Assessment of the best alternative in corporate planning depends on the nature, culture, and strengths of the organization.
The business planning as part and parcel of strategic development and execution is not about solving a single problem, but rather a concerted solution to a multi-faceted strategic set of problems. Nowadays, planning and implementation have to evolve the emerging events & activities and make them as an iterative logical continuum.
Generate distinct alternatives that could pursue the objectives: The digital era upon us is about options and people. It means even though there’s only one destination-either for delighting customers or engaging employees; creating new revenue streams or designing a good business model, it may take a multi-route to get there. As a matter of fact, getting stuck at conventional thinking or the old ways of doing things causes business stagnation. One of the biggest challenges in this complex digital world is the fact that we need different perspectives, different knowledge refined through updated information, and different ways to solve problems. How you frame the question or decision largely determines the kinds of alternatives that will emerge from the choice process of information-based decision analysis. If people try to come to a consensus via one single choice, this can overlook key points of information-based problem-solving.
Running a business is a problem-solving continuum. The direction of the company must allow for economic, market or customer change and let business adapt smoothly, tapping a true source of advantage. Good planning diagnoses key business problems, making effective decisions which is arguably a choice between two or more options. The greater majority of these options are circumstantially provided. Business leaders should have a solid grasp on what has been tried before and analyze why those initiatives didn’t succeed, what consequences can be created through actions, etc. They can lay out different thinking, structures, and solutions to avoid vagueness or indecisiveness, select the best option, develop into the business potential where organizations are combining all that is available to them in imaginative or advantageous ways. The multi-thread management involves making right choices, aligning initiatives, talent, resources, and performance with the goals and objectives of strong management disciplines
Develop a composite team perspective on what are the likely outcomes of each alternative: With the faster paces of changes and continuous disruptions, digital organizations today have to enable desirable emergent property. Thus, planning and forecasting become challenging, and planning fallacy turns to be a business reality. Team perspective is crucial for novel decisions and long term strategic planning because no individual has all the necessary expertise. The team perspective should usually be specified probabilistically because knowledge about the past is only an imperfect guide to what the future holds. Also, use the team perspective to identify the most promising alternative to solve problems effectively.
The more engaged the business decisions and planning in accessing data and understanding where it is extracted and how it is compiled, the better and more understood the results. Teams, especially with the heterogeneous team setting, work because they bring different perspectives and knowledge to the table. They help to balance out the biases that from which decisions are biased and planning is misleading. They help to generate more viable alternatives, resources, criteria, etc, all of which is shown to improve the quality of planning and implementation.
Examine sensitivity analysis results to identify possible ways to further improve the promising alternative: The "view of the digital landscape” has many dimensions, informatively, anthropologically, or ecologically. Different people and organizations have different strengths, creative capacities and differentiated capabilities. Bad planning is too static to change; too empty to follow through, or too verbose to highlight the key points. Forward-thinking organizations cannot think in terms of single-thread serial actions alone nor can they give undue priority to areas that are covered by the tactical implementation of the planning only. Leveraging data-based analytics to do the planning; examine sensitivity analysis results to understand customers’ need, collect invaluable feedback and make timely adjustments for enhancing a dynamic planning-implementation continuum.
The dynamic planning process is the continual attention to current changes in the organization and its external environment, and how this affects the future of the organization. Significant variation from the planned result may, in fact, be a signal that the original plan is flawed; that a major shift in the environment has occurred, which necessitates rethinking the plan, to embrace emerging properties and keep it updated. The probabilities can be handled in identifying the most promising alternative, studying the choices and selecting the best possible implementable route. It’s important to drive information-based analytics and data-driven behavior, it’s even more critical to embed predictive actions into repeatable business processes to improve business management agility and speed. If you don’t have a sound solution to each newly created problem, you’ll have very little chance to implement business planning successfully.
