Running a modern business is not just about crunching numbers, business leaders' commitment must be clearly and completely communicated for engagement of all stakeholders with clarity.
Change management and strategy management go hand in hand. You have a clear destination, clarify important milestones, but you can pick the varying scenarios, processes, practices, tools to get there. Charting a course to how you achieve the strategic goals with intermediate objectives over time is pivotal to success
Vision & mission: To define strategic change with potentially big impact, the management needs to share a clear vision by clarifying: What is the vision and mission we intend to accomplish? What resources and talent are available to implement strategic changes, what is the structure that would ensure the organization's leaders are actively walking the talk of its values? Can you synchronize information flow and the speed of change across the organizational hierarchy? Can you define the “why and what” the change outputs will look like? At which stage, can you speed up, reaching the inflection point at which you need to challenge the status quo, and be creative to leapfrog the transformation?
Scope: The digital organizations arise when the scale of interactions, and collaboration amplifies the collective capability to achieve multifaceted values. There are numerous points-of-view and reference points of varying stakeholders about strategic changes. Leaders need to make an objective assessment of change scope and effect, employee motivation and participation, challenging activities being involved, the number of business initiatives being launched and success rate, organizational culture, along with all of those key success factors of strategy implementation. The more stakeholders can impact a change seriously and collaboratively; the better chance the change will achieve or exceed the business expectations.
Alignment: To adapt to the high velocity and unprecedented uncertainty, alignment to business and its strategy that is agreed by sponsors directly impacts the success of strategy management. Smart shareholders know that focusing only on short-term economics can lead to negative values that may outweigh finances in the long-term. They should encompass the need to effectively enhance planning-resource alignment, manage critical issues and multifaceted values such as people value, brand value, social value, etc, so they do not become a risk to business value, strike the right balance of short term profitability and long term prosperity.
Design: Business leaders and professionals should master multidimensional thinking. For example: strategic thinking – keep the end goals in mind; critical thinking – challenging conventional ways to do things, design thinking can expand into broader business marketing, management disciplines such as branding, positioning. Design of the business transformation comprises people, process, and technology through visioning or value map process. It’s critical to embrace design-centered development when you have a highly competitive environment around functionality. Design-driven strategy management or change needs to be supported by cohesive business capabilities, fine-tuned organizational processes, competitive teams with an open mind working in a creative business environment, to achieve the next level of organizational maturity from functioning to delight.
Execution: The success of strategy management undoubtedly lies in the ''timely execution,'' and this can be achieved only through dedicated efforts with continued persistence and follow-up. However, many companies spend a significant portion of time on formulating rock solid strategies, but execution does not get the same attention which leads to frustration, and even stagnation. Also, with frequent disruptions and rapid changes, strategy design and implementation is an iterative continuum. Ignoring an emerging trend perhaps puts your organization behind the competition and keeps your business irrelevant for the long run. Sufficient resources, knowledge, technology, capacity, talent management and skills, etc, are all crucial to execute strategy through collaborative approach.
Governance: For every corporation which should work effectively, you need strong GRC disciplines. Governance is about steering the business in the right direction, managing and mitigating risks and intervention to ensure that strategic objectives do not drift. It can create good performance and enhance compliance. If it does not address strategically important emerging issues, governance as a discipline will begin to lose focus of its prime purpose. Effective governance as a multi-disciplinary approach is an enabling vehicle that provides a platform for determining sound corporate attitude, behavior and structured decision-making for improving business maturity.
People power: People are the most invaluable business assets and still the most critical success factor of strategic change management. The commitment and belief in people who are part of the execution and governance will multiply the results of the transformation program. The management should identify the biggest challenge with any large-scale transformation program by clarifying: Do the senior leaders truly understand the time and impact on the organization, do they know their people deep enough, and do they have the intestinal fortitude to hold up to corrections in the face of quarterly earnings report pressure? To deal with the mix of fresh knowledge and misinformation, people need to keep learning, deepen their understanding of things for guiding their actions. There are many ways to succeed in a role; focus on building trust, developing professional competency, setting your choice to succeed are the greatest factors that lead to change success.
Assessment and measurement: You can only manage what you measure. The comprehensive assessment of the measurement variable should tell the full story of strategic transformation. The more effective way to track the achievement of strategic goals is to cascade those well-defined KPIs down throughout the organization to drive calculable results. The incomplete assessment of measurement variables would mislead the management making ineffective decisions. It’s important to select the right set of business indicators and leverage metrics that include reducing costs, streamlining business processes and providing continually expanding business services or solutions to substantiate ROIs. Metrics, performance indicators, scoreboard approach is part of transparent visual management, allowing pulling, ensuring people can see what the outcome will look like throughout the transition, keeping people focused, making proper adjustment and improving collective performance.
