As we come out of COP28, which was held in Dubai at the end of 2023, where key discussions were held on moving forward towards a less carbon-dependent future, it is interesting to look back at a talk, which was delivered at an ADIPEC conference, by our business associate @William Malek who was privileged to take part on a panel discussion about “New Approaches to Strategic Design, Operations and Business Ecosystems” with Ariel Flores (SVP, @BP Global Subsurface), Mazri Mohd Ali (Senior General Manager, @Petronas) and Davis Larssen (CEO, @Proserv).
Even though some time has now passed, some of the takeaways are more relevant now than ever before. Over the past 6 months of attending conferences and interacting with prominent thought leaders from around the world, it is clear to see the successes achieved by businesses adopting an ecosystem-centric approach, as opposed to the traditional management hierarchy.
Even though the panel discussion was for an Energy conference, the points made are sector-agnostic and very relevant to the pharmaceutical and biotechnology industry as well as other industry sectors. If you would like to learn more about how to implement these initiatives into your business, don’t hesitate to reach out to me by email – firstname.lastname@example.org or via our website or by messaging me on LinkedIn.
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William Malek delved into the transformative strategies and operational models that drive successful businesses in rapidly changing markets. William spoke about the extraordinary growth and profitability of Haier, a Chinese white goods conglomerate, highlighting its unique business ecosystem strategy and outlining seven key levers for transformation:
Goal Reorientation: Transitioning from growth-centric to thriving within the industry biosphere's capacity.
Big Picture Thinking: Adopting an ecosystem-oriented mindset that fosters partnerships and value-sharing.
Expanding Human Creative Potential: Shifting from a traditional hierarchical structure to micro-enterprise teams for enhanced creativity and human-centric approaches.
Value Distribution Design: Designing organisations to distribute value effectively.
Proof Systems Perspective: Linking organisational outcomes directly to customer-driven value.
Regenerative Creation: Incorporating sustainability and circularity into business models.
Internal and External Value Creation: Focusing on co-growth with ecosystem partners rather than solely on financial growth.
Emphasising the need for businesses to adapt to the pace of external change, the importance of sustainability, and the shift towards a human-centric approach in strategy, William further discussed the concept of "zero strategy", which involves understanding customer needs, and value maximisation through designing zero-waste systems and having those at zero-distance to the user.
Other key points that leaders need to consider are:
Talent attraction + retention, with Haier’s incentivising of micro-enterprise teams being shown to align with the aspirations of younger generations seeking a sense of contribution to value creation.
Staying relevant in the face of existential shifts, such as those brought about by the rise of venture capital in the renewable energy sector.
The necessity for businesses to consider new models that provide agility and flexibility in uncertain times.
To hear more from William Malek about business ecosystems, visit our YouTube playlist here:
So, where can you access this expertise?
For organisations looking to navigate the complexities of modern business landscapes, Haig Barrett Partners offers insights and advisory services to foster innovation, strategic reorientation, and operational agility. With an expertise in transformational strategic advisory services, we can guide your company through the process of adapting to new business models and management innovations that are crucial for thriving in today's dynamic market.
For those interested in exploring similar transformational strategies and advisory services, do reach out to the Haig Barrett Partners team to find out how we can work together to achieve your success goals in 2024 and beyond.