Fundamental principles for small-size business to achieve strategic agility: a case study of a Finnish SME
Wang, Bing (2023)
Wang, Bing
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202303093324
https://urn.fi/URN:NBN:fi:amk-202303093324
Tiivistelmä
We are living in such interesting and constantly changing world! Besides COVID19 crisis, there are other events that are impacting closely how we do business globally, such as digital disruption, climate crisis, aging workforce, Russian’s invasion to Ukraine in early 2022 etc. Being able to agile and adapt the business strategic direction, react proactively are not just survival mode, but a must for companies to stay competitive and sustainable growth. Furthermore, the vast amount of data generated from the consumers and digitalization not only give the organizations opportunities to generate the business online, but also contribute to today’s complexity and sensitiveness of global business landscape. This reality leads to a fast changing in the market needs and customers buying behaviors and preference.
As coping response, the author considers strategic agility is a must for organizations transform into to cope with the fast-changing business world. Organizations need to navigate and adapt their strategies for the constant changing market needs with its employees in this uncertain and complex worldwide environment. No matter what crisis or unforeseeable event we are in, or how advanced the technologies, automation, and artificial intelligence evolve, it keeps changing all the time and non-stop, in order to compete and grow in this modern business world, there is no doubt that organizations should adapt quickly, continuously and systematically together with the changing world, while stay focus on the business goals and flexible to the business needs. For small and medium-sized organizations, sometimes it is challenging to adapt business strategy and focus on their business goals, while there are handful of operational tasks that employees dive into for completion, and plenty of business opportunities and directions they could embark to. That is exact the case for the chosen case company for this research.
In order to identify the key fundamental principles for the case company – Company F to trans-form into strategic agility, the author studied the existing the theoretical frameworks in Strategy, Agility in business context and Strategic agility. Based on the selected relevant literatures, the author formulated the Strategic agility framework, which consists of Culture, Technology, Organizational design, People, Leadership and Strategy sensitivity aspects.
With the framework, the author employed single case study to conduct qualitative research by conducting semi-structured interviews with the participants from the case company and collected insights from the global leading strategy consulting companies. Based on the data, the research result has been concluded with 13 key fundamental principles for the case company to employ into their strategic agility transformation process.
As coping response, the author considers strategic agility is a must for organizations transform into to cope with the fast-changing business world. Organizations need to navigate and adapt their strategies for the constant changing market needs with its employees in this uncertain and complex worldwide environment. No matter what crisis or unforeseeable event we are in, or how advanced the technologies, automation, and artificial intelligence evolve, it keeps changing all the time and non-stop, in order to compete and grow in this modern business world, there is no doubt that organizations should adapt quickly, continuously and systematically together with the changing world, while stay focus on the business goals and flexible to the business needs. For small and medium-sized organizations, sometimes it is challenging to adapt business strategy and focus on their business goals, while there are handful of operational tasks that employees dive into for completion, and plenty of business opportunities and directions they could embark to. That is exact the case for the chosen case company for this research.
In order to identify the key fundamental principles for the case company – Company F to trans-form into strategic agility, the author studied the existing the theoretical frameworks in Strategy, Agility in business context and Strategic agility. Based on the selected relevant literatures, the author formulated the Strategic agility framework, which consists of Culture, Technology, Organizational design, People, Leadership and Strategy sensitivity aspects.
With the framework, the author employed single case study to conduct qualitative research by conducting semi-structured interviews with the participants from the case company and collected insights from the global leading strategy consulting companies. Based on the data, the research result has been concluded with 13 key fundamental principles for the case company to employ into their strategic agility transformation process.