Strategic Management in Changing Industries

Challenges requiring that companies adopt a strategic approach

Companies are dependent on their environment. Changes in environmental conditions often also force changes within the company, which is why they should always be included in strategic considerations as far as possible. The following factors can influence the company:

• the ecological environment
• the socio-cultural environment
• the technological environment
• the economic environment
• the political/legal environment

While some changes, such as the switch to an environmentally-friendly energy supply, can be planned and integrated step by step into all corporate processes, other external changes require ad hoc adjustments within the company.

For companies, this means:

• Remaining flexible
• Establishing a functioning knowledge management system
• Promoting creativity and innovation
• Establishing risk management strategies
• Optimising communication structures

In addition to these points, it is important to develop and implement the corporate strategy, and to monitor the successes and adapt the strategy accordingly. This is the core of strategic management.

Aspects of strategic management

The aspects to be considered in strategic management are complex and relate to technical and organisational areas as well as social components.

Implementing sustainability as a strategic success factor in the company

Social and ecological responsibility should not only be recognised as a competitive advantage, but should also be practised honestly and integrated into strategic management. In this way, companies with a positive mindset, the use of green technologies, and the clear assumption of social responsibility secure acceptance among customers, investors, and clients.

Using innovation management as the key to success

Innovation is a key driver of competitive capacity and growth. If it is firmly anchored in the business strategy, companies are sure to have the necessary resources available for research and development. This creates a creative and innovative environment.

Change management as the basis for smooth change processes

Restructuring, new technologies, and changes in working methods can be met with resistance. Successful change management helps to prepare employees for the changes in question through training and communication, and to reduce resistance. This promotes acceptance and increases the likelihood of successful conversions.

Digital leadership and the role of the manager

Digital leadership means driving digitalisation in all areas of the company, actively shaping change, and acting as a role model in your capacity as a manager. Managers need to have both technical knowledge and the ability to motivate teams through change.

Acquire expertise in the areas of management, digitalization, innovation, and technology on an MBA course

In our Full-Time MBA Digitalization & Industrial Change, in the form of methods and instruments, we provide you with the tools with which you, as a manager, can implement and realise successful strategies. In this way, you will drive the company forward through innovation, open up new business areas, prepare yourself to deal with future crises and challenges, and secure the future of the company.

In addition to the necessary management knowledge, this degree program immerses you in the subject of technology. This gives you the perfect combination of knowledge in the fields of technology and management to help your company survive within changing industries.

Here you will find detailed information about the MBA Digitalization & Industrial Change program.