Strategy & LeadershipTable of Contents for Strategy & Leadership. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1087-8572/vol/51/iss/6?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestStrategy & LeadershipEmerald Publishing LimitedStrategy & LeadershipStrategy & Leadershiphttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/74b8d5453b654b3a79e7b8985a2fc71c/urn:emeraldgroup.com:asset:id:binary:sl.cover.jpghttps://www.emerald.com/insight/publication/issn/1087-8572/vol/51/iss/6?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEditor’s letterhttps://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-261/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEditor’s letterEditor’s letter
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Editor’s letter10.1108/SL-11-2023-261Strategy & Leadership2023-10-31© 2023 Emerald Publishing LimitedStrategy & Leadership5162023-10-3110.1108/SL-11-2023-261https://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-261/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Driving growth, productivity and engagement through “good jobs strategy”https://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0098/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAn interview with Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, about er latest book, The Case for Good Jobs: How Great Companies Bring Dignity, Pay & Meaning to Everyone’s Work. She believes that leaders can either view their employees as a cost to be minimized, invest little in them and operate with high turnover, or they can see them as drivers of profitability and growth—investing heavily in them, designing their work for high productivity and contribution and therefore operating with low turnover.-- “the good jobs strategy.” The secret sauce of good jobs strategy is four operational choices—focus and simplify, standardize and empower, cross-train and operate with slack—that improve productivity and contribution and make that higher investment possible. The competitive costs of low people investment are even higher than the poor operational execution costs. By making the work better and increasing pay, companies can better attract and keep their talent and enforce high standards, which improve execution and service, uplifting revenue. Few have examined this important topic more closely than Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, best-selling author of The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits.Driving growth, productivity and engagement through “good jobs strategy”
Brian Leavy
Strategy & Leadership, Vol. 51, No. 6, pp.3-9

An interview with Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, about er latest book, The Case for Good Jobs: How Great Companies Bring Dignity, Pay & Meaning to Everyone’s Work.

She believes that leaders can either view their employees as a cost to be minimized, invest little in them and operate with high turnover, or they can see them as drivers of profitability and growth—investing heavily in them, designing their work for high productivity and contribution and therefore operating with low turnover.-- “the good jobs strategy.”

The secret sauce of good jobs strategy is four operational choices—focus and simplify, standardize and empower, cross-train and operate with slack—that improve productivity and contribution and make that higher investment possible.

The competitive costs of low people investment are even higher than the poor operational execution costs.

By making the work better and increasing pay, companies can better attract and keep their talent and enforce high standards, which improve execution and service, uplifting revenue. Few have examined this important topic more closely than Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, best-selling author of The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits.

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Driving growth, productivity and engagement through “good jobs strategy”10.1108/SL-09-2023-0098Strategy & Leadership2023-10-09© 2023 Emerald Publishing LimitedBrian LeavyStrategy & Leadership5162023-10-0910.1108/SL-09-2023-0098https://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0098/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Rethinking the role of middle management for the new world of workhttps://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0093/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMcKinsey partners, Bill Schaninger, Bryan Hancock and Emily Field are championing the premise that the need for a fundamental rethink of the role of middle management in today’s organizations is now more urgent than ever. So what should the new blueprint be for middle management as the crucial link between the executive level and the front line S&L interviewer Prof Brian Leavy asks the authors of Power to the Middle: Why Managers Hold the Keys to the Future of Work. Companies with top quartile management practices can have more than three times the return to shareholders than other companies. Because of middle managers’ proximity to the front line, they have a helpful, realistic perspective on how new tools like generative AI should be adopted throughout the organization. The authors found that middle managers deliver the most value to the organization when they can serve as coaches, connectors, talent managers and strategists. For senior leaders to truly put middle managers at the forefront, they must give managers space to grow and the license to manage in a way that works for them and their team.Rethinking the role of middle management for the new world of work
Brian Leavy
Strategy & Leadership, Vol. 51, No. 6, pp.10-15

McKinsey partners, Bill Schaninger, Bryan Hancock and Emily Field are championing the premise that the need for a fundamental rethink of the role of middle management in today’s organizations is now more urgent than ever.

