19DECEMBER 2024becoming commoditized, leading to increased M&A activity as companies seek economies of scale. Second, companies are reevaluating their value propositions, either by expanding services organically or through acquisitions, to deepen customer relationships and further integrate into their supply chains.Technology-Enabled Strategy DevelopmentA three-pronged approach consisting of machine learning, scenario planning, and stress testing is utilized to inform strategic decisions at Remitly. Machine learning models are essential for evaluating customer lifetime value (LTV), helping to monitor and optimize variables like operating profit per customer, net of acquisition costs and health metrics by geography and behavior.Scenario planning and stress testing, on the other hand, help us evaluate pricing, customer acquisition and market dynamics. These models predict financial impacts from competitive pressures, currency fluctuations and other external factors, guiding our strategic decisions on cash management and overall financial health.Rapid Adaptations for Continued SuccessThe turnarounds and readjustments that happened as a response to the COVID-19 pandemic are a good example of how our company adapts to global shifts. We accelerated digital transformation, enhanced customer support, and significantly increased our fraud prevention measures. Service reliability was enhanced by optimizing partnerships with banks, drug stores and mobile wallets. Despite the rise in fraud, we ensured secure, immediate transactions, maintaining trust and service continuity during the crisis. This strategic flexibility allowed us to navigate the challenges without compromising customer satisfaction or profitability.Understanding the Evolving IndustryOver the next five to 10 years, the corporate strategy and finance landscape will see several key changes. First, companies will be more intentional about their strategic models, balancing internal consulting with chief strategy officers driving direction. Additionally, corporate strategy will move away from finance as automation reduces the burden of reporting and accounting increasingly integrate with operations. As a result, the focus will shift to generating insights, aligning teams and fostering collaboration, requiring stronger people skills and a shared strategic vision across organizations.Secret Sauce to Success in Corporate StrategySuccess in corporate strategy hinges upon three key skills-- flexibility, analytical skills and strong people skills.Flexibility in terms of assimilating information and using it to generate actionable insights is key to quickly adapting situations. This is crucial in consulting, where the industries you collaborate with will vary quickly. Analytical skills help you maximize results efficiently, often referred to as the 80/20 rule--delivering 80 percent of the outcome with 20 percent of the effort. It involves a continual analysis of action plans and strategies to effectively achieve value creation.Corporate strategy and finance involve a significant focus on people skills, including relationship management both within and outside the organization. Daily interactions with the C-suite require effective communication across different perspectives and terminologies. The goal is to align diverse viewpoints into a cohesive understanding of the business, regardless of one's career stage.For those seeking practical experience in these avenues, consulting is a good starting point. It offers exposure to diverse industries and hones the ability to adapt, analyze and manage relationships effectively. Consulting provides valuable skills and experiences fostering adaptability and client-focused problem-solving. Additionally, pursuing an MBA can further enhance one's professional network and build connections that can last throughout your career. Success in corporate strategy hinges upon three key skills-- flexibility, analytical skills and strong people skills
< Page 9 | Page 11 >