process management system
Why Copying Successful Firms Can Make You Worse Off
Making strategic decisions is no mean feat. Whether it concerns the location of a new plant, whether to enter a particular foreign market or what process management system to adopt, these decisions are fraught with uncertainty. That is because they can influence a firm's performance for many years if not decades to come, yet we do not know what the future holds and what our industry will look like 10 years from now. Events like Brexit or Trump are difficult to predict and gauge in terms of their long-term impact, but so are competitive and technological developments; before we have even had a chance to get our heads around what "the internet of things" and "big data" really imply, all the talk has already moved on to "artificial intelligence" and "machine learning". We do know one thing from academic research about how firms respond when making strategic decisions under extensive uncertainty and that is easily summed up in one word: imitation.