So what should the new blueprint be for middle management as the crucial link between the executive level and the front line S&L interviewer Prof Brian Leavy asks the authors of Power to the Middle: Why Managers Hold the Keys to the Future of Work.

Companies with top quartile management practices can have more than three times the return to shareholders than other companies.

Because of middle managers’ proximity to the front line, they have a helpful, realistic perspective on how new tools like generative AI should be adopted throughout the organization.

The authors found that middle managers deliver the most value to the organization when they can serve as coaches, connectors, talent managers and strategists. For senior leaders to truly put middle managers at the forefront, they must give managers space to grow and the license to manage in a way that works for them and their team.

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Rethinking the role of middle management for the new world of work10.1108/SL-09-2023-0093Strategy & Leadership2023-10-10© 2023 Emerald Publishing LimitedBrian LeavyStrategy & Leadership5162023-10-1010.1108/SL-09-2023-0093https://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0093/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Leading hybrid teams in a transition to the future knowledge workplacehttps://www.emerald.com/insight/content/doi/10.1108/SL-06-2023-0065/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestLeaders face a unique opportunity to rethink the workplace in a post-pandemic environment. Virtual work demands and unclear messaging from senior leadership has created burnout and frustration. Reverting to traditional organizational structures and policies fails to recognize and leverage the potential to capitalizing on the momentum to change the nature of work. Creating a hybrid work environment by delegating the design process to teams and giving team leaders the tools and skills necessary to be successful leverages the transition to the future workplace. We worked with a knowledge-based organization to transition employees to a hybrid team environment. We offer the diverse approaches organizations are taking in a post-pandemic workplace and the challenges facing leaders reverting to the traditional work environment. Focusing on the future of work in a hybrid environment, we provide an approach enabling team leaders and team members to be the arbiters of their work environment. Our multistep process allows team leaders to quickly adapt and implement effective hybrid teamwork. We propose a multistep process for team leaders to leverage the transition to improve high-performing teams in a hybrid workplace.Leading hybrid teams in a transition to the future knowledge workplace
Jodi Detjen, Sheila Simsarian Webber
Strategy & Leadership, Vol. 51, No. 6, pp.16-21

Leaders face a unique opportunity to rethink the workplace in a post-pandemic environment. Virtual work demands and unclear messaging from senior leadership has created burnout and frustration. Reverting to traditional organizational structures and policies fails to recognize and leverage the potential to capitalizing on the momentum to change the nature of work. Creating a hybrid work environment by delegating the design process to teams and giving team leaders the tools and skills necessary to be successful leverages the transition to the future workplace.

We worked with a knowledge-based organization to transition employees to a hybrid team environment.

We offer the diverse approaches organizations are taking in a post-pandemic workplace and the challenges facing leaders reverting to the traditional work environment. Focusing on the future of work in a hybrid environment, we provide an approach enabling team leaders and team members to be the arbiters of their work environment.

Our multistep process allows team leaders to quickly adapt and implement effective hybrid teamwork.

We propose a multistep process for team leaders to leverage the transition to improve high-performing teams in a hybrid workplace.

