A Professor of Business Administration at Ajayi Crowther University, Oyo, Paul Ayobami Akanbi, has reiterated the need for large and small scale business enterprises and organisations to adopt and apply the concept of strategic thinking for solving complex problems and achieving optimum performance.
He made this known during the 17th inaugural lecture of the University and the second from the Department of Business Administration, Faculty of Social and Management Studies, themed: ‘The Pains and Gains of Strategy: Swimming in the Blue Ocean for Resolution.’
According to Professor Akanbi, strategic thinking, if actively and purposefully practised, even in the decision-making process of an enterprise, could be geared towards the attainment of sustainable competitive advantage and achievement of organisational goals and objectives.
“Strategic thinking emphasizes the need to balance today’s performance with future opportunity in order to manage risk and navigate through the uncertainty of the business landscape. The ability to think strategically sparks new ideas and future business propositions that are the lifeblood of long-term success.
“Strategic thinking skills are not developed solely as a virtue of experience or promotion either. Rather, they must be actively and purposefully practised.”
However, the Don noted that there could be pains and gains in the execution and implementation of strategies, but that there are proven associations between strategic management and organisational performance.
“It is a truism that the practice of strategic management is beneficial and germane to the organisational performance of all organisations and institutions. Therefore, it is recommended that firms and institutions should emphasize more the practice of strategic management.
“This strategic management process coupled with other strategic activities, if properly coordinated and carried out, could lead to operational efficiency, superior organisational performance and competitive advantage,” Professor Akanbi concluded.
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