David Teece discussed how companies must develop and execute Dynamic Capabilities, and how this should be a strategic focus for executives and boards of directors.
The current economic era demands a focus on companies’ continuing commitment to change. Rather than slowing down in the post-pandemic world, change is picking up speed and becoming a constant. To survive, organizations need a strategy and management model that can adapt and flex with the pace of change, rather than being disrupted.
Not developing is the biggest risk. Companies must excel at and manage three main elements: understanding change, mobilizing to change, and transforming to change. In other words, every company has to develop, and be excellent on executing, Dynamic Capabilities, and this should be a strategic focus for boards of directors.