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Leading hybrid teams in a transition to the future knowledge workplace10.1108/SL-06-2023-0065Strategy & Leadership2023-08-28© 2023 Emerald Publishing LimitedJodi DetjenSheila Simsarian WebberStrategy & Leadership5162023-08-2810.1108/SL-06-2023-0065https://www.emerald.com/insight/content/doi/10.1108/SL-06-2023-0065/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Strategic scenario planning in practice: eight critical applications and associated benefitshttps://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestOrganizations face challenges in volatile, uncertain, complex and ambiguous (VUCA) environments. It is vital to manage the change’s rate and magnitude in new and different ways to stay competitive. This study focuses on the phenomenon of scenario planning that can help organizations proactively plan for, react and adapt to VUCA forces if and when they occur. Based on an extensive academic and practitioner literature review, we posit that corporate scenario planning involves eight different practical applications and associated benefits. These include risk identification, assessing uncertainty, organizational learning, options analysis, strategy validation and testing, complex decision-making, strategic nimbleness and innovation. We offer a novel typology and propose a more complete and holistic model of the scenario planning application and its intended outcomes. Mini-case studies from various sectors illustrate the process. The model demonstrates the relationship between different benefit-driven applications - inputs, process and output benefits – and identifies opportunities for further research. A previous typology study classified “what” and “why” related scenario planning research and literature. However, the why or associated benefits were not broken down at any level of detail, representing a gap in explaining the actual value of this management tool. The current study proposes a novel “why” focused typology of scenario planning benefits based on an extensive literature review. The novel typology adorned several benefits of scenario planning in an integrated model explained using systems theory. These benefits included risk, uncertainty, options analysis, strategic flexibility, complex decision-making, strategy testing and validation, innovation and organizational learning. First time in the literature, the relationship between input, process and output benefits of scenario planning is explained using systems theory. The novel typology proposed illustrates the practical applications of scenario planning in one complete model.Strategic scenario planning in practice: eight critical applications and associated benefits
Lance Mortlock, Oleksiy Osiyevskyy
Strategy & Leadership, Vol. 51, No. 6, pp.22-29

Organizations face challenges in volatile, uncertain, complex and ambiguous (VUCA) environments. It is vital to manage the change’s rate and magnitude in new and different ways to stay competitive. This study focuses on the phenomenon of scenario planning that can help organizations proactively plan for, react and adapt to VUCA forces if and when they occur.

Based on an extensive academic and practitioner literature review, we posit that corporate scenario planning involves eight different practical applications and associated benefits. These include risk identification, assessing uncertainty, organizational learning, options analysis, strategy validation and testing, complex decision-making, strategic nimbleness and innovation. We offer a novel typology and propose a more complete and holistic model of the scenario planning application and its intended outcomes. Mini-case studies from various sectors illustrate the process. The model demonstrates the relationship between different benefit-driven applications - inputs, process and output benefits – and identifies opportunities for further research.

A previous typology study classified “what” and “why” related scenario planning research and literature. However, the why or associated benefits were not broken down at any level of detail, representing a gap in explaining the actual value of this management tool. The current study proposes a novel “why” focused typology of scenario planning benefits based on an extensive literature review. The novel typology adorned several benefits of scenario planning in an integrated model explained using systems theory. These benefits included risk, uncertainty, options analysis, strategic flexibility, complex decision-making, strategy testing and validation, innovation and organizational learning.

First time in the literature, the relationship between input, process and output benefits of scenario planning is explained using systems theory. The novel typology proposed illustrates the practical applications of scenario planning in one complete model.

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Strategic scenario planning in practice: eight critical applications and associated benefits10.1108/SL-08-2023-0090Strategy & Leadership2023-09-19© 2023 Emerald Publishing LimitedLance MortlockOleksiy OsiyevskyyStrategy & Leadership5162023-09-1910.1108/SL-08-2023-0090https://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Managing the emerging role of generative AI in next-generation businesshttps://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0079/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSince the release of ChatGPT by OpenAI in November 2022 – with its ability to create compelling, relevant content, new large language model (LLM) technology – business leaders, especially CEOs, are being pressured to accelerate new generative AI investments. IBM IBV surveyed executives to assess their progress and concerns and their adoption strategies. Adoption of generative AI is still in its very early stages. Most organizations are only beginning to figure out how and where to make use of it. In fact, as few as 6 percent of executives in new surveying conducted by the IBM Institute for Business Value say they are operating generative AI in their enterprise today. In contrast to many peoples’ expectations about AI, automating tasks is not the top priority for executives looking to tap generative AI to grow business value. Looking at benefits by function, research and innovation is the primary area where organizations see opportunities for generative AI. IBM IBV's recent survey of executives found that the key barriers to the effective deployment and use of generative AI are linked to security, privacy, ethics, regulations and economics – not access to the underlying technology itself. Organizations will have to evaluate where in their enterprise the potential gains and cost efficiencies outweigh the risks of possible errors or unintended consequences from the use of generative AI along with broader ethical considerations. Ecosystems expand generative AI opportunities to harness data, insights and technology capabilities from across partners and stakeholders while enabling control over the capabilities that are most central to an organization’s value proposition.Managing the emerging role of generative AI in next-generation business
Jacob Dencik, Brian Goehring, Anthony Marshall
Strategy & Leadership, Vol. 51, No. 6, pp.30-36

