Abstract
PurposeThe article explores what forms of disruption are prioritized by top executives of large manufacturing companies in Finland and what strategies they consider appropriate for the management of disruptive threats and opportunities.Design/methodology/approachThe empirical study was based on interviews with top executives in some of Finland's largest manufacturing companies.FindingsBased on the data, we identify exploitative and explorative strategies in four dimensions that executives consider important in anticipating and responding to disruptions: internal development efforts, stance on new entrants, ecosystems and institutional change. Due to the presence of multiple potential disruptions, which often generate conflicting demands, executives have to consider them simultaneously and balance between them when making strategic decisions. They therefore do not necessarily have a specific response strategy, but their aim is to develop their companies' capabilities so that they are well-placed to face the future with confidence.Originality/valueThe findings indicate that the executives envision a disruption landscape that is more complex than typically described in the literature. In addition, it answers the call for a more systematic understanding of incumbents' response strategies by linking different disciplinary views with well-grounded empirical data.
Highlights
The recent turbulence in the world economy has highlighted the complex interplay between various disruptive forces, in the manufacturing industry
Before the COVID-19 pandemic, it seemed that incumbents were leading the transformation of manufacturing industry in incremental steps, properly sized for the change of their organizations
This article aims to build a more comprehensive understanding of the disruption process by describing disruptive forces, which were identifiable among top executives of the manufacturing industry before the pandemic
Summary
The recent turbulence in the world economy has highlighted the complex interplay between various disruptive forces, in the manufacturing industry. Already in the midst of substantial transformation due to digitalization and increasing sustainability demands, the industry suddenly seemed to be looking at multiple possible paths of evolution. Some of these disruptive forces may accelerate the adoption of radical innovations and the breakdown of traditional value creation patterns, while others may favour market leaders who have deep pockets and a strong foothold in the market. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
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