Organizations have to continue to re-imagine, reinvent and reshuffle themselves to adapt to the changes and build advantages in driving business transformation.
The organizations or societies that have hit the heights of success in the digital world aren’t those that have determinedly followed the old models and ways of thinking; it’s those that have forged a new path, developed integrated capabilities, built strong talent pools to accelerate organizational performance.
Is your company's strategic planning remaining valid in the time it takes to actually transform: In face of increasing pace of change and frequent disruptions, the markets are so variable; a good strategic plan is paradoxically stable and adaptive; the development and delivery process is iterative and diagnostic; there is a strong element of qualitative "art" along with the science piece. There is an "art" of understanding the internal and external environments as they continue to evolve. There is also a science of strategic alignment which is about translating the business strategy into operational activities and aligning the organization to create business synergy.
So the organizational strategic planning must be seen as iterative processes, depending on the circumstances. There could be a return to earlier points in the business transformation agenda. Define some coherent categories; break down goals to operational objectives; make strategic action plans and budgets within a given time frame. There is a successful combination of short, middle term versus long term planning. Once the 'where are we' is analyzed; SWOT conducted, strategy is carved; planning is done in three horizons - short term, medium term, and long term.
Is the current state of organization optimal for the type of change you are choosing? There are incremental changes and transformative changes; local change, global change; people, process, or technology changes, etc. Some focus on behavior or technical changes, the tough part is upon mindset changes. Consider putting yourself under the pressure of imperative, the first question that comes to mind is perhaps "what values in it? " or "what benefit does it carry ?" Even though concerns are addressed properly, still a portion of reluctance will remain until you realize or feel the benefit of the change.
There are many change models and approaches around. It is human nature to develop heuristics and 'best practices' since they are pattern seekers and habit formers. Change has to be woven into actions, processes, and communications of the organization. Let's not let all these problems inherent in any change initiative; to get in the way of accepting the business facts that change is inevitable and needed in every business. The successful businesses are the ones that have learned why you should change, when change is called for and how to decide what to change. The management needs to evaluate the current state of organizational maturity, decide or prioritize what types of changes you are choosing. With a clear vision and planning, business managers can internalize changes effectively.
Is the return on investment of business initiatives hard numbers or more like fuzzy logic these days: Every organization is different, every initiative is also unique, there is no one size fits all formula to invest and manage it effectively. Usually there is a lack of business respect, mistrust of project intent and difficulty in entering into the mainstream strategy conversation of the company. You have to determine why you are doing it. What goals and objectives are you trying to reach? What are the best methods for calculating return on investment? Return on Investment tells management how well a business initiative repays the company. It’s a ratio, a percentage of the dollar amount your company gains from your business initiative over what it initially spent in simple terms, it’s the company’s payback.
Use hard numbers whenever you can for Return on Investment. Do cost-benefit analysis simply compares the cost to its anticipated financial benefit. Publish a report monthly or quarterly, list the status of business initiatives, for those that are approved, those that are completed, those in the process, and those yet to be started. It included the original cost estimate for each business initiative, an estimated completion date, and any changes that caused the initial estimates to be adjusted, highlighting all the major changes so no one could miss them. The goal is to build an effective business initiative portfolio and build differentiated business competency.
To survive the “VUCA” new normal and thrive with the long-term business advantage involves dynamic planning, timely adjustment, and premium speed. Organizations have to continue to re-imagine, reinvent and reshuffle themselves to adapt to the changes and build advantages in driving business transformation.
So the organizational strategic planning must be seen as iterative processes, depending on the circumstances. There could be a return to earlier points in the business transformation agenda. Define some coherent categories; break down goals to operational objectives; make strategic action plans and budgets within a given time frame. There is a successful combination of short, middle term versus long term planning. Once the 'where are we' is analyzed; SWOT conducted, strategy is carved; planning is done in three horizons - short term, medium term, and long term.
Is the current state of organization optimal for the type of change you are choosing? There are incremental changes and transformative changes; local change, global change; people, process, or technology changes, etc. Some focus on behavior or technical changes, the tough part is upon mindset changes. Consider putting yourself under the pressure of imperative, the first question that comes to mind is perhaps "what values in it? " or "what benefit does it carry ?" Even though concerns are addressed properly, still a portion of reluctance will remain until you realize or feel the benefit of the change.
There are many change models and approaches around. It is human nature to develop heuristics and 'best practices' since they are pattern seekers and habit formers. Change has to be woven into actions, processes, and communications of the organization. Let's not let all these problems inherent in any change initiative; to get in the way of accepting the business facts that change is inevitable and needed in every business. The successful businesses are the ones that have learned why you should change, when change is called for and how to decide what to change. The management needs to evaluate the current state of organizational maturity, decide or prioritize what types of changes you are choosing. With a clear vision and planning, business managers can internalize changes effectively.
Use hard numbers whenever you can for Return on Investment. Do cost-benefit analysis simply compares the cost to its anticipated financial benefit. Publish a report monthly or quarterly, list the status of business initiatives, for those that are approved, those that are completed, those in the process, and those yet to be started. It included the original cost estimate for each business initiative, an estimated completion date, and any changes that caused the initial estimates to be adjusted, highlighting all the major changes so no one could miss them. The goal is to build an effective business initiative portfolio and build differentiated business competency.
To survive the “VUCA” new normal and thrive with the long-term business advantage involves dynamic planning, timely adjustment, and premium speed. Organizations have to continue to re-imagine, reinvent and reshuffle themselves to adapt to the changes and build advantages in driving business transformation.
0 comments:
Post a Comment