Resilient Technology Strategy in Volatile Environments: Derivation of Requirements to Enable Long-Term Strategic Positioning in Times of Volatility, Uncertainty, Complexity and Ambiguity
As a result of various influences such as globalization, digitalization or industry convergence, companies are confronted with an increased level of volatility, uncertainty, complexity and ambiguity (VUCA) in their corporate environment. To maintain competitive advantage in this environment, companies, especially in the manufacturing sector, are forced to build up new competences aside their core business to evade commodification. Strategically managing the company's competence- and technology portfolio to build sustainable competitiveness in a long-term technology strategy is heavily impeded by the VUCA environment: Current technology strategy concepts are strongly linked to technology planning, allowing volatility on the planning level to result in strategy changes. As strategic positioning remains a crucial factor for a company's sustainable success, an adjusted concept for technology strategy is required enabling companies to consistently manage their long-term competence- and technology portfolio in a volatile environment. Therefore, the authors discuss the status-quo of technology strategy development in this paper and systematically derive the deficits that arise from a volatile corporate environment. Based on the identified deficits a first attempt is taken to develop requirements for a VUCA-resilient technology strategy development. Adapting technology strategy development to these requirements shall help companies to ensure a consistent long-term corporate development.