The Big Picture of Business – Achieving the Best by Preparing for the Worst: Lessons Learned from High-Profile Crises, part 4 of 4

Strategy Driven

Another energy industry client operated coal mines. Next comes Crisis Planning. What-if scenario planning is similar to the processes utilized in overall company strategic planning and visioning. The crisis plan must be part of the bigger process, not an adjunct or afterthought. Crisis planning and strategies should be intertwined with security issues, financial goals, workforce empowerment and many other corporate dynamics.

How Multinationals Should Be Planning for Brexit

Harvard Business

Only a minority of firms is well ahead in planning and preparing a UK market strategy. At the recent Brexit Workshop we held for clients — in this case, 19 UK heads of some of the world’s largest multinational firms — 10 of them had not started or had only just begun planning for Brexit. But that doesn’t mean companies shouldn’t start the work required to come up with a plan. How to Plan for Brexit. Understand possible scenarios.

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A Practical Approach to Managing Workforce During COVID-19

HR Digest

A structured strategy for managing workforce can bring consistency into overall operations during today’s challenging times by putting people first. In the current scenario, even if the organization is doing well, workers may feel threatened about their job security.

How to Think Like a Futurist

Strategy Driven

It’s about coming up with possible scenarios for the future given these developments. For me, the ideal timeframe for futurist thinking is 5-10 years, because although no one can successfully predict the future, in this window you are more likely to be able to clearly see where things are going according to current operating models. Practices for Professionals business management futurist Strategic Planning strategydriven

China’s Slowdown: The First Stage of the Bullwhip Effect

Harvard Business Review

The essence of the phenomenon is the fact that each stage in the supply chain plans its capital projects and operations, including inventory levels, based on its future expectations. Macroeconomic data during the 2008 financial crisis show the bullwhip effect operating on a much broader scale. To improve its operations, Staples, the office-supplies giant, made major changes to its IT systems by merging two IT networks.

How Organizations Can Thrive in the Digital Economy - SPONSOR CONTENT FROM KORN FERRY

Harvard Business

Organizations can now engage with customers and employees like never before, and the virtual environment holds the potential to drive operational efficiencies, save time and money, and open the exploration of new commercial avenues. Agile businesses run planning and execution in parallel, investing in scenario planning so they can act promptly when opportunities arise. Image courtesy of Korn Ferry.

SPM 59

The Death of Supply Chain Management

Harvard Business

The supply chain is the heart of a company’s operations. Rio Tinto, the global mining-and-metals company, is exploring how digital technologies can automate mine-to-port operations. Using driverless trains, robotic operators, cameras, lasers, and tracking sensors, the company will be able to manage the whole supply chain remotely — while improving safety and reducing the need for workers in remote locations. Alistair Berg/Getty Images.

4 Signs That Your Focus Is Holding You Back at Work

Harvard Business

Not Operating at Your Peak. And since imagining future events involves tinkering with information stored in various brain regions from past experiences (to create novel associations and scenarios), this requires the brain’s unfocus circuit to be activated. When you focus too much, you turn off your brain’s imagining circuits, which can impact your brain’s planning to reach your goal. Focus is an invaluable trait.

Business Model Generation : Blog | Executive Coaching | CO2 Partners

CO2

The Empathy Map looks like this: In this chapter the authors walk you through processes to arrive a enhanced design like Customer Insights, ideation, providing an introduction to the value of visual thinking, how to use prototyping, story telling, and Scenario Planning. Gary Cohen grew the company from two people to 2,200 employees Currently, he is Managing Partner of CO2 Partners, LCC, operating as an executive coach and consultant.

The Big Picture of Business: Putting Budgeting Into Perspective, The Bigger Picture of Strategic Planning

Strategy Driven

Budgets get more attention than the umbrellas under which they rightfully belong: Strategic Planning and Visioning. By itself, Budgeting does not constitute full-scope planning and business strategy. Questions to follow in Budgeting as part of Strategic Planning and Visioning processes include: Does this process increase your accountability to funding sources and to the public? Does your strategic plan adequately describe what you do?

Create a Strategy That Anticipates and Learns

Harvard Business

The restaurant chain, Olive Garden, uses predictive analytics to guide its food buying and retail staffing plans. This isn’t a retread of scientific management , nor is it an updated take on scenario planning. Scientific management and scenario planning, while forward-thinking, rely on information that’s in the rear view mirror. The company uses these insights to drive—and adapt—strategic plans for new device and service offerings (e.g.,

SWOT 35

Mindfulness Can Improve Strategy, Too

Harvard Business

Practically speaking, can organizational leaders integrate mindfulness practices into strategic planning processes? As UCLA’s Richard Rumelt, a leading expert on strategic planning, writes in his book Good Strategy, Bad Strategy , one of the quintessential components of good strategy is the ability to take a step out of the internal storyline and shift viewpoints. So how can organizations bring more space to strategic planning? FERIDUN AKGÜNGÖR.

