Publisher's Synopsis
Why are some of the world's most successful companies able to stay ahead of disruption, adopting and implementing innovative strategies, while others struggle? It's not because they hire a new CEO or expensive consultants. It's because these pioneering companies have adopted a new way of strategizing. Instead of keeping strategic deliberations within the C-Suite, they open up strategic initiatives to a diverse group of stakeholders-front-line employees, experts, suppliers, customers, entrepreneurs, and even competitors. Open Strategy presents a new philosophy, key tools, step-by-step advice, and fascinating case studies-from companies that range from Barclays to Domino's-to guide business leaders in this groundbreaking approach to strategy. The authors-business-strategy experts from both academia and management consulting-introduce tools for each of the three stages of strategy-making: idea generation, plan formulation, and implementation. These are digital tools (including strategy contests), which allow the widest participation; hybrid digital/in-person tools (including a "nightmare competitor challenge"); a workshop tool that gamifies the business model development process; and tools that help companies implement and sustain open strategy efforts. Open strategy has an astonishing track record: a survey of 200 business leaders shows that although open-strategy techniques were deployed for only 30 percent of their initiatives, those same initiatives generated 50 percent of their revenues and profits. This book offers a roadmap for this kind of success.
