Strategy is a policy or a decision in business. Strategy is about making decisions, with or without planning, to set the long-term direction of for the enterprise to accomplish the intended goals. “Whenever you see a successful business, someone once made a courageous decision,” says the Management Guru Peter Drucker. Strategic thinking is a management tool to enable you to confront changes and challenges, envision new possibilities, plan for the future and make decisions to convert your business vision into a reality. It is the process of making your dreams come true.

Challenges In The New Economy
The most distinguishing feature of the New Economy is that, in this economy industries, businesses and consumers are better connected. As a result,consumers have an unprecedented access to an enormous amount of information on various products and services. Therefore, in the future you will be required to deal with customers who may switch their loyalties to your competitor with a few click-of-mouse. The real challenge in this fast changing environment would be how will you differentiate your products or services from those of your competitors’ to create a unique value for the customer and build capabilities to deliver what you promise to.

Strategic Thinking Process
Strategic thinking process will have to be much more dynamic in the New Economy to cope with the pace of changes. Perhaps this process could be guided by the following basic considerations:

What is the driving force behind your strategy?
In the future, strategy may be driven mainly by your ability to deliver a unique value to the customer. Other driving forces may be empowerment and alignment, shared vision, goals and values on which you may want your people to be focussed.

What are your observations from the changing environment?
We see a lot of things around us. However, a good strategist observes a pattern even in chaos. By detaching yourself from the system and by increasing your power of Observation, you may be able to learn how to solve problems more effectively by cleverly weighing various alternatives available. Thus, where others see problems you may begin noticing opportunities.

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