The one outstanding characteristic of the modern world is the fact that things changes quickly, unexpectedly and that such changes can easily bring about vast changes in the way business is conducted. It is therefore in the interest of all organizations to be aware of changes that are likely to occur. Strategic insight allows companies to react in time and to take advantage of changes within their operating environments.
Most large businesses employ specialists that focus upon the study of environmental change. These environments include political, social, technological and financial trends, amongst others. Changes in those environments affect the way that business is conducted, the products and services demanded by consumers and the way in which business is regulated. It is therefore very important to develop operating strategies that will make provision for such changes.
The problem faced by most organizations is the enormous pace of change. In addition, many changes simply cannot be foreseen but it is still necessary to devise long range plans that will enable to organization to survive and to thrive. For example, regional conflict that has a decided impact upon the financial markets is almost impossible to predict. Yet, businesses must remain ready to react the very moment that change occurs.
The main aim of a long term strategy is to enable the organization to take advantage of change. This can only be achieved if all the various environments that have an impact on the business is studied, This may include the technological, financial, political and even geographic environments. Not only is it necessary to identify likely changes, but also to specify the impact that those changes will have on the organization.
One of the most difficult aspects of devising a strategy is to analyze the strengths and weaknesses of the organization honestly. It is necessary to determine the strengths that can be used to take advantage of environmental changes but it is equally important to identify those factors that can prevent a business to benefit from change. Such an analysis often forms the core of a long term plan.
In order to take full advantage of costly strategic planning processes, businesses need to translate their strategies into plans. It is only natural that such plans will change because of the unpredictable nature of the external environment. However, business units need to translate strategies into action plans and those plans need to be communicated to the lowest level of the organization.
Without a strategy to make provision for environmental changes no business can hope to survive in the long term. It requires specialist knowledge to correctly interpret trends but money spent in this way inevitably allows organizations to thrive. This is because they are made ready to embrace change and to use it to their own advantage. However, strategies need to be as realistic as possible and they need to be based upon as many facts as possible.
Strategic insight is extraordinary difficult to obtain. It requires the skills of many professionals that are experts in the various fields that have an impact upon the way business is done. It is an expensive exercise, but vital. Without operating strategies businesses simply will not survive.
Most large businesses employ specialists that focus upon the study of environmental change. These environments include political, social, technological and financial trends, amongst others. Changes in those environments affect the way that business is conducted, the products and services demanded by consumers and the way in which business is regulated. It is therefore very important to develop operating strategies that will make provision for such changes.
The problem faced by most organizations is the enormous pace of change. In addition, many changes simply cannot be foreseen but it is still necessary to devise long range plans that will enable to organization to survive and to thrive. For example, regional conflict that has a decided impact upon the financial markets is almost impossible to predict. Yet, businesses must remain ready to react the very moment that change occurs.
The main aim of a long term strategy is to enable the organization to take advantage of change. This can only be achieved if all the various environments that have an impact on the business is studied, This may include the technological, financial, political and even geographic environments. Not only is it necessary to identify likely changes, but also to specify the impact that those changes will have on the organization.
One of the most difficult aspects of devising a strategy is to analyze the strengths and weaknesses of the organization honestly. It is necessary to determine the strengths that can be used to take advantage of environmental changes but it is equally important to identify those factors that can prevent a business to benefit from change. Such an analysis often forms the core of a long term plan.
In order to take full advantage of costly strategic planning processes, businesses need to translate their strategies into plans. It is only natural that such plans will change because of the unpredictable nature of the external environment. However, business units need to translate strategies into action plans and those plans need to be communicated to the lowest level of the organization.
Without a strategy to make provision for environmental changes no business can hope to survive in the long term. It requires specialist knowledge to correctly interpret trends but money spent in this way inevitably allows organizations to thrive. This is because they are made ready to embrace change and to use it to their own advantage. However, strategies need to be as realistic as possible and they need to be based upon as many facts as possible.
Strategic insight is extraordinary difficult to obtain. It requires the skills of many professionals that are experts in the various fields that have an impact upon the way business is done. It is an expensive exercise, but vital. Without operating strategies businesses simply will not survive.
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