In today’s competitive business climate, strategy is everything. While CEOs are ultimately responsible for executing corporate strategies, one can think of the the chief strategy officer's (CSO) role as being along the lines of business development but with an added visionary dimension, where having a macro perspective of all areas of the business is as important as knowing intimately the details of each individual unit. CSOs from several high-profile companies were invited by McKinsey to talk about the challenges of the job.
Here’s a summary of the views that transpired:
- Many factors affect the role of the CSO, the biggest of which is the style of the CEO.
- The CSO plays an important role in helping to coordinate knowledge in a more formal process, as well as fostering an environment for more spontaneous strategy creation.
- For more diversified companies, strategy is driven by businesses, with appropriate input and guidance moving into the corporate center rather than from the center outwards.
- Feedback from the business units is also critical for maintaining that entrepreneurial edge and keeping strategies sharp.
- The market affects the CSO’s role. When the market is up, the role addresses long-term vision and investment. When the market is down, it requires restructuring strategy.
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