Expanding the number of executives in your strategic discussions should help credit unions identify internal or industry-disrupting changes ahead, according to chiefexecutive.net
Consider technological disruptions. Most executives delegate technology discussions to a chief information officer or chief technology officer. But it’s these types of trends, the website reports, that will most likely upend value chains, transform industries, and dramatically shift competitive advantages.
“Picking up weak competitive signals is more often than not a result of careful practice: a systemic updating of competitive insights as an ongoing part of existing strategic processes,” the website maintains.
Executives with diverse backgrounds can boost the quality of dialogue by contributing to—and insisting on—issue-based competitive analyses. This includes questions such as:
► Who is well-positioned to play in emerging business areas?
► If new technologies are involved, what are they and who else might master them?
► Who seems poorly positioned, and what does that mean for competitive balance in the industry?
Focusing competitive reviews on questions like these often yields insights of significantly greater value than would be possible through a more common practice of examining competitors’ financial and operating results.
It also moves senior executives away from linear thinking and toward a more scenario-based mindset that’s better suited to today’s fast-moving strategic environment.