Since the release of ChatGPT by OpenAI in November 2022 – with its ability to create compelling, relevant content, new large language model (LLM) technology – business leaders, especially CEOs, are being pressured to accelerate new generative AI investments. IBM IBV surveyed executives to assess their progress and concerns and their adoption strategies.

Adoption of generative AI is still in its very early stages. Most organizations are only beginning to figure out how and where to make use of it. In fact, as few as 6 percent of executives in new surveying conducted by the IBM Institute for Business Value say they are operating generative AI in their enterprise today.

In contrast to many peoples’ expectations about AI, automating tasks is not the top priority for executives looking to tap generative AI to grow business value. Looking at benefits by function, research and innovation is the primary area where organizations see opportunities for generative AI.

IBM IBV's recent survey of executives found that the key barriers to the effective deployment and use of generative AI are linked to security, privacy, ethics, regulations and economics – not access to the underlying technology itself.

Organizations will have to evaluate where in their enterprise the potential gains and cost efficiencies outweigh the risks of possible errors or unintended consequences from the use of generative AI along with broader ethical considerations. Ecosystems expand generative AI opportunities to harness data, insights and technology capabilities from across partners and stakeholders while enabling control over the capabilities that are most central to an organization’s value proposition.

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Managing the emerging role of generative AI in next-generation business10.1108/SL-08-2023-0079Strategy & Leadership2023-08-30© 2023 Emerald Publishing LimitedJacob DencikBrian GoehringAnthony MarshallStrategy & Leadership5162023-08-3010.1108/SL-08-2023-0079https://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0079/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
M&A: The process of planning to achieve deal synergieshttps://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0091/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestM&A success and synergies are regularly discussed in the practical literature, but synergies are typically treated as a static concept (how do you get them?) with little discussion of financial bet acquirers create in paying an up-front premium. We describe the importance of investor reactions, the nature of the challenge, and discuss synergies as a process with five rules of the road covering M&A strategy, diligence, culture, leakage, and validation and reporting. Potential acquirers must be better prepared before they commit these major capital investments, involving multiple stakeholders throughout the process of creating the value they are promising with M&A. We report the important results of our 24-year study on acquirer performance, the persistence of investor reactions, and the role of the acquisition premium to support our position that synergies must be trackable and defendable before and after deal announcement. From our collective author experience of advising on many hundreds of synergy programs over the years, we distilled our experience based on the common lack of understanding of what is required by executives, and when, and what we have seen greatly improve the odds of success in achieving sufficient M&A synergies. Major findings include: 1. Initial market reactions are good predictors of the future, most deals persist, positive or negative, and there is a big spread of returns between winners and losers with losers paying the highest premiums; 2. Premiums additions to target’s growth value and may require larger performance increases than acquirers expect; 3. Synergies are a dynamic process involving multiple stakeholders from becoming a prepared acquirer in M&A strategy, building an early synergy roadmap during diligence, understanding that culture and change issues launch at announcement and preparation must begin long before, anticipating leakage, and validating and reporting post-close. Our study is original covering three waves of mergers over 24 years; we formalize the synergy challenge created by paying a premium with respect to the already existing growth expectations for the target; we make clear that ultimately validating synergies begins with M&A strategy and diligence through to the workings of an Integration Management Office, anticipating synergy leakage, and preparing employees for change.M&A: The process of planning to achieve deal synergies
Mark L. Sirower, Chris E. Gilbert, Jeffery M. Weirens, Jacob A. VandeVanter
Strategy & Leadership, Vol. 51, No. 6, pp.37-42

