Often it is asserted that the field of strategic management lacks coherence and it is highly fragmented. However, there is research evidence to show how companies have achieved excellent performance and sustainable competitive advantage by implementing strategic plans.Strategy primarily deals with issues of longterm implications. In recent years, business organisations have gained the power to predict the future with reasonable accuracy using various performance management systems and harnessing the tremendous increase in computingpower and communication technology. With this power, they can exploit the potential of the emerging scenarios.
Unfortunately, most Indian SMEs are either unaware of the power of these strategic frameworks or do not show any inclination to use them for strategic planning. As the tumultuous political and economic events of the present decade have made long-term planning a much more risky business, there is a real possibility of more small and medium firms staying away from strategic planning, notwithstanding the fact that except a relatively small number of firms in the knowledge sector, a majority of the Indian SMEs are still operating in environments where robability distributions of outcomes are knowable.
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Contributed By:
Prof. Abhijit Bhattacharya
(Dean - Globsyn Business School, Ahmedabad)
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