Dynamic Strategy

Globalization and technology today are breaking all barriers, with the result,

 any strategy in any industry constantly needs to be revised, re-written to be vibrant, energetic and vigorous.  In other words, the strategy should be `dynamic`.

The past or classic strategies have become irrelevant mostly.  The future has become unpredictable, and hence the companies must adopt dynamic strategies.

The best strategy becomes a hypothesis.  Strategic implementation has become more vital today than ever.  Innovations  is treading into uncertain waters, and the importance of strategy decreases as uncertainly increases.  The solution is to revising the company strategy dynamically and continuously.

Therefore, the strategy should be `dynamic`, and keep abreast with eternal turbulances.

A company should respond and be pro-active, than react, to changes in the market places and to the environment by adopting newer approaches to strategy – one that combines speed, openness, flexibility and strategic thinking.

Experimenting with new strategies is important – constant testing, adaptation and building on what is seen to be successful with customers is the way ahead, especially when the company is trying to re-invent the value provided, or the way it is produced and delivered.

Peter Skat Rordan in his “Changing Strategic Direction” suggests the following `Building Blocks for Dynamic Strategy`.

• Obtaining market insight and foresight,
• Utilizing company`s competancies and capabilities,
• Determining the value the company wants to provide,
• Re-inventing the  business and the competitive rules,
• Developing a guiding strategic intent
• Develping a strategy as a dynamic game,
• Capitalizing on opportunities and learning.

Thus, the important role of Dynamic Strategy for business success cannot be over-emphasized.                           

Questions: 

• Why is dynamic strategy important for organizational success?
• What are the seven building blocks for evolving an effective dynamic strategy?