It would seem that professional managers focus on 'doing' and academics focus on 'knowing'. Somehow, the two audiences are able to communicate and collaborate to improve the 'doing' and the 'knowing'.
By creating a definition and taxonomy for the activities in strategy execution, it makes it possible to identify what is broken or, if everything is working :-), what needs to be tweaked to go to the next level.
One of the first things that need to be clarified is the difference between 'strategy' and 'strategy execution'. Setting overall strategy (low-cost, differentiation, market focus) is the first step. The strategic objectives are specific statements of intent, aligned to the overall strategy.
'Strategy execution' is needed to convert these intentions into reality. In the course of execution or implementation, there is a feedback loop, where lessons learnt are then applied to improving strategy. This feedback loop is in place for all organizations that look to learn from their successes and failures.
Strategy definition and execution are 'always on' and consist of a set of clearly identifiable activities. These activities are performed every day, by all organizations. If these activities are performed without understanding what they are and how they are interconnected, the opportunities to systematically eliminate roadblocks in converting strategy to reality are harder to discover.
Sunday, April 25, 2010
Thursday, April 22, 2010
#117: What is 'strategy execution'?
Here is my attempt: "The processes that convert business strategy to operations. 'Business strategy' is the choices made (and excluded) in creating value (can be explicit or implicit). 'Operations' is the on going (steady state) effort to deliver value to customers."
This will cover all the steps from discovering/inventing value to actually delivering it to customers. In explaining this, concepts such as 'in the business' (create value using existing processes), 'on the business' (improve processes) and 'transform the business' (move the business to an entirely new ground) need to be explained.
I am looking forward to comments and learning from other perspectives.
This will cover all the steps from discovering/inventing value to actually delivering it to customers. In explaining this, concepts such as 'in the business' (create value using existing processes), 'on the business' (improve processes) and 'transform the business' (move the business to an entirely new ground) need to be explained.
I am looking forward to comments and learning from other perspectives.