Some think that strategy becomes less important in the digital age due to the pace of change. The truth is that it is more important, though it is true that it needs to be revisited regularly. In this chapter, discover the process of defining vision, strategy, culture, and mindset of the organization. Explore the case example of Tesla, with concrete examples of each of these topics with thoughts on how you can be similarly clear and bold to take your business to new heights.
- As the pace of change accelerates,…it's more important than ever for companies…to be aligned on vision and strategy.…Many companies have shortened…their strategic planning horizon…because they feel too much will change beyond that.…Other companies have adopted a Zoom Out, Zoom In approach,…where they first align on a shared 10 to 20 year vision…of the future,…and then, focus on the near-term activities…that can advance that vision in the next six to 12 months.…Strategic plans are as important as ever.…
But the need to revisit them and communicate them…more transparently becomes more important…than the digital era.…Actively pursuing ideas that might cannibalize…existing offerings are more important.…To paraphrase, the former CEO of Intel, Andy Grove,…you need to become your own best competitor…so that others don't beat you to the punch.…In the digital era, it's important to establish…vision and strategy, as well as to make your culture…and mindset explicit.…
Let me take the example of Tesla.…That company was the first American car company…
- Explain how accountability and collaboration can be synergistic.
- Recognize limitations when pursuing new ideas in an innovation lab.
- List the five stages of digital maturity.
- Identify the benefit of transparency in strategic thinking.
- Name one focus that would form a good basis for a capability team.