For large and small business, Strategic innovation is the
need of the hour! The pressures on the strategic front has off late increased
and expanded to an extent that growth is being associated with the outcomes of
planning. Earlier companies put emphasis on the short term goals and objectives
to meet the business targets. This ideology, in today’s demanding ecosystem,
doesn’t fit enough and why? The reason behind many business failures today has
been a lack of vision and the proper direction to execute the same.
Take the example of product launches. The automobile sector
in India is the perfect example of businesses struggling to make a blockbuster
impact on the consumer. In India, on an average, 3 different models of the same
company are launched in a year. Yet how many of them succeed in registering
sales. The lack of vision and future sustainability is the result of such poor
strategic direction. The real essence of Strategic planning comes with a blend
of innovation, operational planning, directional planning, growth forecast and
risk/crisis management. Many a times, due to growing market competition and
change in market trends, some of the aspects of traditional strategic planning
gets lost. In the wake of budding entrepreneurial environment and unplanned
acquisitions and mergers, the company objectives fail to get conveyed to the
expanded team. This creates a huge gap in understanding the real motive of
having a strategy in business planning. FMCG/consumer goods industry has been a
classic example where the throat-cut competition has generated some great
products and equally led to the failure of the classic age-old brands.
The mantra for successful strategic planning comes from
having a clear understanding of the business plan and defining the objective
clearly to the managers and the consumers. And a clear and crisp understanding
of the objectives comes from strong research and analysis. And it is no
surprise that companies are now investing in research and business intelligence
to tap the potentials the market has to offer.
Positively the downside of the current falling economy is the
advent of many opportunities that companies can tap into and create long
lasting impact on the market.
‘Real
strategy comes from an insightful research that has tapped the untamed
potentials of the market’