M&A success and synergies are regularly discussed in the practical literature, but synergies are typically treated as a static concept (how do you get them?) with little discussion of financial bet acquirers create in paying an up-front premium. We describe the importance of investor reactions, the nature of the challenge, and discuss synergies as a process with five rules of the road covering M&A strategy, diligence, culture, leakage, and validation and reporting. Potential acquirers must be better prepared before they commit these major capital investments, involving multiple stakeholders throughout the process of creating the value they are promising with M&A.

We report the important results of our 24-year study on acquirer performance, the persistence of investor reactions, and the role of the acquisition premium to support our position that synergies must be trackable and defendable before and after deal announcement. From our collective author experience of advising on many hundreds of synergy programs over the years, we distilled our experience based on the common lack of understanding of what is required by executives, and when, and what we have seen greatly improve the odds of success in achieving sufficient M&A synergies.

Major findings include: 1. Initial market reactions are good predictors of the future, most deals persist, positive or negative, and there is a big spread of returns between winners and losers with losers paying the highest premiums; 2. Premiums additions to target’s growth value and may require larger performance increases than acquirers expect; 3. Synergies are a dynamic process involving multiple stakeholders from becoming a prepared acquirer in M&A strategy, building an early synergy roadmap during diligence, understanding that culture and change issues launch at announcement and preparation must begin long before, anticipating leakage, and validating and reporting post-close.

Our study is original covering three waves of mergers over 24 years; we formalize the synergy challenge created by paying a premium with respect to the already existing growth expectations for the target; we make clear that ultimately validating synergies begins with M&A strategy and diligence through to the workings of an Integration Management Office, anticipating synergy leakage, and preparing employees for change.

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M&A: The process of planning to achieve deal synergies10.1108/SL-09-2023-0091Strategy & Leadership2023-09-27© 2023 Emerald Publishing LimitedMark L. SirowerChris E. GilbertJeffery M. WeirensJacob A. VandeVanterStrategy & Leadership5162023-09-2710.1108/SL-09-2023-0091https://www.emerald.com/insight/content/doi/10.1108/SL-09-2023-0091/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Auditing safety leadership: three railroad catastropheshttps://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper addresses leadership and strategy issues associated with the management of safety. The paper proposes that companies conduct an annual safety leadership audit involving collaboration between their external financial auditors and their internal operational safety experts. Three possible questions auditors should address in such a safety leadership audit are highlighted. The railroad industry is drawn upon for empirical support, including by reference to recent major railroa0d crashes in the US, Greece, and India. The paper highlights the potential benefits of conducting a safety leadership audit, including that it will help assess whether a leader’s claims regarding safety are verifiable and accord with the data reported in financial statements. Several matters of critical but under emphasized importance in good safety leadership are highlighted. This paper explores the somewhat novel idea of using audit procedures and external financial auditors to address matters of safety strategy and leadership. The paper proposes that a leader’s claims in respect of safety should be assessed in terms of whether they encourage a climate of “psychological safety,” report meaningful safety indicators, and use a “vocabulary of safety leadership.”Auditing safety leadership: three railroad catastrophes
Russell Craig, Joel Amernic
Strategy & Leadership, Vol. 51, No. 6, pp.43-50

This paper addresses leadership and strategy issues associated with the management of safety. The paper proposes that companies conduct an annual safety leadership audit involving collaboration between their external financial auditors and their internal operational safety experts.

Three possible questions auditors should address in such a safety leadership audit are highlighted. The railroad industry is drawn upon for empirical support, including by reference to recent major railroa0d crashes in the US, Greece, and India.

