If the ability to develop good strategy is a skill most companies now possess, then what's the new difference maker in business? Linking to a Bubblegeneration post that answers "creativity," BusinessPundit Rob May suggests another: execution.
My take on a good strategy is that it is a necessary but not a sufficient condition to create a great company. I think lower barriers to entry, the commoditization of more things that once provided competitive advantage, and increased access to information are leading us into an execution economy where the winners will be the people that can get things done.
From the vantage point of a strategist, IBM's Irving Wladawsky-Berger makes a related point with Some Personal Reflections on the Changing Nature of Strategy. In an environment where the cost of information is low and the value of partnerships high, strategy management is key.
In the IT industry... you see theremains of the many companies that did not do a good job in managing their strategies and consequently, their businesses and are no longer around. Formulating and managing strategies is a very serious business - and one that is in serious flux.
In both cases follow through matters most.