Own the Future: 50 Ways to Win from The Boston Consulting Group

Part IX

Bold

In today's volatile world, industry leadership is far more fleeting than it used to be—and businesses must adapt to stay relevant. Forward-looking companies that can continually reinvent their business models through ongoing experimentation and innovation are far less likely to be blindsided by changing markets and maverick competitors. Although rethinking the tried-and-true is not without risk, the opportunities that can emerge as a result may drive future growth—and ultimately save your business. The industry landscape is littered with companies that didn't evolve with the times.

Experimenting with new business models requires bold leadership. It encourages innovation that seeks entirely new models for going to market, adding value, or operating a business. In Chapter 38, “Thinking in New Boxes,” we argue that the breakthrough ideas needed for this innovation rarely appear at random. They require a disciplined process that guides exploration and increases the odds of discovering truly game-changing opportunities.

Bold leadership requires a willingness to take the proverbial leap of faith. Part of that process is thinking boldly. In Chapter 39, “Rethinking Scenarios: What a Difference a Day Makes,” we offer a new approach to scenario planning that can help companies operate in a turbulent environment and react more quickly to change.

Sometimes more radical measures are needed to stay one step ahead. Business model innovation (BMI) goes far beyond just making changes ...