Strategy is an organic process – it is an action – and it is no longer only about predicting the future actions of the company based on the analysis of the past and the present. Strategic intuition is one of the things the company should not ignore in order to find the innovative solutions to strategic challenges. You need to build a common understanding about what you as an organization / employee believe that the future will look like and how to navigate in it.
Finally, it is important that the strategy does make it out of the boardroom. Namely, the employees that actually deploy the strategy are the ones buying into it, not the ones that feel that it is their job to deliver it. According to A.T. Kearney’s studies, two thirds of companies that pursue meaningful organizational inclusion in strategy formulation have successful strategies. However, involving the workforce does not just make strategies better and more practical, it also lays the groundwork for engaging the right people in strategy deployment.
“Strategy development is no longer a ‘once and done’ process, it must be a dynamic and evolving process in order to keep pace with the modern business world. Many of the classic strategy tools developed over the last 30 years are still helpful and form an important base for us to evolve our strategies both toward the market and for internal innovation.”
So it sounds from Daryl Dunbar, Strategy lecturer at IME Singapore and Strategy and Innovation Expert. In his Strategy module as a part of the IME Mini MBA Executive Course, Daryl will focus on the core tools you should have in your strategy toolkit and how to apply them using real-world case studies. You will learn when to apply which tool to its best use, how to best interpret the results, and when to adjust your strategy.