Cummins is one the world’s largest player in many of the markets. That means that we have a lot of leverage and opportunities. As a company, we need to embrace creative destruction and adjust our strategy accordingly.

The technology around us is changing fast. And with new technologies, new business models and value chains emerge. All companies in the field – Cummins, our customers, competitors, suppliers, etc. – are looking for new opportunities. The competitive landscape is very fluid.

What traps do companies tend to fall into when creating and implementing a strategy?Either strategies are planned top-down only, or bottom-up only. Both approaches make sense at first glance. And companies have set up their strategic planning groups and processes accordingly. But in my experience, a successful strategy is planned centrally by a relatively small group of people, and then trickled down through the organization, tested with the market-facing or technology-developing organizations, and then pushed back up to be iterated again. In my experience, many companies do not involve the different levels of the organization when developing the strategy. That leads to either incoherent strategies or non-actionable strategies.