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Just-in-time strategy for a turbulent world
Globalization and technology are sweeping away the market and industry structures that have historically defined competition. Swept away with them are the classic approaches to corporate strategy, nearly all of which mistakenly assume that a predictable path to the future can be paved from the experience of the past. In this turbulent world, companies must let go of the notion that strategic outcomes can be predetermined and that enduring competitive advantage can be defined and achieved.
The take-away: Companies must instead adopt a "portfolio-of-initiatives" approach that bases new business opportunities on "advantages of familiarity," on the continuous appraisal of initiatives, and on just-in-time decision making. Only this approach can achieve high returns relative to risks taken while approximating the pace and scale of change in the external business world.
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