Create a Strategy That Anticipates and Learns

Harvard Business Review

The restaurant chain, Olive Garden, uses predictive analytics to guide its food buying and retail staffing plans. This isn’t a retread of scientific management , nor is it an updated take on scenario planning. Scientific management and scenario planning, while forward-thinking, rely on information that’s in the rear view mirror. The company uses these insights to drive—and adapt—strategic plans for new device and service offerings (e.g.,

SWOT 12

Be Prepared for What You Don't See Coming

Harvard Business Review

To minimize their negative impact, there are two steps that managers can take: Plan ahead (as much as you can). One way to reinforce this assumption is to engage in scenario planning before pulling the trigger, preferably by engaging people who will be affected by the change. For example, my firm once worked with the operations executives of a large company that planned to shift some of its factory employees from an hourly to a salaried pay program.

What a Good Moonshot Is Really For

Harvard Business Review

They''re a keystone of what we call a "future-back" approach to strategy, which unlike the "present forward" nature of most strategic-planning processes, doesn''t operate under the assumption that tomorrow will be pretty much like today, and the day after pretty much more of the same. At the heart of the future-back process is a consensus view of your company''s desired future state.This isn''t scenario planning, where you consider a range of possibilities.

The Olympics as a Story of Risk Management

Harvard Business Review

A terrorist incident, a breakdown of the London rail system, power blackouts, volcanic ash clouds , flooding, an outbreak of infectious disease—the London organizing committee (LOCOG) and the International Olympic Committee (IOC) spent years thinking about every scenario they could imagine. Simulations of security incidents were rehearsed, and contingency plans for mass evacuations or emergency situations were put in place.

Reimagining the Boardroom for an Age of Virtual Reality and AI

Harvard Business Review

It would be an antidote to the insularity that so many boards are criticized for, and a useful complement to the simulations and war-game tools that help with scenario planning and anticipating competitors’ moves. Outside stakeholders are beginning to demand greater visibility into boards’ operations, in light of the many well-publicized governance failings related to culture problems, poor risk management, and fraud.

Tools 12

The Potential and Pitfalls of Doing Business in Cuba

Harvard Business Review

Under such a scenario, multinationals would see expanded opportunity across diverse sectors. These scenarios are not a given. American companies should familiarize themselves with these multiple challenges, while identifying potential business partners, sizing the market potential for the company’s product, and understanding the challenges of operating alongside the Cuban government.

GDP 12

Setting Strategy in Egypt's (and Other) Shifting Sands: A Four-Part Approach

Harvard Business Review

Although it is too early to tell if Tunisia and Egypt will prove the exceptions rather than the rule when it comes to dramatic political transitions in the Middle East, multinationals operating in the region have already faced significant losses. Thomas Cook Group, the tour operator, indicated that the cost of the Egyptian and Tunisian uprisings would be on the order of $32 million and Tui Travel has warned it could lose up to 30 million pounds.

ExxonMobil’s Shareholder Vote Is a Tipping Point for Climate Issues

Harvard Business

Such a move might create inertia for some companies and investors if they see it as evidence that “business as usual” is now the most likely climate scenario. We witnessed a monumental event in a shareholder resolution calling on ExxonMobil, the world’s biggest publicly listed energy company, to disclose the impact on its business under a 2-degree scenario. Last week the world listened as Donald Trump announced, ‘We are out,’ proclaiming the U.S.

What a Changing NAFTA Could Mean for Doing Business in Mexico

Harvard Business

Multinational companies operating in Mexico are facing a great deal of uncertainty. While consumer spending has proven resilient, with same-store retail sales rising 6% YOY in April , most multinational corporations are developing contingency plans to mitigate risks to their businesses and reassessing the country’s role in their global market portfolio and supply chains. In this scenario the Mexican peso would likely only depreciate to 20.5

Get Ready for the New Era of Global Manufacturing

Harvard Business Review

We see advances in materials, processes, and information technology that will make possible entirely new kinds of products and can radically alter how manufacturers operate. For example, in a world of rising and complex risk, they will need to adopt planning systems that don't rely on point forecasts, but use scenario planning.

4 Strategies for Women Navigating Office Politics

Harvard Business Review

On the other, they acknowledge that it’s all but impossible to operate above the political fray. Let planning trump politics. An intrepid energy industry executive we know takes a novel, planning-based approach to managing politics, and we’ve taught the same method to many female executives over the years. To inject some predictability into the most crucial of organizational interactions, he uses scenario planning to map out strategies.