's not just about coming up with the next big thing; it's about thinking outside the box and giving a fresh twist to what you already have. Whether it's streamlining your processes to run like a well-oiled machine, adding some pizzazz to your customer experience, or venturing into uncharted territories with new markets, there's always room for a little creativity. But here's the kicker: innovation shouldn't be a once-in-a-blue-moon event. It's got to be part of your daily grind. Cultivate an environment where your team feels like they can let their imaginations run wild and where great ideas are celebrated.

Thriving in Chaos: 5 Ways to Succeed Embrace the Chaos: Change doesn’t care about your comfort zone. To be successful, lean into the chaos with enthusiasm. Out-Innovate Yourself Daily: Forget competition. The real challenge is outdoing yesterday’s version of your business. Make innovation an obsession, a relentless pursuit. Unearth Insights from Data Goldmines: Use data to spot the undercurrents shaping your industry and translate them into actionable insights that propel you forward. The Power of Unlikely Alliances: The most groundbreaking solutions come from partnerships that once seemed unthinkable. Fail, Learn, Repeat: Fast track innovation. Failure isn’t a setback but a step forward. The goal is to evolve and grow relentlessly.

Incentive a criatividade crinado um ambiente que valorize e recompense a criatividade, promovendo a experimenta??o e o aprendizado com erros. Dedicar recursos para a busca por novas solu??es, tecnologias e produtos inovadores. Estimular o trabalho em equipe e a troca de ideias entre diferentes departamentos e áreas da empresa.

For innovation, the core is the talent. To encourage innovation in organzaiton, you need to first build up a team of the kind of talent capable of realizing your innovation goal. In traditional corporate, most employee are not that kind of talent or are overlooked at ther innovation skills. A innovation center/team doesn't need to have a large size. Usually a small but high-performing team is better and easier to manage. The key is to identify those talents who are genuinely passionate about innovation and have the right skills or experience. After that, the following work come, like building mechanism, enviroment, and tools to support innovations.

A team that buys into your organisation's purpose, vision and strategy is a team that does not need to be managed ... only empowered.

Engaging staff, the unsung heroes of the corporate world! Your employees are like the eyes and ears on the ground, picking up on trends and changes that you might not see from the boardroom. So, it's crucial to tap into this wealth of knowledge by keeping the lines of communication wide open. Encourage your team to share their observations and ideas, whether it's through regular meetings, suggestion boxes, or coffee chats. Create an environment where everyone feels heard and valued, and where collaboration across departments is as common as coffee breaks. This internal knowledge pool can be like a treasure trove, full of insights that could help you navigate the ever-changing business landscape and stay one step ahead of the competition.

In my opinion, engaging your team will surprise you with the ability to innovate and compete the market. This should be in the company DNA and to be supported by all levels. Everyone needs to feel the ownership and full responsibility of the success, on the other hand, we will need to ensure they are rewarded fairly.

Risk management is a crucial process that aims to achieve excellent operational outcomes. It is essential to keep a watchful eye on operational risks to manage them effectively. If risks are not managed at the transaction level, they can potentially destroy a business, even if they seem insignificantly small and trivial. For instance, if the leaking valve at Bhopal had been identified as a major risk and taken care of, the gas tragedy could have been avoided entirely. This disaster is considered one of the worst industrial catastrophes in history, resulting in thousands of deaths and long-term health consequences for the local population. Above example is just used to emphasize importance of effective risk managements at transaction level.

You win as a team. Depending on industry, just listening to diverse staff and conducting hackathons can be an immense ideation source as well as a great inclusion and engagement activity.

While regular review is essential, strategists should shift their focus from purely time-based intervals to data-driven triggers. Leveraging predictive analytics and real-time market indicators can reveal early signs that your strategy is faltering or that opportunities are emerging. Data points might include market share erosion, a declining Net Promoter Score (NPS), or unexpected competitive moves. Integrating such data-driven triggers into your strategic review process ensures your responses are agile and timely, critical for navigating dynamic industries.

Pour aligner les performances et les objectifs, tenez des réunions trimestrielles et utilisez des outils de gestion de projet. Les réunions trimestrielles permettent d'évaluer l'avancement vers vos objectifs, tandis que des plateformes de performance qui offrent une visibilité continue sur les progrès. Utilisez les pour suivre vos projets, facilitant l'identification des succès et des ajustements nécessaires, avec un cycle d'amélioration continue, pour atteindre vos objectifs stratégiques.

Review regularly on the changes and adjustment needed when things doesnt go well or maybe increase more if things work well , I think will be very helpful. Fashion industry is a very dynamic industry landscape, but rarely things changes 180 degree overnight.

Um sich regelm??ig überprüfen zu k?nnen, helfen 1-, 5- oder 10-Jahres-Ziele nicht weiter. Ich halte deshalb eine Zielplanungsmethode wie Objectives and Key Results für zielführend, um alle drei Monate gemeinsam mit dem Team auf die qualitativen Ziele (Objectives) sowie die messbaren Erfolgstreiber (Key Results) zu schauen. So kann regelm??iges Lernen stattfinden über das, was funktioniert, was noch nicht funktioniert und was im n?chsten Quartal anders gemacht werden soll.

Recently I watched a movie on Netflix, Nyad (Very inspirational please do watch) and I saw even with expert navigator, triangulated forecasts and critically planned out route for the toughest and most challenging swim in human history, Nyad still had to face the dynamics of the ocean, with ever evolving currents, the navigator had to keep a constant check on the weather! As we also set out for the adventure of achieving something never done before, we need to set our eyes out on everything that is changing in the environment and can have a direct or indirect impact. So buckle up and review regularly!

Implement agile practices to quickly respond to market changes and customer needs. Be prepared to manage change effectively, ensuring smooth transitions for your team and operations. Focus on strategies that create long-term value rather than just short-term gains.

Avoid overreliance on a single strategy. Explore new markets, product lines, or partnerships to diversify. This buffers against industry shifts, providing multiple paths to success. Diversification safeguards against potential closures, ensuring resilience and adaptability.

I am saying the opposite of the person above... In a sentence, diversify is to slow down. If your industry is progressing super fast, responding quickly with a lot of actions is a sure fire way to do a lot while doing nothing. I would take the time and invest in a project that I truly believe in, especially because everyone else is probably shooting out of you know where.

Diversificar es contrario a poder sobresalir en algo en lo que sea único, qué es lo que me proporciona la ventaja que necesito para poder competir con éxito. Para eso, primero debo saber quién soy (mi ADN) y de ahí debe resultar la ventaja en la que debo concentrarme para poder competir. Si no estoy trabajando en lo que me da ventaja, debo pensar en migrar hacia allí; y si eso que soy no me da la ventaja, debo salir de allí.

Diversifying looks interesting, but easier said than done, while considering diversification strategy you must be thorough of the entire universe of the new field, how saturated and competitive is the current market, who are the major players, what is their market share, what margins are they making, competitive strength, capabilities, vendor base, technology, so on and so forth. Also these factors deep knowledge will help you to map it with your investment and risk potential and take informed decision.

Pressure to jump on the next wave of innovation or industry change can be daunting. Here are some guidelines I consider: - Take a deep breath and slow down, having a clear mind as you process all of the inputs from your rapidly changing industry is critical to making good, strategic decisions. - Resist the temptation to act too fast. Be sure that you come up with a plan that will take you in the best direction with the optimal investment. - Search for trusted sources of information and insights that can be used to help you develop your strategy. Trust but verify those sources to ensure accurate data as you develop the strategic plan. - Use your network. Surround yourself with trusted advisors who can give you various points of view.

Une chose que j'ai trouvé utile est de se poser pour analyser la situation et ne pas se précipiter. Se poser en équipe avec les acteurs concernés, les parties prenantes et plus largement des personnes extérieures. De l'importance du co-développement !!!

In today's fast-paced business environment, staying ahead of industry trends is essential for success. I believe in embracing change as an opportunity for innovation and growth without losing focus on your core business and main sources of revenue so far. Here are some key strategies: 1. Regular market analysis and draw some possible foresights (few scenarios) 2. Invest in R&D (if you are on budget to invest in cutting-edge technologies, explore new ideas at least) 3. Flexibility and agility (fail fast and be aware for any distraction) 4. Focus on Customer Needs and have a clear long-term vision (while you are responsing to short term market shifts)

Reviewing regularly, now that's the secret ingredient to staying on top of your game! In the fast-moving world of business, resting on your laurels is a surefire way to get left behind. So, it's all about keeping your strategy fresh and up-to-date. Set up regular check-ins to take a good, hard look at how things are going. It's like taking your strategy in for a tune-up, making sure everything is running smoothly and making adjustments where needed. This way, you can stay nimble and pivot quickly when the winds of change start blowing in a new direction. By keeping your strategy in tip-top shape, you'll be ready to tackle whatever challenges come your way.

First, assess your capacity for rapid adaptation. Is the structure too rigid? If so, consider these steps: - Dedicated Team: Assemble a cross-functional team solely focused on the issue. - Outside Advisors: Consider adding outside advisers to the team who may be able to add additional knowledge and capabilities. Avoid sacrificing long-term stability in a scramble to adapt. Chaotic reorganization will hurt more than it helps.