Once upon a time, we lived in a relatively predictable world. Customers had brand loyalty, employees spent their careers with one company, and technology evolved at a manageable pace. Companies can rely on stable, long-standing models, treating change as a rare event—a project with a clear beginning and end, often embedded in a brand transformation initiative or competitive strategy.

Fast forward to today, and the competitive landscape couldn’t be more different. According to Accenture Pulse of Change Index 2024the rate of change affecting business has increased by 183% from 2019with an increase of 33% in the last year alone. This accelerated pace requires companies to move from occasional change projects to a continuous process of reinvention.

Our data at Academy of Reinvention confirm this change. Every two years we conduct ‘speed of change’ research with our customers and community. In 2018, a survey of more than 2,000 managers showed that 47% felt they needed to reinvent their businesses every three years or less to stay competitive. By 2020, in the midst of a pandemic, this number has increased to 60%.

In 2022, one in five organizations worldwide will reinvent themselves every 12 months or less, faster than the typical budget cycle. Our 2024 dates are still coming, but early results indicate that 22.5% of organizations are now reinventing themselves at an annual rate or faster, the fastest pace we’ve ever recorded. Of these efforts, nearly 45% are radical reinventions, compared to 33.4% intermediate change and 21.7% incremental change.

In short, we have entered an era where continuous turbulence requires continuous reinvention.

But what does this mean for how we strategize?

As planning for 2025 is well underway, with most organizations finalizing goals and confirming budgets, what tools and approaches should we be using?

What’s working today?

“There are two men, and two only, whose ideas must be taught to every MBA in the world: Michael Porter and Henry Mintzberg.” says McGill Desautels faculty professor Karl Moore. “Both were influential in the study of strategy. Porter’s work emphasizes a deliberate strategic approach, while Mintzberg argues for an emergent strategy. Both perspectives are still widely taught – the three generic strategies and Porter’s five forces model, for example, were covered in a strategy course at McGill just two weeks ago.”

But in a world of constant disruption, which school of strategy is more useful today?

What is deliberate strategy?

Deliberate strategy, most famously advocated by Dr. Michael Porter of Harvard University, emphasizes careful planning before taking action. It is built on the idea that the most important decisions are made before taking a single step. Typically, these decisions are formed at the executive level, often in retreats far removed from the day-to-day realities of the organization.

Once these decisions are made, implementation becomes a separate process from pure execution – no adjustments are allowed. For decades, this approach has worked well, providing a clear roadmap for stability and growth in a predictable environment.

But today’s environment is not stable. The rapid rate of change makes it difficult for companies to follow a set plan without constantly facing new obstacles that require rapid adaptation.

Emerging Strategy: Built for an Ever-Changing World?

The emerging strategy, led by Dr. Henry Mintzberg of McGill University, takes an entirely different approach. Instead of planning each step in advance, the emphasis is on trying, learning and adapting along the way. Here, strategy emerges over time as plans collide with – and adapt to – ever-changing reality.

With an emergent strategy, the most critical decisions are made throughout the process and are often based on the first set of actions taken and feedback received. Rather than viewing strategy as a rigid plan, emergent strategy creates an agile process that allows for continuous reinvention.

Deliberate Strategy vs. emerging: which works best today?

In his 2007 book, The Black Swanpresented by Nassim Nicholas Taleb the “black swan” concept— a rare, unpredictable event that has a massive impact. Decades ago, black swans were anomalies.

Today, one disruption follows another, making these events seem almost routine. In a world where all swans now seem blackthe rapid pace of change has fundamentally altered the way we approach strategy.

What once worked as a deliberate, step-by-step approach may no longer be enough. Companies cannot afford to set a fixed rate and hope that the environment will remain stable. Instead, an emerging strategy that embraces the unexpected and uses real-time information has become indispensable.

The deliberate school of strategy has served us well in a low-volatility world, but today’s environment requires adaptability. As products, business models and markets evolve at unprecedented rates, companies must be agile, continuously adjusting strategies to meet new challenges.

Real-world examples of emerging strategy

1. Amazon – Amazon is constantly reinventing itself. Starting as an online bookstore, it has evolved into a technology and retail powerhouse, adapting its strategy to changing market demands. Amazon’s willingness to experiment and change direction in response to real-time data exemplifies the emerging strategy at scale.

2. Netflix – Netflix’s journey from a DVD rental service to a streaming giant and later a production powerhouse highlights how an emerging approach allows companies to stay relevant. Netflix adapts to changing consumer demands and technological advances, reinventing itself again and again to meet the changing landscape.

3. Unilever’s Agile approach – At Unilever, teams test new products on the market, collect feedback and make adjustments as needed. This rapid experimentation cycle enables Unilever to innovate and respond quickly to consumer preferences, leveraging emerging strategy to drive sustainable growth.

How to Implement an Emerging Strategy in Your Business

If you’re ready to take an emergent approach, here are some starting points to explore:

1. Develop trend following and scenario planning skills

Build a team equipped to spot trends and disruptions before they reach your doorstep. By developing trend-watching and scenario-planning skills within your organization, you’ll be able to spot market changes early on and create flexible responses. This proactive approach keeps your strategy dynamic and ready for rapid change.

2. Think “experiments”, not “final decisions”

One of the biggest obstacles in today’s fast-paced environment is the fear of making the wrong decision. People can spend endless time deliberating and calculating, hoping to arrive at a “perfect” solution. But in an ever-changing world, waiting for certainty can mean missing out entirely. By changing the language to “pilots” and “experiments” instead of “final decisions,” you release the pressure to be perfect. This shift in mindset encourages action, allowing your team to test ideas, learn quickly, and pivot if necessary without fear of costly mistakes.

3. Use the latest science to add flexibility to your planning and budget

Most planning tools were developed in the 20th century to suit a slow-moving, predictable, and low-volatility business environment. But in recent years, new tools and approaches appeared specially designed for a world of high volatility. These include setting goals in intervals rather than fixed targets and using shorter strategic sprints to adapt as conditions evolve. Explore what works for your organization among 21st century strategies instead of being stuck with an outdated 20th century toolset.

The future of strategy is emerging

The days of rigid, long-term planning are over. As we navigate an era of continued disruption, adopting an emerging strategy mindset can be key to staying competitive. By understanding when to apply deliberate planning and when to pivot with emergent learning, companies can build the resilience needed to thrive in an unpredictable world.

In the end, the best approach may not be to choose one strategy over the other, but to learn when to apply each. By understanding both schools of thought and adapting as needed, organizations can build a strategic foundation capable of weathering any storm.