The Innovation Muse | Educating and Inspiring Innovators
About This Show
This podcast is aimed at educating and inspiring innovators to become powerful innovators. Each season will take you on a fascinating journey to explore an innovation topic in detail. Find even more innovation and disruption resources at my website.
Most Recent Episode
The Strategy Process
This last episode of the season titled "Becoming a Strategist" focuses on the strategy process. Until now, in the last eleven episodes of this season, we discussed strategic thinking skills and strategic absorptive capacity. We complete this season by adding the last of the three key things that every strategist needs. What is a Strategy Process? A strategy process is just a set of steps a company undertakes to design and execute strategy in a reliable and predictable manner. The process often involves dozens and sometimes hundreds of people bringing together data on different aspect so the business landscape as well as the project status of strategy projects. Such information, data, and analysis provide the needed input for a strategist to make the appropriate strategic decisions. The Strategist and the Strategy Process A strategy process does not replace a strategist but complements him. It allows the strategist to delegate a large part of the strategy work and focus on the most critical decision making tasks. Furthermore, such a process trains many managers to become a more effective strategist. As a result, the process helps build a deep strategy bench in a company. This episode explains how such a process works in reality. The Strategy Model Deep within a strategy process is a model. Such a model helps the organization conceptualize the world and strategic choices in an easy way. It helps people use the same language of strategy and use the same perspective. There are dozens and scores of models for business policy, and they all have slight differences in what they emphasize. Nevertheless, all strategy models need to help firms make the same set of core choices eventually. These choices are how to create value, how to deliver value and how to capture value. I share two critical models of the strategy process. Drawbacks of Most Strategy Processes A big drawback in strategy process I often see in companies that firms use a single stage process. Such a process does an excellent job for the enterprise but is limited in scope and effectiveness to the current environmental conditions. When the industry changes, such a strategy model often becomes ineffective. At such times, firms that rely on a single stage process, end up struggling in the market. Overcomi