Globalization has been transformed by digitization and decentralization—increasing its complexity, on the one hand and opportunities on the other, significantly. The globally optimized value chain—a familiar feature of the third phase of globalization—will give way to value chains that blend digital technology with older low-cost technologies, allow greater integration across products and services, and leverage the growth of independent global platforms for the exchange of goods and services. Companies building sustainable competitive advantage in this new era will require a radically different mindset and business model. To get started, CEOs should focus on five areas:Strategic Frameworks will shift from one centered on a global headquarters and global optimization to one that delivers local maximization by taking a de-averaged country-by-country approach . Corporate Mindset to manage complex supply chains with multiple technology options and partner with governments and other distributors of state capital. Business Model will go asymmetric and be specific to industries and countries and responsive to local rules and regulations. Risk Management will take into account more complex rules of the game as well as the rise of state capitalism and national interests. Measuring Success will go look beyond metrics that track growth in trade and foreign investments and develop metrics that track digital flows, the growth of global platforms, the ease of access to specialized skills, and the growth and reach of state capital.