Apr 24, 2020 - 3 minutes read time
A huge thank you to all attendees that tuned into our webinar at IMD Business School. What a crowd! We had a record number of registrations and more than 900 have attended. It means a lot to us that a lot of people are interested in what we have to say.
There were dozens of terrific questions to answer at the end of the webinar, but we didn’t have enough time to go through them all. We’d be happy to connect on LinkedIn and would love to hear your thoughts, particularly if you have experience and insights into some of the areas we discussed.
Howard Yu, LEGO Professor of Management and Innovation and Director Advanced Management Program
Patrick Reinmoeller, Professor of Strategy and Innovation
For additional information about examples we covered, please refer to the IMD faculty-authored articles below:
- Haier – How autonomy creates resilience in the face of crisis
- Ping An – In a crisis, ecosystem businesses have a competitive advantage
- Bridgewater – How Zoom-working will change companies forever
- Spreading resilience (2020) – Meeting the spread of coronavirus with a contagious resilience
- Country resilience (2020) – Coronavirus: Hybrid response of speed and resilience works in virus fight
- Dynamic balance (2005) – The link between diversity and resilience
You’ll find the wrap-up to the webinar below, as well as the video to watch the relive online at your convenience.
We hope all who attended learned something new and enjoyed our presentation. It was a pleasure seeing everyone and we do hope to see you again at the next webinar!
Rapid resilience: What strategies lead to success?
In such times of crisis, companies’ resilience is what shines. So what are the different strategies that lead to resilience? How have certain companies absorbed the shock, changed and bounced forward rather than backward?
This webinar led by Howard Yu, LEGO Professor of Management and Innovation and Director, Advanced Management Program (AMP), IMD, and Patrick Reinmoeller, Professor of Strategy and Innovation, IMD, takes a deep dive into how companies in Asia, Europe and the US are beating the virus with resilience. Discussing key capabilities and strategies, they explore different approaches and reflect on two important questions that plague company leaders now: How to become resilient? How to do so rapidly?
The basis of their thinking is summed up in five principles of resilience: structural organizational autonomy; industry boundaries rooted in ecosystem thinking; decision making transparency; culture of resilience; and strategic foresight.
Sometimes a company can benefit from unexpected developments, according to Professor Yu. While governments have spoken of reconsidering the size of technology firms in the recent past, that thinking has sustained a major shift since COVID-19.
“Everyone from Elizabeth Warren to the Indian authorities wanted to break up big tech,” says Yu. “Now firms like Google and Apple are now responding to the COVID-19 crisis by working together with governments to track individuals, for example. What a windfall!” says Yu.
Professor Reinmoeller then delves into several examples of resilience in family-owned or -dominated companies.
“Companies with a culture of resilience embrace slack – for these firms, redundancy is not important,” he says. “Stora Enso, for example, has been around since the 1200s and has been obsessed with sticking to their values and core purpose.”
Yet Reinmoeller specifies that at the same time, the raw materials company has remained ready to adapt when necessary, keeping a balance between tradition and innovation.
The two professors then end with a discussion on strategic foresight and what your company can do now to reinforce resilience to ensure a more successful future.
Originally published on IMD Business School
Outlast your competition and thrive in an ever-changing world
In Leap, Howard Yu, LEGO professor of strategy and innovation at IMD, explains how companies can prosper, not just survive. Leap identifies five fundamental principles that allow companies to stay successful in the face of such competition.
Comments for this post are closed
Nov 20, 2020
Opinions. Everyone’s got one. Here is one revelation for me about COVID-19: Your personal opinions can be easily swayed by your identities. We act not on facts—rather, we choose our…
Nov 17, 2020
Strategy is about making tradeoffs. Without making tough choices, a team ends up making a millimeter of progress in a million directions. The only way to win is to generate…
Nov 10, 2020
Be very careful that the person in charge of a new business is responsible for its immediate need, not the forecast. Everyone knows the impetus for growth. Every company wants…