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Intellectual property Advances in Strategy Development for the 21st Century
Intellectual property Advances in Strategy Development for the 21st Century Advances in Strategy Development for the 21st Century |
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Consulting Firms “fall from grace”In each business and economic cycle, ambition and risk taking are fuelled in a bull market. Management consulting firms, like other businesses, offered more experimental or ambitious theories and processes and clients, hungry to out-perform the competition, applied them. The dot com boom, busted in 2001 and with it, many business models and strategies were found wanting. Shareholders paid the price with severe paper losses. Management consulting firms also paid a price. For example, McKinsey was criticized for the role they played in advising Enron and Anderson Consulting went into liquidation. Management consultants advice on strategy was viewed with more skepticism and revenues slumped in 2002. “Change” became unremarkableSomething else changed. Change became unremarkable. Management used to talk about the ‘increasing pace of change’ as being something of note. BY the beginning of the 21st Century, change had become something management expects, accepts and accommodates. Even employees expect it. Employees have been down and right sized, retrenched, retrained and sold as human capital. Employees, particularly generation Y, clearly hold the view they are ‘free agents’ in a dynamic business environment. That transition, from resistance to acceptance of change, is one of the pivotal advances in strategy development. Indeed, it has become trite to comment on the pace of change. By the end of the 20th Century, ‘the increasing pace of change’ had become a cliché. Importantly, however, we only came to terms with change slowly – consider this quote: “In an age of increasing complexity and advancing specialization, and in companies where no person knows how to do what every other person does, it becomes important that the specialist possess the ability to discern corporate purpose, to make recommendations for its clarification or development, and to shape his own contributions, not by the canons of his specialization, but by his perception of the needs of the organization as a whole” [1] This quote is lifted directly from the book often credited as being the genesis of strategy in business – it was published in 1965. If it took 40 years for accelerating change to become unremarkable, what else is strategy development only just beginning to accept? [1] Learned, E; Christensen, C; Andrews, K; and Guth, W Business Policy Text and Cases 1965 |
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