Achieving the visibility of strategy management provides a viable pathway into process optimization and dynamic competency shaping.
Reality check: Business strategy management overall has a very low success rate due to the variety of complexities; varying decision factors; unprecedented uncertainty; or competency/skill gaps, etc. A good strategy is cascading, and capability-based, modifying a plan does not necessarily change the strategy, it could mean that the strategy has to be reimplemented to a certain degree and sustain a clear business vision. Highly-effective management avoids looking at strategy-execution in isolation, but be open to change; do the “reality check” with inquiries; as part of that reality is “can they be executed?” Are execution problems symptoms of trouble upstream in the strategy-development process? Is a strategy not good enough? Heavy on content, weak on the enablers such as organizational leadership or culture, etc. A good strategy which supports the proven and interdependent business growth model will provide visibility, capability, and agility, and instill common vision, purpose, passion, and a sense of urgency to act.
The management takes initial steps; start with asking enough “WHYs” to get the root, and verify in every critical step of implementation about the strategic goals they intend to achieve. After clarifying why, it’s also important to “know-how”; whereas, in strategy design, most often elaborations are put on what is the strategic goal, what are the key success parameters of that strategy and not how to reach those goals. Current reality trees ascertain the forces creating the current state and thus constraining programmatic efforts to attain the desired state. The stepwise strategy management scenario includes - creating the strategy, aligning all your companies’ assets toward common objectives. Making adjustments when activities or events emerge to bring new perspectives. Then, defining intermediate goals that work towards achieving those objectives iteratively.
Real-time information: Information nowadays is the most time-intensive piece of either strategy management or innovation management. That information and focus must be apparent throughout the organization. It aids in removing silo thinking and energizes the organization. In reality, many organizations still feel overwhelmed by the exponential growth of information which comes from the analysis of that data or shared knowledge or facts. The requirement of “super-execution” is information synchronization across boundaries with real-time information delivery to ensure information quality and business holism.
Information is an organizational asset and resource. The real-time information can bring business insight and foresight, enable organizations to see the future clearly; enhance businesses competency. The resource allocation scenario needs to be transparent, help management take advantage of resources effectively, optimize cost, ensure data quality and establish strong information governance in information synchronization to enhance solid strategy implementation.
Freedom to manage: A very good strategy takes perhaps a few weeks to define it, but the execution is an ongoing activity or process for the entire business cycle of an organization.Traditional management sometimes causes the ineffectiveness of strategy execution because of the weakness of inter-organizational control or weakness of adaptation of organization tasks. In today's digital dynamic or unstable business circumstances, instead of out-of-date disjointed top-down management paradigms, what is needed today is to take a balanced approach of predictive analytics and intuition to “think slow & quick” accordingly, with the evidence points to strategy emerging rather than being prescribed.
Strategic plans are living documents that require ongoing monitoring and adjustments when needed to address unforeseen changes in the marketplace. In fact, strategic management is both a system and process to deal with dynamic and iterative planning and execution continuum. Leaders must actively interact at all levels to adapt, adjust, and develop the strategy to meet company growth, successes, and failures; otherwise, the strategy will not align with the broader aspects of the company. Top executives need to delegate effectively with “freedom to manage”; set the right example if they need middle management teams and employees to contribute to the organizational process of aligning a company's core capabilities with its strategy to create competitive advantages.
Achieving the visibility of strategy management provides a viable pathway into process optimization and dynamic competency shaping. The success of strategy management undoubtedly lies in “timely superior execution,” and it can only be achieved through persistence, improvement and following up with key performance indicators clearly linked to the strategy.
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