11-2-战略创新与寻求价值-Strategy-Innovation-and-the-Quest-f

OpinionStrategyInnovationandtheQuestforValueGaryHamelWhatwillcatalyzetheemergenceofnew,viablestrate-giesinasuccess-ful,butcompla-cent,company?GaryHamelischairmanolStrategosandavisitingpro-fessorattheLondonBusinessSchool.I'rofoLindchangeinthecompetitiveenvi-ronmenthasproducedaCambrianexplo-sionofneworganizationalforms,institu-tionalrelationships,andvakie-ereatingpossibilities,.Schumpetcr'sgalehasbecomeahurricane.Whetheryoucallitthe'digitaleconomy,theknowledgeeconomy,orjusttheneweconomy,it.seemsclearihatweareonthecuspofanindustrialrevolutionasproiVxindasihalwhichgavebirthtothemodernage.Ikit,ofcourse,wealreacK'knowthis.We'veallreadAlvinTofHer,NicholasNegroponte,andWired.Thetieeperquestionis,whowillprofitfromthisseachange?Whichcompanieswillsailonthenewwindsofchangeandwhichwillbetiri\enontotherocksofirrelevance?Ibelievethatonlythosecompaniesthatarecapableofrein-ventingthemselvesandtheirindu.stryinaprofoundwaywillbearoundadecadehence.Thequestiontodayisnotwhetheryoucanreengineeryourprocesses;theC|uestioniswhetheryoucanruinvenitheentireindustrymodel—asAmazon.comhasheenattempiingtodoinbooksell-ing,asKnronhasdoneintlieenergyhiisine.ss,oras(TC)-hopeslodointheclothingindustry.hiindustryafterindustry,itistherevolu-tionaries—usuallynewcomers—whoarecreatingthenewwealth.Ofcourse,thereareexamplesofincumbent.slikeSloanManagementReviewWinter1998HamelStrategyinnovationistheonlywayfornewcomerstosucceedinthefaceofenormousresourcedisadvantages,andtheonlywayforincumhentstorenewtheirleaseonsuccess.Coca-ColaantiProtlcr^^Ganibk-ihatareableujcontinuallytvinvcntthemselvesandllu-irintlusity,hutalltoooften,inclusttyincumbentsfailtochal-lengetheirovv'northodoxiesandsuccumbU)iincon-ventionalrivals.Thepointseemsincontestable:hiadiscontinuousworld,strategyirntorationisthekeylowealthcre-ation.Strategyinnovationisthecapacitytorecon-ceivetheexistingindustrymodelinwaystimtcreatenewvalueforcustomers,wrong-footcompetitor.**,andproducenewwealthforallstakeholders.'StrategyinnovationistheonlyvvayfornewcomerslosucceedinthefaceofenorinoLisresourcedisadvan-tages,andtheonlywayforincumbentstorenewtheirleaseonsuccess.Andifoneredefinesthemet-ricofeorporatesuccessas.shareofnewwccdthcre-ationwithinsomebrtiadopportunitydomain—e.g..energy,transpotiation,communication,computing,andsoon—theinnovationimperativebecomesinescapable.Today,tnanycompaniesareworryingaboutFVA(economicvalueadded),butF.VA—earningmorethanyourcostofcapital—isjustthestartingpoint.Thegoalisnottoearnmorethanyourcostofcapi-tal;thegoalistocaplureadisproportionateshareotintlustt^'wealthcreation.Therearemanysemicon-ductorcompaniesthaiearnmorethantheircostofcapital,butitisIntelthathascreatedandcapturedmuchofthenewvalueinthem!croproce.s.sorindus-tryduringthepastdecade.OfcourseIntelearnsitscostofcapital,butitearnsmuchmorethanthat.Onewayofmeasuringshareofwealthcreationistocompareacompany'scurrentshareofthetotalmar-ketcapitalizationofallfirmsinaparticularcompeti-tivedomainwithitsshareofmarketcapitalizationlenyearsearlier.Forexample,atStrategos,wehavecal-culatedthat,in1988,IliMsshareoftotalmarketcap-italizationwithinthecomputingant!officeequipmentHameldomainamoLintetlto15.9percent,liy1997,thisfig-urehadfallentti14.2percent.Duringthesameperi-od,DEC'Ssharefellfrom10.3pertenito1.1percent-Microsoft'ssharesoaredfromzeroto22.7percent.IfIBMhadmaintaineditsshare,ilwouldbeworthapproximately$140billionmorethanitscurrentvalue.When,inthelate1980sandearly1990s,IHMunwillinglysurrendereditshistoricroleasthearchi-tectofinclusliyiranslbrination,italsosurrenderetlbil-lionsofdollarsinfuturewealthcreation.Kmart,apioneerindiscoLmtretailing,sawitsshareoftotalwealthwithintheretailingdomainplummetfrotn8.2percentin19.S8to2.8percentinearly1997.Wal-Matl'ssharesurgedfrom19.2percenttt)28.1percentduringthesamedecade.WhileIliM,Kmart,andtjthertarnishedleadersmaybeablett)prt)puplhepriceoftheirsharesthroLighmassivestockrepur-chases,theyareunlikelylocreatefuntiameniallynewwealthunlesstheyregaintheircapacityIbrstrategyinnovation.Shareholderslovestrategyinnovation.Again,let'slookattheevidence.Between1985and199S,therewerefewerthanfortycompaniesoftheFortune1,000thatgrewtotalshareholderreturnsbymtrethan25percentperannum.Thisisthemostexclu-siveclubinU.S.industry.ThesecompaniesaveragedacompoLindetlannualgrowthinrevenuesof25.3percentduringthistitneframe,whileoperatingmar-ginsimprovedatarateofjust6.7percentperyear.Giventhesegrowthrates,revenueswillincreasebyalmosttentimesduringatiecLule,whilemarginswillnearlydt)uble.So,ifthegoalistodramaticallyimprt)veshareht)lderreturns,whereistheleveragegtingtocomefrtMii?(Mearly,itwillcomefromrev-enuegrtwth,nolfromimprovementinopetatingmargins.Mostcompaniesaresimplyrunningoutofheatlroomonmarginimprovement.Twenty-fivepercentrevenuegrowth,lessthan7per-centmargingrowth—that'saratioof3''to1.Btithowmanymanagers,duringthepastfewyears,haveptit3-^timestheamotinlofeffortinlorevenuegrowthihattheyinvestetiinmarginimprovemenl?'I'heobsessit)nofmostseniormanagershasbeencostreduction,notgrowth.Butholt!on,Iamnotsuggestingthat