The rapid pace of technological changes poses opportunities as well as threats for businesses today. Companies that adapt to such changes and use them to fortify their position thrive in the long run whereas others who fail to respond to such developments runs the risk of falling behind or even shutting down. Striving for business excellence is a continuous process and the dynamic nature of the process can be understood from the fact that the definition of excellence also keeps changing.

The Settings section of this month’s edition of “The Hub” includes a study that explores strategies to take a company beyond great which is based on a book with similar title and also share findings of survey based on “Beyond Great Index”.

The traditional definition of outstanding performance, wherein the company delivers to shareholders, has undergone change due to the global forces of social pressures, economic nationalism, and technological revolution. To be prepared for this new era and the next shocks thereof and to take the company beyond great, leaders may follow a combination of the following strategies by reorienting them to their needs

1. Do good, grow beyond: Re-imagine core operations to create value for all stakeholders—customers, employees, and shareholders—as well as the community.

2. Stream it, don’t ship it: Offer compelling digital solutions and experiences, not just physical products or services.

3. Refine your global game: Grow selectively—rather than everywhere all at once—by choosing areas where the company can claim profitable market share, and grow in ways that are suitable for the local environment.

4. Engineer an ecosystem: Supplement traditional value chains with dynamic new value webs that can create and deliver the solutions, outcomes, and experiences that customers crave.

5. Flex how you make it: Invest in high-tech local factories and delivery centers that, when combined with lowcost capacities, can quickly deliver customized offerings.

6. Let the data run through it: Build a global data architecture and analytical capabilities to underpin the other eight strategies.

7. Get focused, fast, and flat: Move away from the traditional organization model in favor of agile, customerfocused teams.

8. Thrive with talent: Acquire, inspire, empower, and upskill a digitally savvy, engaged workforce.

9. Embrace always-on transformation: Become adept at pursuing multiple transformations on an ongoing basis instead of traditional one-and-done change initiatives. This strategy is essential for succeeding with the other eight.

The study indicates that less than one percent of the surveyed companies mastered all 9 strategies. The “Beyond Great Index” can be used as starting point by a company to assess in which areas it leads and lags its peers. This assessment will provide a case for change in key areas for the company. Once the company knows its standing in the industry, the leadership can chart a path based on a combination of above discussed strategies.

We duly acknowledge the authors and Boston Consulting Group for this note on their study with the same title