Maslow’s Hierarchy has long been a staple at MBA courses, but now a new pyramid has been designed outlining the 30 Elements of Value as needed by businesses. This has been developed by management consulting giant Bain. At the base level are the functional elements which simplifies tasks, save time, offer variety, reduce effort, avoid hassles, connect, organize, reduce cost and improve quality. The come the emotional elements which have therapeutic value, improve the aesthetics, reduce anxiety, provide access and generate entertainment. At the third level are the life-changing elements that lead to self-actualization, provide hope, motivate and generate a sense of belongingness. On top remain social-impact elements which lead to self-transcendence. The more is usually merrier, so companies or brands that can solve more of these, will provide greater satisfaction. Yet, some of these needs matter more, so they need to be focused more on. The digital plus omnichannel approach is most convenient.

Source:https://hbr.org/2016/09/the-elements-of-value?utm_medium=social&utm_campaign=hbr&utm_source=twitter

Uploaded Date:29 September 2020

There is one cardinal mistake that has been identified to be frequently committed by companies that are facing the oncoming economic recession. Some would argue we are already within one, thanks to the total impacts of COVID- 19 and more. As per business intelligence shared by the University of Chicago’s Becker Friedman Institute, more than two- fifths of all jobs lost during the present crisis, will be permanent ones. This rubbishes the other theory that states that the present economic woes are mere supply- side effects, and will ease once the markets open up. The one mistake referred to earlier is of companies trying to ace the corporate strategy of cost leadership. This has been revealed through data sifted through of thousands of companies. The lure of trying to ace cost leadership remained strong even in the previous crisis in 2008. Companies though needn’t try to change their strategy too much all at once. Instead one needs to focus on existing strengths.

Source:https://hbr.org/2020/07/avoid-making-this-strategic-mistake-in-a-recession?utm_medium=email&utm_source=newsletter_monthly&utm_campaign=strategy_activesubs&utm_content=signinnudge&deliveryName=DM91994

Uploaded Date:25 August 2020

There is much to learn from the various Chinese companies that are leaders in the area of digital collaboration. Three specific models have been yearned from the same. Each of these has a core idea. They also have a specific application for China, but another way in which the same may be adapted in the rest of the world. The first is the Data Sharing model. This model creates value by working around a horizontal, data architecture that gets digitally enabled. Due to the horizontal structures, data warehousing gets more effective, and sharing easier. The next model is that of Coalition Building. This model lays emphasis on scaling up business activity using coalitions that serve holistic societal goals. The third is the Super app Platform. Here, network partners cooperate and even compete within a shared digital platform.

Source:https://hbr.org/2020/08/3-lessons-from-chinese-firms-on-effective-digital-collaboration?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&deliveryName=DM91944

Uploaded Date:25 August 2020

Value creation needs to be thought out with a holistic approach. For that, long term interests of different stakeholders needs to be taken in to account. A poll result revealed by marketing research giant Gallup, recently revealed how about a third of all respondents showed no trust on big businesses. This is a full seven percentage points than what was for the same category, a mere two decades back. Focus needs to be on repairing the future. This is something the US Business Roundtable, as released in 2019 affirms. It also suggests how value creation needs to be most inclusive. Lego’s corporate strategy has been outlined as a classic case of how the company has risen, while keeping the diverse stakeholders satisfied. The social consequences too need to be assessed while working towards stakeholders as well as shareholders. The situation in similar in the USA and within the European Union. Even energy giants are leaving aside short- term thinking to develop environmentally conscious business ventures.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-value-of-value-creation

Uploaded Date:04 August 2020

When any company’s corporate strategy does not yield the desired results, several possibilities may be at play. Some oft- cited reasons have been identified. These are the hidden barriers. The first of these is about having unclear values and conflicting priorities. Such places suffer from a lack of direction, and people here feel overloaded. Another is where the top management is ineffective. The leadership styles too may be ineffective. Likewise, the coordination within the team could be poor. Employees at these places could be spending far too much time on unnecessary meetings. Communication within the senior leadership could also be constrained. There may not be enough of management training to help out the existing inadequate leadership development. A sixth such barrier could be vertical communication too being inadequate.

Source:https://hbr.org/2020/06/6-reasons-your-strategy-isnt-working?utm_medium=email&utm_source=newsletter_weekly&utm_campaign=weeklyhotlist_not_activesubs&deliveryName=DM86084

Uploaded Date:17 July 2020

Now that some parts of the global economy have started to open up, post the COVID- 19- induced lockdowns, businesses will need to be careful in staying away from short- term temptations. Since most businesses are now cash- hungry, they may get tempted towards some compromises against their basic corporate strategy or company mission. This is where opportunism must not creep in. Companies cannot be seen chasing any random client. Nor should be they providing services of any kind. The talent recruitment strategies too need to be well- drafted. To not fall in to such traps, companies will need to start off by listing all their problems. The right relations need to be maintained with the clients.

