GPCA hosts second consecutive session for members in partnership with McKinsey & Company
The GPCA Leaders Dialogue, a members-only initiative, hosted a brand new session on 8 September. The series is organized as part of the theme ‘Making sense of the change that is upon us’ in partnership with management consultancy firm McKinsey & Company.
Building on the success of the inaugural event among members, last month’s session addressed the topic ‘A different approach to strategy – where next?’. It was facilitated by Rachid Majiti, Senior Partner, and Ruchin Jain, Associate Partner at McKinsey & Company.
Zekeriyya Gemici, EVP for Strategy and Growth at TASNEE, attended the session as a special guest speaker and contributed a perspective on the real-world practice of strategy.
The session was attended by 16 c-suite executives from 10 GPCA member companies who collectively shared their insights and experiences into what constitutes a good strategy and the elements that are needed to make it complete.
Missed to attend this event? Not to worry. We’ve compiled a special summary below with all the key session highlights.
A good strategy is…
- An integrated set of hard-to-reverse choices, made ahead of time in the face of uncertainty to create and capture economic profit
Strategy is challenging because…
- Truly strategic choices require deep commitment and bold trade-offs to be made; they require navigating towards a highly uncertain future. Market forces are always at work to neutralize advantages and erode economic profit
Strategy Method is a structure to help build strategies
- Strategy method is a seven-step process that includes framing the problems, conducting a diagnostic, developing a forecast, searching for strategic options, making the right choices, committing to a plan, and evolving the plan
A good strategy helps
- Improve your chances to beat the competition, improve your chances to succeed despite uncertainty, make the right bets and prioritize between different business units, achieving the right targets and sets the right expectations
Strategy does not
- Eliminate uncertainty from the future or tell the future
Strategy is not
- A substitute for great leadership and cannot change the culture of the company
Elements of a finished strategy should include
- Clear, coherent decisions, achievable proximate goals, delegation to pivotal roles, shifted resources and clear, concise communication.
Book your spot for the next GPCA Leaders Dialogue session entitled ‘The prospects for chemicals – supply, demand and the stockmarket’ on 3 November at 12:00 – 13:00 UAE time.
Please note: GPCA Leaders Dialogue is a members-only initiative strictly available to c-suite executives at GPCA member companies.