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To maintain a competitive advantage, companies can redefine their objectives with a focus on a broader group of stakeholders; understand where competitive threats will come from, and collaborate, even with competitors, to develop a value-enhancing ecosystem. They may also need to adjust core internal processes and bring together a larger set of executives (and the Board) to develop strategy and oversee its implementation.
Eight key actions for reimagining and realizing your long-term strategy:
- Understand the totality of your ecosystem to effectively compete and innovate
- Focus on total stakeholder return, not just shareholder return, to enhance enterprise value
- Build real-time, dynamic analytics for strategic planning that better pre-empts disruption
- Inject agility in your organization’s DNA to increase adaptability
- Build a repertoire of playbooks to boost ROI from all types of partnerships and transactions
- Redesign key processes, such as risk management, internal controls, legal and compliance to enhance the value from your ecosystem
- Align the digital strategy with the enterprise strategy to unlock the full potential
- Redesign the capital allocation process to augment swifter capital redeployment
Special thanks to Ghassan Khoury, Sumedha Agarwal, Bhargav Shankar and Ranjan Rath of EY-Parthenon for being the primary contributors and coauthors of this work.
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