The context of business has changed so rapidly over the past few decades that it may be time for a new lexicon. At the very least, it's time to challenge some of the established thinking about strategy and competition that used to drive business advantage - but no longer does.

In this episode, strategy expert and Columbia Business School professor Rita McGrath takes on one of most fundamental and recognised notions in strategy: that of sustainable competitive advantage. She argues this can no longer be the Holy Grail for companies because in a constantly changing environment, deeply ingrained structures and systems designed to extract value actually become a liability.

The new path to winning includes taking advantage of shorter term opportunities, as well as relying on new organisational talents like speed and decisiveness. Our guest defines the new transient life cycle of competitive advantage and shows how successful firms manage through it by using an updated philosophy. She offers a bold new set of principles for competing in what we now understand is a continuously volatile and uncertain environment. Consider this your fresh strategy playbook for competing in an accelerating world.