BUSINESS STRATEGY
According to EY , collaborative business models offer huge potential in enhancing adaptability , de-risking experimentation and accelerating innovation . According to its research , collaborative ‘ ecosystems ’ of strategic partnerships are an effective means of improving agility and innovation to drive sustainable growth . Its CEO Outlook Pulse Survey suggests that approximately a third of CEOs incorporate an ecosystem of business partnerships into their strategy – based on leveraging the core competencies of each business and harnessing the power of collaboration . The survey also highlights that 69 % believe their current ecosystem is very important to their company ’ s success , which suggests that navigating the complexities of building collaborative business models can lead to significant rewards . Compare this to PWC ’ s CEO survey , which suggests 40 % of UK CEOs believe their business will not be economically viable within a decade on its current course . This highlights the urgency for businesses to adapt and building Resilience 2.0 offers a framework for achieving this .
Nestlé , one of the world ’ s largest , most diversified food and beverages company , has invested in building relationships with suppliers in different geographic regions to adapt and diversify its supply chain . As part of its strategy of driving long-term growth , the company has sought to reduce reliance on any single source of supply , which makes them susceptible to future
disruption . At the same time , they ’ ve invested in new digital technologies to enhance factory safety and prevent disruption before it arises .
Each of the examples outlined above will have significant investment behind them , which would have been informed by detailed cost / benefit analysis . So , what are some every day , practical steps that can be taken to build your company ’ s equivalent of Resilience 2.0 ?
You can start with something as simple as scenario planning . This involves considering different future possibilities and asking a series of ‘ what if ?’ questions to capture potential risks your business might face . These are then used to identify your biggest areas of vulnerability . Once these have been identified , work with your team to get diverse perspectives as you evaluate the potential impact of each vulnerability and develop creative solutions for how you might respond to them . This process should include related timeframes , data sources , reporting requirements and communication plans . Assess the merits of each creative solution , as well as capture associated challenges and opportunities . This process will not only help to foster a culture of risk awareness and mitigation , but also build a foundation for great resilience and equip your business with additional flexibility to thrive in today ’ s world of constant change . x www . intelligentcxo . com
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