Marrying Business Strategy to Technological Innovation
Career Path : Administration
How do top companies align their business strategies with technological advances? That is a question corporations must solve to stay viable. The business world of today bears as much resemblance to that of the last century as the Wall Street Journal bears to Neanderthal cave scribbling. Business is evolving at a breathtaking pace.
What is the Traditional Approach to Marrying Business strategy and innovation?
The traditional approach consisted of keeping a close eye on technological innovation and building business strategy around it. That approach worked well for years, until the world of IT exploded onto the scene. Now the traditional method doesn’t work at all. That is because technology is evolving so quickly that most businesses striving to develop business strategies to utilize it are hopelessly bogged down in constant flux. Companies that invest millions of dollars in research and development just don’t see a reciprocal increase in their financial performance.
So, What is the Non-Traditional Approach?
It turns out the “non-traditional” approach is just a re-imagining of the traditional. The corporate world has always relied on business talent as its foundation. Industrial giants like Andrew Carnegie and John D. Rockefeller were not just fortunate; they were talented. They were also schooled in the mechanics of production and marketing. Those men built empires that, in one form or another, still exist today. The answer to the dilemma of how to marry business strategy and IT innovation seems to be in acquiring the right talent. Then, corporations can build their businesses and choose technologies that augment their strategies.
That is not to say business should slough off its laborers and managers in search of better ones. The people embedded in the corporate world often have loyalties and deep understanding of an industry that would be hard to replace. Business needs to leverage this organizational strength. They, in turn, should invest in themselves. Many managers are going back to school, earning degrees from online MBA programs that put breadth of knowledge, especially in technology, into their already impressive understanding of fundamental business practice. That fundamental knowledge is vital because even though technological innovation changes the way some processes are handled, it doesn’t change the principle. Brick-and-mortar schools are catching on to this idea of capitalizing on the talent we already have in addition to training new people. The number of traditional universities with MBA programs online grows steadily.
What Do the Online Programs Offer?
For one thing, they help people who already have careers in business understand how global issues impact industry. The business world today considers international components of a business as routine. Professionals must understand how regulations and culture, among other things, affect corporate policies. In addition, the advanced degree programs teach people how to use the new technology and build leadership skills that allow employees to advance in their careers.
The answer to the problem of aligning business strategy with technology innovation is to attract and retain talented people who understand the dynamics of business and can adapt innovations in technology to meet business goals. That retention depends upon training and leveraging the skills of capable business professionals.