The paper highlights the potential benefits of conducting a safety leadership audit, including that it will help assess whether a leader’s claims regarding safety are verifiable and accord with the data reported in financial statements. Several matters of critical but under emphasized importance in good safety leadership are highlighted.

This paper explores the somewhat novel idea of using audit procedures and external financial auditors to address matters of safety strategy and leadership. The paper proposes that a leader’s claims in respect of safety should be assessed in terms of whether they encourage a climate of “psychological safety,” report meaningful safety indicators, and use a “vocabulary of safety leadership.”

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Auditing safety leadership: three railroad catastrophes10.1108/SL-08-2023-0086Strategy & Leadership2023-09-25© 2023 Emerald Publishing LimitedRussell CraigJoel AmernicStrategy & Leadership5162023-09-2510.1108/SL-08-2023-0086https://www.emerald.com/insight/content/doi/10.1108/SL-08-2023-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Can strategic planning adapt to an era that requires enhanced reactive capability?https://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-262/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCan strategic planning adapt to an era that requires enhanced reactive capability?Can strategic planning adapt to an era that requires enhanced reactive capability?
Robert J. Allio
Strategy & Leadership, Vol. 51, No. 6, pp.51-53]]>
Can strategic planning adapt to an era that requires enhanced reactive capability?10.1108/SL-11-2023-262Strategy & Leadership2023-10-31© 2023 Emerald Publishing LimitedRobert J. AllioStrategy & Leadership5162023-10-3110.1108/SL-11-2023-262https://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-262/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Quick takeshttps://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-260/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestQuick takesQuick takes
Larry Goodson
Strategy & Leadership, Vol. 51, No. 6, pp.54-60]]>
Quick takes10.1108/SL-11-2023-260Strategy & Leadership2023-10-31© 2023 Emerald Publishing LimitedLarry GoodsonStrategy & Leadership5162023-10-3110.1108/SL-11-2023-260https://www.emerald.com/insight/content/doi/10.1108/SL-11-2023-260/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Revisiting “What is Strategy?” and Why it Mattershttps://www.emerald.com/insight/content/doi/10.1108/SL-07-2023-0077/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThere are few concepts in the modern business lexicon where people feel as strongly confident in their understanding of its meaning – while there is simultaneously such profound disagreement in how people actually define the term – than the concept of “strategy.” After decades of research and publications trying to correct this situation, the problem remains. It is difficult to advance the field, teach the field, or even effectively put it into practice if you cannot define what “it” is in a clear, concise, and meaningful way. This paper offers updated definitions of key strategic management concepts. A large academic and practitioner literature review was added to the author’s personal experience as a Fortune 500 chief strategy officer and university professor to identify five separate concepts at the heart of current colloquial uses of the term “strategy.” These concepts were then clarified and defined with implications summarized. The generic term “strategy” is frequently used in place of multiple other very distinct concepts. This problem of concept ambiguity can be greatly reduced by understanding and emphasizing the definitions and usage of five other, already existing, business terms – “Strategic Management,” “Strategic Planning Process,” “Strategic Plan,” “Realized Strategy,” and “Business Model.” This paper identifies the negative effects of the misuse of the term strategy and offers clear, concise remedies. Resolving the definition problems is a necessary precursor to the advancement, education, and practice of the field.Revisiting “What is Strategy?” and Why it Matters
Kenneth Cory
Strategy & Leadership, Vol. ahead-of-print, No. ahead-of-print, pp.-

There are few concepts in the modern business lexicon where people feel as strongly confident in their understanding of its meaning – while there is simultaneously such profound disagreement in how people actually define the term – than the concept of “strategy.” After decades of research and publications trying to correct this situation, the problem remains. It is difficult to advance the field, teach the field, or even effectively put it into practice if you cannot define what “it” is in a clear, concise, and meaningful way. This paper offers updated definitions of key strategic management concepts.

