The more stakeholders can impact business initiatives seriously, the better chance the initiatives will achieve the business expectations.
It’s important to keep eyes on what matters, take initiatives which can generate the most business values: Any initiative should have a business objective associated with it. Business management should identify what generates the most value for the company and express that in strategic objectives, analyze potential pitfalls. However, high return implies high risk. It’s also important to be conservative, have the right dose of risk appetite in identifying benefits flows as too-ambitious actions might lead to higher risks.
Initiate information based communication, collect quality data, do comprehensive return on investment calculation. The focal point is to calculate which business initiatives provide the greatest return, and which would be invested in the future.
Larger initiatives are usually associated with strategic imperatives and viewed as a critical path to strategic goals: Organization is complex and business management interdisciplinary. It’s important to establish a cross-functional team to involve multifaceted management, space and time are made to scope, plan, and execute in a structural way. Organizational management is able to recognize and prioritize the business initiatives that need to be managed, with the long-term perspective from the executive sponsorship. So they are able to implement them successfully via seamless strategic alliance, and cross-functional collaboration.
Strong business initiatives advocate innovation, harness change and increase people-centricity: In today's world with fierce competitions, customers’ needs and wants need to be studied. If you can think that business initiatives are about producing customized solutions on how to delight the customer, then you have achieved a great paradigm shift. It is all about understanding the customer requirements, why they're needed and what the benefits are. Listen to customers and involve them in the process to gain insight and empathy. That means customers should be placed in a judgmental role, rendering a decision about an idea, and figuring out how customer-centric initiatives enhance the business model and extend profitability.
The more stakeholders can impact business initiatives seriously, the better chance the initiatives will achieve the business expectations. The very goal of business initiative management is to set the right priority, align business resources, refine information and process, build dynamic organizational capability, capacity to improve overall organizational effectiveness and maturity.
0 comments:
Post a Comment