Navigating the economic transformation
A major economic transformation is underway, evidenced by the sudden and sweeping changes across the global economy in the closing months of 2008. In the ensuing chaos, many enterprises that lacked sufficient cash reserves or underlying, fundamental strength struggled or failed. But others, with an emphasis on innovation and an eye to value, found a way to survive – even thrive.
What separates those that thrive from those struggling to survive in times of economic upheaval? What strategies and characteristics can be employed across industries, regions and competitive positions?
To answer these questions, the IBM Institute for Business Value identified the early winners in the current economic transformation. We studied these companies and the strategies that led to their success.
What we found is that these early winners shared three vital characteristics:
- They focused on value – Across the board, these companies did more with less, focused on their core offerings and had a comprehensive understanding of the needs and wants of their customers.
- They exploited available opportunities – Winners captured share by taking advantage of weakened competitors, acquiring bargain-priced assets and focusing on growth markets. They invested in innovation and built future capabilities. And they changed their businesses through understanding their place in the new economic order, pioneering new approaches and partnerships, and taking advantage of new revenue models.
- Winners acted with speed – They managed change, empowered their leaders, reduced risk and increased transparency.
Is your company ready to join the ranks of these winners? Do you have what it takes to not only survive, but to thrive? Discover the keys to succeeding in the new economic environment.