Exploration of Open Strategy in Latin American Companies: Risks and benefits

Abstract

Open strategy is a set of practices with greater inclusion of stakeholders and transparency in the deployment of information. Based on a qualitative multiple case study, from the perspective of practice, the occurrence of the open strategy in companies operating in Latin America is explored to identify the benefits and risks involved in different scenarios. Non-participant observation, interviews, focus groups and documentary review were used to collect the data. To make sense of these data, an analysis was made from the perspective of practice to identify what people do and say in their daily lives. The results show that the greater the degree of openness, the greater the benefits, especially when managers and collaborators are included in strategic activities. Benefits such as learning, capacity building and access to diverse knowledge are highlighted, as well as collective construction to generate greater commitment. However, open strategy is not without risks, such as uncertainty and discomfort for the employees included. This article makes evident the benefits and risks of the open strategy from the literature and in the context of Latin America.