What is pattern-based strategy?
A pattern-based strategy is essentially the process of a business looking for signs of change, in order to be responsive and reactive at a macro level. Gartner defines pattern-based strategy as the discipline that enables business leaders to inquire, expand, examine and utilize new trade and marketing patterns.
By mapping the patterns, firms are able to model and predict upcoming trends before they happen. It is the making of competitive advantage. The pattern-based strategy is an important aspect of any firm’s strategy as it ensures a comprehensive overview of its strengths, weakness, opportunities and threats.
What is a pattern?
A pattern can be easily defined as a set of recurring aspects, that are often related and replicated. These patterns can be business activities or even events in the marketplace that could indicate change is going to occur in the future.
Gartner defines both a weak or strong signal as a piece of information that details an approaching change.
They can be in the form of opportunities, for example, openings or gaps in the market, or threats, such as digital disrupters challenging your pivotal technology. There are weak and strong signals that are interwoven into pattern-based strategy, and both – according to Gartner – are important to pay attention to.
Gartner defines both a weak or strong signal as a piece of information that details an approaching change – one that could have an impact on a firm’s strategy.
Business pattern framework
A business pattern framework is all about what a company is going to focus on. Business pattern frameworks include the firm’s investment, as well as its business activities.
Software company FICO have established four key points of a pattern-based strategy. They are as follows:
- Recognize the patterns early.
- Anticipate the results.
- Adjust strategies.
- Measure outcomes and push performance.
The pattern-based strategy is in line with the decision management discipline, and follows along some of the same thinking – that is to automate, optimize, and govern replicate business decisions. This system of compliance from decision management can help when it comes to recognizing the patterns early, and using predictive models and analytics.
By outlining a strategic plan for your business using StrategyBlocks software, your employees will know exactly where they are heading, both as individuals and the company as a whole. This will properly equip you and your workers with the information to strategically prepare for the future. For more information on how StrategyBlocks can help your company gain a competitive edge, get in touch today.