#2 Identify Opportunities and Threats
Having a good understanding of the world in which your business operates, you’ll be fully aware that data and technology advancement are creating opportunities and threats for existing businesses at an unprecedented rate.
Having taken stock of this landscape, it’s possible to take a competitive view of where change is creating opportunities and threats for your business.
Five key upside questions for business leaders, are as follows:
1. What improvements to customer experience can technology help us deliver?
2. What activities are made easier by new technologies?
3. What activities can be executed more efficiently and effectively using technology?
4. How can enhanced customer insight inform strategic decision making?
5. What commercial opportunities can be created through taking advantage of this?
Five key downside questions for business leaders, are as follows:
1. What trends from other industries have the potential to disrupt my business?
2. What limitations are existing infrastructure and overheads placing on our decision making?
3. What legacy technologies are holding back our business?
4. How able are our people to respond to required changes?
5. What will be the cost of any required business transformation or change programme?
Considered answers to these questions will help inform your SWOT analysis, develop your business strategy and minimise the chances of your organisation being blindsided by a disruptive rival or newcomer.
Being able to visualise the future, implement an effective change programme, reorganise your business and upgrading your workplace culture will enable modernisation and scale. These themes are explored in subsequent chapters.
Lastly, undertaking this activity from a position of strength will prove more comfortable that having to respond to external events that compel these changes onto your organisation.
strategic review of your business and its modernisation potential or for help
along the journey, please get in touch with Melius.