Open Strategy: Mastering Disruption from Outside the C-Suite
- Length: 296 pages
- Edition: 1
- Language: English
- Publisher: The MIT Press
- Publication Date: 2021-10-12
- ISBN-10: 0262046113
- ISBN-13: 9780262046114
- Sales Rank: #294737 (See Top 100 Books)
How smart companies are opening up strategic initiatives to involve front-line employees, experts, suppliers, customers, entrepreneurs, and even competitors.
Why are some of the world’s most successful companies able to stay ahead of disruption, adopting and implementing innovative strategies, while others struggle? It’s not because they hire a new CEO or expensive consultants but rather because these pioneering companies have adopted a new way of strategizing. Instead of keeping strategic deliberations within the C-Suite, they open up strategic initiatives to a diverse group of stakeholders—front-line employees, experts, suppliers, customers, entrepreneurs, and even competitors. Open Strategy presents a new philosophy, key tools, step-by-step advice, and fascinating case studies—from companies that range from Barclays to Adidas—to guide business leaders in this groundbreaking approach to strategy.
The authors—business-strategy experts from both academia and management consulting—introduce tools for each of the three stages of strategy-making: idea generation, plan formulation, and implementation. These are digital tools (including strategy contests), which allow the widest participation; hybrid digital/in-person tools (including a “nightmare competitor challenge”); a workshop tool that gamifies the business model development process; and tools that help companies implement and sustain open strategy efforts.
Open strategy has an astonishing track record: a survey of 200 business leaders shows that although open-strategy techniques were deployed for only 30 percent of their initiatives, those same initiatives generated 50 percent of their revenues and profits. This book offers a roadmap for this kind of success.
Contents Foreword by Gary Hamel Series Foreword Introduction: Win with Open Strategy How to Use This Book 1. Traditional Strategy Come Undone Isomorphous Strategies Unimaginative Strategies Biased Strategies Unpopular Strategies Beyond Traditional Strategy 2. Are You Truly Ready to Open Up? Question 1: Do You Prefer Miles Davis or Sebastian Bach? Question 2: Are You A “Yes, and” Kind of Leader? Question 3: Can You Handle Serendipity? Question 4: Do You Welcome Diverse Ideas? Question 5: Do You Gravitate toward Partnerships? Question 6: Do You Welcome the Revolution? Question 7: Do You Possess A Growth Mindset? Test Your Openness Tips for Opening Up Your Mind In Sum 3. Design Your Open Strategy Process Question 1: How Wide Should You Open Your Strategy? Question 2: Should You Involve Internal or External Participants? Question 3: Should you Mobilize a Small Group or a Large Crowd? Question 4: Should You Choose a Digital or an Analog Format? Question 5: Should You Carefully Select Participants or Extend an Open Invitation? Answering the Five Questions In Sum 4. Tweak Your Open Strategy Initiative to Allow for Secrecy Toward a Rational Approach to Secrecy Merging Secrecy with Openness: The US Navy Develop a Protection Strategy In Sum 5. Harness the Wisdom of Crowds Online Open Strategy Contests Strategy Communities Build a Strategy Community That Works In Sum 6. Peer into the Future Experts Aren’t Clairvoyants The IMP Trend Radar Process In Sum 7. Disrupt Yourself before Others Do Challenge 1: Cognitive Limitations Challenge 2: Motivating People to Act Setting Up a Nightmare Competitor Challenge Navigating the Complexity of Digital In Sum 8. Develop Killer Business Models The Trouble with Business Models Working with the Business Logic Contest The Broader Uses of Business Model Logic Contests In Sum 9. Use the Crowd to Choose Better Strategies Crowdsourcing’s Untapped Potential The Accuracy of Prediction Markets Running Prediction Markets Preference or Idea Markets Crowd Predictions and Decisions In Sum 10. Execute Better The Power of Strategy Jams Running A Strategy Jam Social Networks: Mobilizing Organizations beyond the Jam In Sum Epilogue 1. Open Up Gradually 2. Set Up New Structures and Develop Capabilities 3. Amplify External Voices 4. Don’t Treat Open Strategy as a “Fair Weather” Approach 5. Clarify Decision Rights 6. Deepen Your Understanding of Open Strategy Appendix A: Recommended Reading Appendix B: The IMP Story Notes Introduction Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Epilogue Index
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