Strategy Modeling for New Product or Business InnovationAugust 4, 2024
This article discusses the importance of using strategy modeling to navigate complex and uncertain business environments. It defines a strategy as a set of choices and actions aimed at achieving goals, and a model as a mathematical representation of these elements. The article highlights the benefits of strategy modeling, such as cost-effective testing, comparative analysis, and identification of critical assumptions and risks, which improve the probability of strategic success. It describes key elements and attributes of a strategy model such as choices, uncertainties, and data, with model fidelity scaling based on strategy maturity and investment. It critiques existing tools and introduces Growth Forge, a software designed to integrate all strategy dimensions, expose assumptions, and provide real-time analysis, advocating for an analytical approach to strategic innovation.