While strong leadership is much admired, a consequence is that in large corporations, the leaders struggle to shake of their involvement with the legacy businesses. This leads to stifling of innovations, with the entire focus on running operations. Nimble-footed startups and digital natives take this advantage and forge ahead. Business innovation has in the digital age become essential to survival, and not merely an option to grow. Some incumbents have embraced this idea, as a result of which a tenth of them are rising at double-digit growth figures yearly. Visa, Mastercard, Hilton and O’Reilly are some such examples. So far, they have avoided the fates of Kodak or Blockbuster. A vital company is one that has the ability to keep developing future growth options. The leadership team must have the ability to constantly rethink strategic goals. Building the right capabilities involves proper structure to be in place, the use of appropriate technology and talent recruitment in a proper direction. These companies will be called ambidextrous when their present performance coincides with vitality so the present and future can both be taken care of. To increase the vitality, for a start the company must assess the current situation. Then, it must curate a portfolio of future options. The capabilities targeted must be adaptive to move with the times.

Source:https://www.bcg.com/publications/2018/vital-companies-think-act-thrive.aspx

Uploaded Date:04 July 2018