There are a number of issues that organizations seeking to prosper in the future need to address and the challenges that they, and other companies, will need to confront if they are to achieve or maintain growth over the next decade are becoming clear:
Many of the Growth Champions of the next decade are likely to be Chinese companies with deep pockets and different approaches. Many businesses leaders today are now looking at Chinese companies as a source of potential disruption rather than as low-cost suppliers and this will change the nature of the game. Chinese companies will feature strongly in the next round of Growth Champions and competing with them on their terms will be a challenge for many established businesses elsewhere.
Open Network Collaboration
Collaboration is an increasingly significant growth driver. Companies need to be clear where in the value chain they are collaborating and why – and this requires a deep appreciation of the distinctive competences that they have and the gaps that could be filled through collaboration.
External collaboration is rooted in an understanding of the organization’s place within society as a whole and the communities that it touches. Collaborative thinking has to start at the top and be embedded into the culture and values of an organization.
Open network collaborations may create a shift in strategy to participation in emergent and adaptive ecosystems. To be successful requires focus on maintaining relationships and on the content created by the network – which requires different sets of skills.
Lastly, most companies still focus on a subset of sustainability – that of environmental impact. As such meeting the full challenge of sustainability is some way off. Addressing sustainability can drive growth – it has gone beyond corporate social responsibility – and boardrooms, like it or not, will have to take note.