A large academic and practitioner literature review was added to the author’s personal experience as a Fortune 500 chief strategy officer and university professor to identify five separate concepts at the heart of current colloquial uses of the term “strategy.” These concepts were then clarified and defined with implications summarized.

The generic term “strategy” is frequently used in place of multiple other very distinct concepts. This problem of concept ambiguity can be greatly reduced by understanding and emphasizing the definitions and usage of five other, already existing, business terms – “Strategic Management,” “Strategic Planning Process,” “Strategic Plan,” “Realized Strategy,” and “Business Model.”

This paper identifies the negative effects of the misuse of the term strategy and offers clear, concise remedies. Resolving the definition problems is a necessary precursor to the advancement, education, and practice of the field.

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Revisiting “What is Strategy?” and Why it Matters10.1108/SL-07-2023-0077Strategy & Leadership2024-02-26© 2024 Emerald Publishing LimitedKenneth CoryStrategy & Leadershipahead-of-printahead-of-print2024-02-2610.1108/SL-07-2023-0077https://www.emerald.com/insight/content/doi/10.1108/SL-07-2023-0077/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
For sustained digital advantage, find a huge customer problem and create the processes that will solve ithttps://www.emerald.com/insight/content/doi/10.1108/SL-12-2023-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestNew technologies may offer special opportunities for others to achieve very large returns with approaches to technology development like those of Amazon, Tesla, and Walmart. This paper summarizes those firms' overall approach and offers guidelines for carrying out similar efforts. The paper is a multi-firm case study, examining long-term technology development processes of Amazon, Tesla, Walmart, Varian Medical, and Deere. The firms were able to create huge amounts of value (or in Deere's case, seems to be creating a huge amount of value today) because their leaders recognized a huge problem that limited customers greatly and spent decades solving it with digital technology. The approach appears to be replicable by others. This is an initial review. Further study of these firms and others that have similar long-term digital achievements is warranted. The paper describes a practical approach to achieving sustained competitive advantage that may be effective for those willing to pursue solution to a large problem over many years. The most successful users of digital technology have followed a difficult but straightforward path to revolutionizing customer experience: Focus for decades on making something important work really well. This paper identifies similarities among the long-term strategies of the greatest producers of long-term value for the first time and identifies a path through which others may follow them.For sustained digital advantage, find a huge customer problem and create the processes that will solve it
Robert Chapman Wood
Strategy & Leadership, Vol. ahead-of-print, No. ahead-of-print, pp.-

New technologies may offer special opportunities for others to achieve very large returns with approaches to technology development like those of Amazon, Tesla, and Walmart. This paper summarizes those firms' overall approach and offers guidelines for carrying out similar efforts.

The paper is a multi-firm case study, examining long-term technology development processes of Amazon, Tesla, Walmart, Varian Medical, and Deere.

The firms were able to create huge amounts of value (or in Deere's case, seems to be creating a huge amount of value today) because their leaders recognized a huge problem that limited customers greatly and spent decades solving it with digital technology. The approach appears to be replicable by others.

This is an initial review. Further study of these firms and others that have similar long-term digital achievements is warranted.

The paper describes a practical approach to achieving sustained competitive advantage that may be effective for those willing to pursue solution to a large problem over many years.

The most successful users of digital technology have followed a difficult but straightforward path to revolutionizing customer experience: Focus for decades on making something important work really well. This paper identifies similarities among the long-term strategies of the greatest producers of long-term value for the first time and identifies a path through which others may follow them.

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For sustained digital advantage, find a huge customer problem and create the processes that will solve it10.1108/SL-12-2023-0125Strategy & Leadership2024-03-12© 2024 Emerald Publishing LimitedRobert Chapman WoodStrategy & Leadershipahead-of-printahead-of-print2024-03-1210.1108/SL-12-2023-0125https://www.emerald.com/insight/content/doi/10.1108/SL-12-2023-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited