Corporate strategy in a 'VUCA' world

IN a VUCA world, one that is volatile, uncertain, complex, and ambiguous - as many would characterise today's global environment, strategy matters more than ever. That's because strategy is an integrated set of coherent choices about an organisation's goals.

Strategy aligns and reinforces corporate goals. It defines where the board and management decide to "play" and how they would play to win. Finally, it focuses on what management systems and resources are needed to achieve corporate goals.

The challenges companies face in a VUCA world demand a filter to separate opportunities from distractions, and strategy helps management make good decisions about what to do. Just as importantly, good strategy directs management about what not to do.