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The Uncertainty Advantage
Article

The Uncertainty Advantage

Creative leaders don’t fear risk – they turn it into a money-making strategy.


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Editorial Rating

8

Qualities

  • Innovative
  • Applicable
  • Inspiring

Recommendation

Businesses face many risks, both anticipated and unforeseen. To protect against these threats, companies often turn inward and pour resources into ever-expanding risk management departments. But there is an alternative approach: Embrace uncertainties and make them work for you. Karen Avery and Gary Lynch, two leading risk and strategy consultants, have coined this strategy the “uncertainty advantage.” Writing for strategy+business magazine, Avery and Lynch call upon leaders to be bold. getAbstract recommends their inspiring article and its practical case studies to senior executives and strategy consultants.  

Take-Aways

  • Businesses have traditionally focused on managing and mitigating risks. This approach, however, tends to be inward-looking and status quo-oriented.
  • A better way to approach uncertainty is to embrace it and turn it into a competitive advantage – a strategy called the “uncertainty advantage.”
  • AstraZeneca in China was able to grow its drug business by developing a strong relationship with the Chinese government, which competing foreign companies normally experience as increasingly restrictive and unpredictable.

About the Authors

Karen Avery is a strategic consultant at PwC, specializing in the health care sector. Gary Lynch is a risk consultant and author of Uncertainty Advantage: Leadership Lessons for Turning Risk Outside-In.