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Tuesday, August 10, 2010

Creative Destruction: Faster innovation through Collaboration

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Technological developments enable faster innovation through collaboration  The Process of Creative Destruction is moving at a breakneck speed and the process will only accelerate further. All this has created a market environment that is unpredictable and mind numbingly complex. Look at the new online Web 2.0 today products like Facebook, Twitter, LinkedIn etc. that are redefining the online hiring industry. Under these circumstances the process of setting up a Business Strategy is very different from what has been in the past. By the time the refined Business Strategy to tackle the known competitive landscape is executed, the marketplace will have changed again rendering that Business Strategy irrelevant. Two new important characteristics become very relevant to the organization in an environment where the process of Creative Destruction is faster than executing a new and refined Business Strategy.

  1. Simplistic and Agile Business Strategy: The knee jerk reaction by every organization to deal with rising complexity is to complicate the ecosystem and the process of developing the business strategy. That will not work because complex strategy has a tendency to increase bureaucracy and slow down decision making process. Ultimately this will impact innovation. That is exactly the opposite end result of what is intended. The main need in today’s hypercompetitive environment is to build an agile organization structure that will dynamically and proactively adjust itself to the changing landscape. This is possible only when the organization structure is built on the foundation of ‘agile business strategy’. Agility is possible only when the Business Strategy is Simple to understand. So Simplicity and Agility go hand in hand.
  2. Collaborative Business Strategy: What this means is that the process of creating a Business Strategy in today’s world is no longer top down process. Of course top management needs to articulate their organization’s core competency and Business Strategy to every employee, and they need to embed it into the corporate culture. More importantly the organization needs to enable every employee to help fine tune that business strategy. Everyone in the organization has a shared platform where they can influence the Business Strategy. It’s not going to be easy but if the Business Strategy is simple and everyone in the organization understands their core competency, then the executives can leverage the ‘wisdom of the crowd’ to create an ‘agile’ Business Process.
 

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