Future of Strategy (Again)

The future of business strategy is a vast topic that has been discussed by many experts. According to McKinsey & Company, there are eight key forces that will shape business in the future.?These forces include the rise of digital ecosystems, the changing nature of work, and the increasing importance of sustainability.

There are several ways businesses can prepare for these forces.?According to McKinsey & Company, future-ready companies share three characteristics: they are purpose-driven, performance-oriented, and principles-led.

In addition to these characteristics, there are several steps businesses can take to prepare for the future.?These include building a strong foundation, having finances in order, keeping existing customers happy, hiring the right team, subtracting while adding, finding a mentor, and always referring back to your business plan2.

Another way businesses can prepare for the future is by becoming “future-ready.” According to McKinsey & Company, future-ready companies share nine key characteristics: they have a clear purpose and values, they are customer-centric, they have a growth mindset, they are agile and adaptable, they have a digital-first mindset, they have a culture of innovation and experimentation, they have a diverse and inclusive workforce, they have strong leadership and governance, and they have a focus on sustainability.

Some examples of companies that are future-ready include Hermes, Nike, and Target.

In addition to these companies, members of the World Economic Forum’s New Champions Community have taken a wide range of approaches to create future-ready companies.

In addition, Gartner suggests that a future of work strategy includes an assessment of an organization’s current and desired state, a prioritized list of trends, and roadmap for implementing future initiatives.?Because new trends emerge so quickly, the strategy must be a living document, and developing it is an iterative exercise

According to Robert Half, there are several strategies that businesses can use to prepare for the future of work.?These include communicating about change, giving workers the opportunity to evolve their skills, letting go of yesterday’s approaches to learning, and investing in skills training and ongoing learning.

In addition, McKinsey & Company suggests that businesses need to know about how work could shift given digitization and other trends.?They also suggest that workforces and workplaces can prepare for those changes by focusing on diversity, equity, inclusion and belonging, improving the employee experience, adopting agile workflows, and launching new products and services

For example is Amazon.

Amazon has been one of the most successful companies in the world since its inception in 1994. The company has grown from an online bookstore to a global e-commerce giant that sells everything from books to groceries and even offers cloud computing services. Amazon’s strategy has evolved over the years, but its core principles have remained the same: customer obsession, long-term thinking, and continuous innovation.

Amazon’s strategy has been centered around customer obsession. The company has always put its customers first and has been willing to take risks to meet their needs. Amazon’s focus on customer satisfaction has helped it build a loyal customer base that keeps coming back for more.

Another key element of Amazon’s strategy is long-term thinking. The company has always been willing to invest in new technologies and initiatives that may not pay off immediately but have the potential to be game-changers in the future. This long-term thinking has helped Amazon stay ahead of its competitors and maintain its position as a market leader.

Continuous innovation is also a key part of Amazon’s strategy. The company is constantly experimenting with new products and services to find ways to improve the customer experience. Amazon’s willingness to innovate has led to the creation of new products like the Kindle e-reader and the Echo smart speaker.

Over the years, Amazon has expanded into new markets and industries. In 2006, the company launched Amazon Web Services (AWS), which provides cloud computing services to businesses around the world. AWS has become one of Amazon’s most profitable businesses and has helped the company diversify its revenue streams.

In 2021, Jeff Bezos stepped down as CEO of Amazon after 27 years at the helm.?Under his leadership, Amazon became one of the most valuable companies in the world with a market capitalization of over $1 trillion1.?Bezos was succeeded by Andy Jassy who had previously led AWS.

Source: Mckinsey, HBR.org, Weforum.com, Amazon.