Digital Platforms and Ecosystems are creating new opportunities for your business.
The questions arise as to how you can best take advantage of new technologies, and new ways of thinking about generating value.
As we confront the challenging situation of COVID-19 facing the entire world today, the urgency to adapt to new business models and adapt to alternative ways of thinking is paramount. The challenge at the moment is how to think and execute for the future while confronting daily challenges.
One suggestion I recommend is to begin thinking in terms of Scenarios. Scenarios can be modelled for three time frames:
1. The Next 60 days
2. The remainder of 2020
3. 2021 and forward
In each scenario generate your Strategic Assumptions about a Best Case, Worst Case, and Most Likely outcome. Where possible link your Strategic Assumptions to a trusted and time sensitive data source.
When you have completed your scenarios, I recommend sharing them with your management team. While at the moment in many countries it is difficult to get together, you can use a collaboration tool such as Microsoft Teams or CISCO Webex. Work through a structured process where you present your assumptions and challenge everyone to think of the implications to your businesses.
What will your business do differently? And how quickly can you execute?
Michael G. Jacobides is a Professor of Strategy at London Business School. In this video together with the World Economic Forum he explores Digital Platforms and Ecosystems.
This is a topic that the majority of our clients are working on today.
An exciting future is around the corner and the question is "What do you want your world to look like post COVID-19?"