After the Covid-19 crisis forced leaders to shift their attention to navigating critical shortterm issues, many are now refocusing on the longer-term agenda for their businesses. In contrast to the global financial crisis, which seemingly slowed the long-term change agenda, Covid-19 has done exactly the opposite: long-term imperatives have been accelerated by the pandemic.
In the classical model of strategy, businesses compete within well-defined industries, provide a stable set of offerings, and pursue static forms of advantage such as scale and differentiation. However, the business context has become more complex and dynamic in recent decades. Economic, political and competitive uncertainty has increased; industry boundaries are blurring; and technology is commoditising or making existing offerings and business models obsolete more quickly.
Companies need to compete on the rate of organisational learning. They also need to build resilience to unexpected shocks and harness imagination to create new offerings or business models that could drive future growth.
The rapid changes experienced throughout the Covid-19 crisis underlined the need for learning and adaptation-…The pandemic has only accelerated the need to reinvent ways of working.
From: “Winning the ’20s in an Accelerated Post-COVID World”