The inevitable range, breadth, depth, and pace of uncontrollable factors acting on any organizations across vertical sectors mean identifying business vulnerability and constant fine-tuning strategic planning-implementation. Running a modern business is not just about crunching numbers, business leaders' commitment must be clearly and completely communicated for engagement of all stakeholders with the clarity of the strategic goals frequently, taking step-wise actions to achieve measurable results consistently.
Vision & mission: To define strategic change with potentially big impact, the management needs to share a clear vision by clarifying: What is the vision and mission we intend to accomplish? What resources and talent are available to implement strategic changes, what is the structure that would ensure the organization's leaders are actively walking the talk of its values? Can you synchronize information flow and the speed of change across the organizational hierarchy? Can you define the “why and what” the change outputs will look like? At which stage, can you speed up, reaching the inflection point at which you need to challenge the status quo, and be creative to leapfrog the transformation?
Scope: The digital organizations arise when the scale of interactions, and collaboration amplifies the collective capability to achieve multifaceted values. There are numerous points-of-view and reference points of varying stakeholders about strategic changes. Leaders need to make an objective assessment of change scope and effect, employee motivation and participation, challenging activities being involved, the number of business initiatives being launched and success rate, organizational culture, along with all of those key success factors of strategy implementation. The more stakeholders can impact a change seriously and collaboratively; the better chance the change will achieve or exceed the business expectations.
Alignment: To adapt to the high velocity and unprecedented uncertainty, alignment to business and its strategy that is agreed by sponsors directly impacts the success of strategy management. Smart shareholders know that focusing only on short-term economics can lead to negative values that may outweigh finances in the long-term. They should encompass the need to effectively enhance planning-resource alignment, manage critical issues and multifaceted values such as people value, brand value, social value, etc, so they do not become a risk to business value, strike the right balance of short term profitability and long term prosperity.
Design: Business leaders and professionals should master multidimensional thinking. For example: strategic thinking – keep the end goals in mind; critical thinking – challenging conventional ways to do things, design thinking can expand into broader business marketing, management disciplines such as branding, positioning. Design of the business transformation comprises people, process, and technology through visioning or value map process. It’s critical to embrace design-centered development when you have a highly competitive environment around functionality. Design-driven strategy management or change needs to be supported by cohesive business capabilities, fine-tuned organizational processes, competitive teams with an open mind working in a creative business environment, to achieve the next level of organizational maturity from functioning to delight.
Execution: The success of strategy management undoubtedly lies in the ''timely execution,'' and this can be achieved only through dedicated efforts with continued persistence and follow-up. However, many companies spend a significant portion of time on formulating rock solid strategies, but execution does not get the same attention which leads to frustration, and even stagnation. Also, with frequent disruptions and rapid changes, strategy design and implementation is an iterative continuum. Ignoring an emerging trend perhaps puts your organization behind the competition and keeps your business irrelevant for the long run. Sufficient resources, knowledge, technology, capacity, talent management and skills, etc, are all crucial to execute strategy through collaborative approach.
Governance: For every corporation which should work effectively, you need strong GRC disciplines. Governance is about steering the business in the right direction, managing and mitigating risks and intervention to ensure that strategic objectives do not drift. It can create good performance and enhance compliance. If it does not address strategically important emerging issues, governance as a discipline will begin to lose focus of its prime purpose. Effective governance as a multi-disciplinary approach is an enabling vehicle that provides a platform for determining sound corporate attitude, behavior and structured decision-making for improving business maturity.
People power: People are the most invaluable business assets and still the most critical success factor of strategic change management. The commitment and belief in people who are part of the execution and governance will multiply the results of the transformation program. The management should identify the biggest challenge with any large-scale transformation program by clarifying: Do the senior leaders truly understand the time and impact on the organization, do they know their people deep enough, and do they have the intestinal fortitude to hold up to corrections in the face of quarterly earnings report pressure? To deal with the mix of fresh knowledge and misinformation, people need to keep learning, deepen their understanding of things for guiding their actions. There are many ways to succeed in a role; focus on building trust, developing professional competency, setting your choice to succeed are the greatest factors that lead to change success.
The inevitable range, breadth, depth, and pace of uncontrollable factors acting on any organizations across vertical sectors mean identifying business vulnerability and constant fine-tuning strategic planning-implementation. Running a modern business is not just about crunching numbers, business leaders' commitment must be clearly and completely communicated for engagement of all stakeholders with the clarity of the strategic goals frequently, taking step-wise actions to achieve measurable results consistently.
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