Strategy and Innovation - A Perspective
Fast Company has an interesting article that begins with:
What enabled the Detroit Pistons to overcome the mighty Los Angeles Lakers in this year’s NBA finals? Great game plans? Or great players?
Will this year’s presidential election be won with a superior campaign design? Or with memorable speeches?
Whether the arena is sports, politics, or business, the question is enticing. Which is more important: a great strategy or great execution?
Further in the article there are some interesting keypoints:
Never is execution more important than when innovation is at the heart of a strategy.
That is because innovation always involves treading into uncertain waters. And as uncertainty rises, the value of a well-thought-out strategy drops. In fact, when pursuing entirely new business models, no amount of research can resolve the critical unknowns. All that strategy can do is give you a plausible starting point. From there, you must experiment, learn, and adapt.
Execution. For a proven business, it is about performing at or above known standards. Many large, established organizations are able to sustain success because they are ruthless about holding their managers accountable to meeting or exceeding standards.
Executing an experimental business is different. It is about zeroing in on the best possible strategy. And in the process, discovering what standards are possible.
Check out the article titled
Fast Company | Strategy, Execution, and Innovation
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