A headline in Forbes this week caught my eye -- “It’s Official! The End of Competitive Advantage.” I was intrigued.
The article discussed a new book, “The End of Competitive Advantage: How to Keep Your Strategy Moving as Fast as Your Business.” The author argues that strategy frameworks are designed to help organizations find a sustainable competitive advantage, but in the new frontier successful organizations will realize that an ‘advantage’ may only be temporary. To that end, innovation has become more intertwined with strategy, instead of being viewed as a separate activity. Determining a strategy and then hunkering down with tunnel vision to execute it for the next decade or so may not be the way to remain a relevant and thriving business. Opportunities change and market needs morph.
A saying comes to mind, “The only thing constant is change.” To that end, those organizations reviewing and reinventing their strategy on an ongoing basis will be better able to serve their customers.
This couldn’t be more applicable in higher education right now. With so many different business models and alternatives emerging alongside traditional education – embracing the dynamic, ever-changing nature of the market would be wise.
There are more and more examples of organizations adopting this approach in higher education. To cite two, just this week Northern Arizona State University launched an accredited, competency-based online undergraduate degree for $5,000/year and last month Georgia Tech announced they would offer an online master’s degree for $7,000.
For more, check out a recent StratEDgy post, “Strategy In a Box.”