Running Head: STRATEGIC MANAGEMENTIMPORTANCE OF STRATEGIC MANAGEMENTInstitutional AffiliationStudents Name1STRATEGIC MANAGEMENT2Strategic Agility is a new rising topic in strategic management. It refers to companies'capabilities to remain competitive in their industry by modifying and adjusting to new advancedways of doing business besides utilizing these ways to produce new goods and services inaddition to establishing new business models (Denning, 2017). The moment a differenttechnological advancement comes up, a company that practices strategic agility will rapidly takeadvantage of the innovation. Strategic agility makes the company flexible.According to Boiser, managers can develop or accomplish strategic agility for theircompanies through five critical steps. One, through changing their organizational culture becauseagility needs a flexible business environment. The management will be required to continuallyimprove its culture to provide a room for everybody in the company. From the top managementto employees, to experiment with emerging business trends and always learn different ways toenhance their business modelstwo, by recognizing the need to have several agile approaches.Companies must be able to have several agile project management tactics if they would want toremain competitive in their respective industries. Having several agile methods at their disposalwill make it possible to achieve a high level of flexibility as well as littl ...
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