Source:https://hbr.org/2020/06/dont-let-opportunism-compromise-your-corporate-mission?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_not_activesubs&deliveryName=DM82910

Uploaded Date:09 June 2020

The post- pandemic world needs to be envisioned from right now. Actionable insights need be extracted. Companies need to realize the purpose they stand for. This requires a strong commitment to one’s corporate strategy. Value creation too needs a reconsideration away from merely the economic effects, projected around growth rates. Company culture too will need a deliberate push regarding the intention. The management structure most deal with the existing ‘hierarchy of bosses’ mode. Decision making is another area that may require some turbo charging. Companies need also realize that talent recruitment now needs to be fought on a larger scale. This is because it is possibly the most scarce resource. An ecosystem mindset could help us all. Data- rich technology platforms need to be embraced by all. There has never been a time when constant learning has been more critical than it is going to be now.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/reimagining-the-post-pandemic-organization

Uploaded Date:29 May 2020

Darrel Rigby, who is a partner at Bain & Company, describes how the management consulting giant has redressed its work policies during the corona virus crisis, using agile principles. Bureaucratic planning processes are being ditched, and instead being replaced by fast- tracking ideas. Meetings held are now more focused. Those working at the lower echelons of the organization, too have been empowered with decision- making rights at their level. Rigby feels that business leaders should continue with such nimbleness. A lot of these concepts he has explained in an article titled The Agile C- Suite, that got published on the Harvard Business Review (HBR). He has also written a full- fledged book, detailing his ideas, in Doing Agile Right: Transformation without Chaos.

Source:https://hbr.org/podcast/2020/05/staying-agile-beyond-a-crisis?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_not_activesubs&referral=00563&deliveryName=DM81754

Uploaded Date:29 May 2020

Business need to stop fretting about going back to the pre- pandemic ‘normal’. That may never come back, so its better they prepare for a new dynamic. For a start, companies need to devise policies for remote working. These then need to be incorporated in to the formal corporate strategy. Instead of the old lines and silos, this new system will reinforce team work and networks. Getting hold of a distributed workforce needs to be the target for the talent recruitment wing. Supply chains need to stop focussing on single product alone, but on the overall scheme. The entire system of capitalism needs a more long –term perspective. Instead of working towards trade- offs, companies would be well- advised to opt for embedding sustainable solutions. Commerce need not merely shift to an online mode, but to a contact- less one. The return to work post lockdowns, needs to be about reimagining the workplace.

Source:https://www.mckinsey.com/featured-insights/leadership/from-thinking-about-the-next-normal-to-making-it-work-what-to-stop-start-and-accelerate

Uploaded Date:25 May 2020

A new stage of business processes is now underway. In this, the “how” will gain greater credence in comparison to the “what”. So instead of focussing on what to prepare, companies are seeking to understand how best to serve its audiences. Purpose now needs to be key to any company’s corporate strategy, though several are not ready with the same. Companies need also understand that purpose is both emotional as well as personal. This purpose needs to be connected to the company’s overall game- plan. Top line growth can be positively boosted due to this, as several studies have confirmed. External expectations and policy directions can also be managed smoother now. Companies need also devise a sound method to collect their business intelligence. This needs to be quantifiable and actionable. One must not any more settle on any generic purpose, but on something that delivers impact.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/purpose-shifting-from-why-to-how

Uploaded Date:20 May 2020

The CEO of Vianai, which is an AI startup, based in Palo Alto, California, believes that the world is in for several complex permanent changes in the post COVID- 19 world. He speaks about himself sealing a deal with a client in Europe over the phone. This would earlier have required a long cross- Atlantic fuel- guzzling flight. Education is changing with millions of kids studying online via video conferencing mode. The world could see a sense of fragmentation. Though communications should continue prospering, travel and trade could get more localized. The last recession about a decade back gave birth to several ground- breaking companies. This include Apple, Facebook, Uber, Lyft and several Chinese start-ups that leveraged the new technologies to develop lasting business innovations. The current crisis presents an opportunity to others to do likewise. Some companies leverage the situation, while others falter. A key characteristic of the former group is that they improve their existing operations on their areas of strength. Their operations resort to being more agile at such times. Another is that they recognize new opportunities.

Source:https://knowledge.wharton.upenn.edu/article/vianai-vishal-sikka-be-prepared-for-a-more-fragmented-world/

Uploaded Date:30 April 2020