Fjord Equinox: strategy prototyping
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By Claudia Gorelick, Head of Business Design NA, and Tobias Kruse, Head of Business Design EALA.
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Fjord Equinox: strategy prototyping
- 1. Strategy Prototyping Strategy PrototypingIn uncertain times, insight and action beats planning. EQX Live
- 2. Strategy Prototyping Introduction In today’s volatile, complex and ambiguous landscape, companies are facing some serious challenges when trying to come up with the right strategy.
- 4. Strategy Prototyping The Evolution of Strategy Agile isn’t just for development and design anymore. Organizations have begun to realize that it can also be applied to a traditionally slow function: strategy. Tim Leberecht, Strategy artist and Ted speaker
- 5. Strategy Prototyping How to act in uncertain times When facing the unknown, act your way into the future that you desire, don’t think your way into it. Thinking does not change reality, nor does it necessarily lead to any learning. Leonard A. Schlesinger, Harvard Business School
- 6. Strategy Prototyping Combining the power of design, agile & classical strategy consulting In our volatile, uncertain, complex, ambiguous times strategy consulting needs a reinvention through Introduction
- 7. Strategy Prototyping 701 / 20 From To • Working sequentially, only making first step when whole plan is in place • Risk management through predictability and maturity • Working behind closed doors • Using business data as the core foundation Here’s how strategy consulting needs to evolve • Small, iterative steps (hypothesis > prototyping > user validation) • Risk management through speed, fast learning and viability • Open collaboration between consultants & clients • Use user data to develop a coherent strategy based on desirability Introduction
- 8. Fjord Brand Story 2017 : 01 / 2001 / 20 Exercise: Develop a Strategy MVP
- 9. Strategy Prototyping Key take-aways Ambiguity everywhere Too little (or not exactly correct) data Simulates the real world Too little time Multiple stakeholders
- 11. Strategy Prototyping Intro Exercise Who is Okcupid Highly fragmented market Online dating has won in popularity in all ages, including older people Tinder reinvented the market and has over one billion swipes / day
- 12. Strategy Prototyping 01 / 20 Update app to make it more engaging The Brief Intro Exercise
- 13. Strategy Prototyping Each of you will play a specific role: User, Market, Business, Competition. Group Exercise
- 14. Strategy Prototyping 1. Reframe the Ask 2. Identify concepts that align with the new objective 3. Choose KPIs to measure the concepts Exercise – Activities 20 min
- 16. Strategy Prototyping Key take-aways Keep humans at the center Work in parallel with multiple data lenses Rethink your strategy approach Focus on learning, outcomes and impact Iterate (refine your strategy with each iteration)
- 17. Strategy Prototyping Don’t fear uncertainty, embrace it. Key take-aways
Hinweis der Redaktion
- Do you also get overwhelmed sometimes by what’s going on in the world? (check intro from Martin’s talk) We live in very volatile, complex and ambiguous times. Liquid customer expectations, an increasing pace of change often driven by technological advancements and fierce competition lead to uncertainty. If we’re honest, we basically have now idea what is going to happen. So how come that most strategy approaches today are still based on prediction and take very long? Feels wrong, doesn’t it?
- More and more people think that the classical strategy approach is problematic when dealing with uncertainty And they give us hints about what it should rather be or how we need to change our strategy approach. (Read quote)
- (Read quote)
- We’re suggesting 5 fundamental changes to the strategy approach of which I will highlight the two most important from my perspective (#1 and #2) #1: The value of an in-depth discovery and planning phase are undisputed. But companies have less and less time for them. And how often have you crafted a meticulous three-year strategic plan, only to have it become obsolete after a few months, or even weeks? #4: It’s of course fine too look at your competition but too often looking in your own industry doesn’t give you the answers you need in a world where customer expectations transcend industry borders. Focusing on maturity of solutions often can be brought back companies being risk aware, the fear of failure is high. A more nimble approach doesn’t mean more risk – actually the opposite is true: if you don’t take forever to start but rather focus on fast learning in order to reduce risk.
- In a nutshell this means that in uncertain times, insight and action beats planning. By combining different approaches like design thinking, lean approaches and classical strategy consulting methods we can achieve this nimbler approach.
- To stay true to our earlier statement that action beats thinking, we’d like you to experience a different approach first hand today…
- What we’d like to leave you with after this exercise is in order to rethink your strategy approach, Keep humans ….
- So that Uncertainty actually becomes your secret weapon.