Summary
Strategy formulation is an integral function tangent to organizational success and competitive advantage. Many tools exist that enable managers to formulate and implement business strategies. However, a focus on synthesizing interdisciplinary intellectual views may potentially enhance organizational decision-making and yield fruitful outcomes to better position an organization within the respective industry. This article introduces the concept of interdisciplinary Thinking (IT) stemming from stakeholders, as an integral function of the strategy formulation process.
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Using Interdisciplinary Thinking to Improve Strategy Formulation: A Managerial Perspective
The art and science of strategy formulation represents a challenging endeavor for corporations as the results carry heavy emphasis with respect to an organization's overall effectiveness within its industry and competition. It is no secret that business strategies drive business success levels. Moreover, the literature in the field exposes ideologies and methods of strengthening the strategy formulation process; however, is relatively silent in regards to innovations of the intellectual process contributing to strategy identification, development, and implementation. More specifically, the internal and external analyses that require organizational input (usually from top management) are in need of continuous development, according to changes in time. Simply conducting analyses historically, may not optimize the same returns without extending the thought processes that are involved with methodologies of strategy formulation.
Managers are continuously faced with uncertainties, especially with external environments, where options are sometimes to act impulsively or develop a meaningful method to strategy formulation (Mockler, 2003). There are numerous strategic tools intended to assist managers in decision-making, such as the conventional Strengths, Weaknesses, Opportunities, and Threads (SWOT) analysis (Panagiotou, 2003). Essentially, strategic management tools are effective and have proven to ...See the full content of this document
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