The degree of planning has a positive correlation with the degree of uncertainty and unpredictability. The evaluation of the best alternative in corporate planning depends on the nature, culture, and strengths of the organization. Every process in planning and implementation; every expenditure of time, money, or energy, and every assignment of resources should directly relate back to the "Why.” Digital leaders have to keep evolving and gaining new and broader views, ask tough questions about the cause & effect of complex issues, discover unexpected connections between the business and its rich environment, take alternative paths and manage an iterative planning-implementation continuum smoothly.
Generate distinct alternatives that could pursue the objectives: The digital era upon us is about options and people. It means even though there’s only one destination-either for delighting customers or engaging employees; creating new revenue streams or designing a good business model, it may take a multi-route to get there. As a matter of fact, getting stuck at conventional thinking or the old ways of doing things causes business stagnation. One of the biggest challenges in this complex digital world is the fact that we need different perspectives, different knowledge refined through updated information, and different ways to solve problems. How you frame the question or decision largely determines the kinds of alternatives that will emerge from the choice process of information-based decision analysis. If people try to come to a consensus via one single choice, this can overlook key points of information-based problem-solving.
Running a business is a problem-solving continuum. The direction of the company must allow for economic, market or customer change and let business adapt smoothly, tapping a true source of advantage. Good planning diagnoses key business problems, making effective decisions which is arguably a choice between two or more options. The greater majority of these options are circumstantially provided. Business leaders should have a solid grasp on what has been tried before and analyze why those initiatives didn’t succeed, what consequences can be created through actions, etc. They can lay out different thinking, structures, and solutions to avoid vagueness or indecisiveness, select the best option, develop into the business potential where organizations are combining all that is available to them in imaginative or advantageous ways. The multi-thread management involves making right choices, aligning initiatives, talent, resources, and performance with the goals and objectives of strong management disciplines
Develop a composite team perspective on what are the likely outcomes of each alternative: With the faster paces of changes and continuous disruptions, digital organizations today have to enable desirable emergent property. Thus, planning and forecasting become challenging, and planning fallacy turns to be a business reality. Team perspective is crucial for novel decisions and long term strategic planning because no individual has all the necessary expertise. The team perspective should usually be specified probabilistically because knowledge about the past is only an imperfect guide to what the future holds. Also, use the team perspective to identify the most promising alternative to solve problems effectively.
The more engaged the business decisions and planning in accessing data and understanding where it is extracted and how it is compiled, the better and more understood the results. Teams, especially with the heterogeneous team setting, work because they bring different perspectives and knowledge to the table. They help to balance out the biases that from which decisions are biased and planning is misleading. They help to generate more viable alternatives, resources, criteria, etc, all of which is shown to improve the quality of planning and implementation.
The dynamic planning process is the continual attention to current changes in the organization and its external environment, and how this affects the future of the organization. Significant variation from the planned result may, in fact, be a signal that the original plan is flawed; that a major shift in the environment has occurred, which necessitates rethinking the plan, to embrace emerging properties and keep it updated. The probabilities can be handled in identifying the most promising alternative, studying the choices and selecting the best possible implementable route. It’s important to drive information-based analytics and data-driven behavior, it’s even more critical to embed predictive actions into repeatable business processes to improve business management agility and speed. If you don’t have a sound solution to each newly created problem, you’ll have very little chance to implement business planning successfully.
The degree of planning has a positive correlation with the degree of uncertainty and unpredictability. The evaluation of the best alternative in corporate planning depends on the nature, culture, and strengths of the organization. Every process in planning and implementation; every expenditure of time, money, or energy, and every assignment of resources should directly relate back to the "Why.” Digital leaders have to keep evolving and gaining new and broader views, ask tough questions about the cause & effect of complex issues, discover unexpected connections between the business and its rich environment, take alternative paths and manage an iterative planning-implementation continuum smoothly.
1 comments:
This was a great post. Finding the time and genuine effort to make a great article… but what can I say… Thanks for providing these details. Love from Ace Infoway.
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