Businesses and living organisms are both complex, adaptive systems. Yet enterprises are now disappearing faster than any other time in history: 32% of public companies will no longer exist in the next five years, according to Martin Reeves, director of the BCG Henderson Institute, and co-author of the book Your Strategy Needs a Strategy. The number represents six times the rate of failed companies 40 years ago.The early demise of many companies can be attributed to a failure to adequately adapt to the amount, speed, and complexity of change across most industries, Reeves said. “In the last couple decades, businesses have seen global economic integration, changes in demographics, and massive disruptions unleashed by technology,” Reeves said. “A parallel to that, it’s given rise to second order changes like competitive instability and blurring of industry boundaries.” Meanwhile, Brexit and the upcoming US presidential election are also triggering political uncertainty, Reeves said. “All of that drives the speed and unpredictability of change,” Reeves said. “It changes the game of business—it’s no longer about optimizing a stable, predictable game, and knowing your competitors and the industry. It’s about surviving and thriving in an unpredictable game. That changes everything in strategy.” Yet many companies… Read full this story
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