Strategy Development has followed a set path since the last century where a predetermined, rectilinear, and inflexible approach defined the process. In the 21st century, however, business leaders are conducting Strategy by evolving it into a probabilistic, repeated, and multifaceted process. This innovative approach to Growth Strategy, known as Flywheel Strategy, can both endure and adapt to the growing pace of Change and Disruption that is manifesting itself across all industries.
What is a Flywheel Strategy?
First, let’s understand what a Flywheel is. Flywheel is a concept originally used in the power industry to explain an origin of stabilization, energy storage, and momentum.
Employing the Flywheel concept, executives are able to validate assumptions through simulations as well as in the real world scenarios. Using Gaming, Artificial Intelligence, Advanced Analytics, unremitting execution, and adjustment, with numerous scenarios to deliberate on, leaders create growth flywheels that successfully tackle the not so deterministic world where the future is highly uncertain.
Another important concept to be familiar with is “Clock Speed.” This refers to the frequency with which Products, Capabilities, or Business Models are evolving.
By applying the concepts of the Flywheel and Clock Speed, organizations develop positively reinforcing response loops—i.e. the Flywheel Effect. Innovative and thriving disruptors capitalize on market trends by crafting reinforcing response loops that provide them with an advantage over a period.
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