All major corporations continually evaluate their strategy at the highest levels. It is one of the to-do lists of C-level executives.
Companies strive to maintain and secure a competitive advantage in the market. That is only possible when you have your ear to the ground for changes in customer preferences and need. I have seen this happen firsthand in global IT services multinational companies like TCS, Accenture, and others.
These companies have an extensive field force of executives spread throughout their major markets. The organization is structured to ensure that two-way communication is concentrated via these functionaries. These managers are the eyes and ears of corporations. All projects are executed and supervised under the management control of these individuals.
A dialog between these field managers and the top leadership is continuous. Successful corporations keep the customer at the center of their operations. Feedback and market changes are continuously exchanged between corporations and their customers. New needs are identified, and new solutions are researched, tested, and implemented. It is imperative to maintain sustained business growth.
Given the speed at which technology evolves, I notice that the weight of change becomes large enough for a corporation to implement strategy changes every three or four years. The nature of changes can vary from identifying new lines of businesses required to service an entirely new technology requirement.
You may have noticed that ten years ago, corporations were operating almost exclusively with data that was held company-owned and company-specific data. Technology evolved, and data storage moved from individual company servers to the cloud. Technology change required IT service providers to change their skill base, delivery models, and collaboration arrangements. Business and operational strategies of both providers and customers occurred. Companies with the ability and agility to make strategy changes stayed competitive while others lagged.
The above example illustrates the drivers and imperatives behind strategy changes in today’s technology-driven world. You can stay ahead only by having a mechanism for strategy evaluation.