Let's face it, failure to implement business strategy is common, and unimplemented strategy adds no value. Typically, breakdowns in the planning, management and execution of strategy results in only 50 to 60% of the value of a strategy plan being realised.
The Therefore team has undertaken extensive research to determine what it is that makes strategy execution so failure prone. This knowledge has been used as the foundation upon which the Therefore StratIQ™ application has been developed.
Success requires planning ... and strategy is no exception. Strategy plans tend to be complex and without an execution management tool, executive teams tend to lose focus, often leading to delivery failure.
If strategy execution can’t be measured with ease, managing delivery becomes cumbersome and time consuming. The management of strategy execution requires a dashboard and easy access to purpose built reporting.
Clear lines of accountability are critical to the execution of strategy. Given the complex nature of a strategic plan and the sheer size of the team that is required for its execution, accountability often falls into a grey area, which stands against delivery. Critical to the management of accountability is the management of deadlines for delivery, and the ability to track performance relative to these deadlines.
Silo mentality is often put forward as a key break point for strategy execution. In the absence of an execution tool that is capable of coordinating effort across functional areas, strategy delivery becomes failure-prone. The ability to support cross functional delivery improves the effectiveness of strategy delivery, makes silos more porous by encouraging strategic conversation and consequently improves company morale.
Aligning the delivery of strategic initiatives to your team’s KPIs is often easier said than done. In the absence of a mechanism capable of tracking your staff’s performance relative to their strategic accountabilities, KPI alignment becomes near impossible.
Communication is one of management's perennial challenges and clean communication is critical to the execution of strategy.
A strategy execution tool needs to provide a single source of strategy performance data, thereby allowing your team to work with “on the same page” clarity.
When one compares the strategy execution performance of staff, relative to their colleagues, one typically finds that the quality of output is uneven, given differing levels of performance and strategic maturity. To guard against substandard delivery it is imperative that a workable review mechanism is in place.
Paper and spreadsheet based strategy execution trackers may be cheap, but they have too many shortcomings to allow them to be an appropriate tool for measuring, managing and executing strategy.