Most organizations are able to understand their current situation, do research about the competition and establish some ideas on what they want to achieve. However rmany companies struggle with the concepts on how to execute a strategy and how to evaluate performance as they move forwards.
Performance Innovation has worked to develop strategic plans in a wide range of industries from large tier one and tier two suppliers in the manufacturing and aerospace industries to areas in higher education institutions, and school districts.
In each case the strategic management process is customized depending on the needs of the company, institution or business unit and industry. Facilitation has depended on the requested deliverables of the strategic planning process and the in-house skill set available.
Performance Innovation provides support for execution of the strategy. This involves the development of a Performance Management System, a system to Deploy the Strategic Plan and a Review System.
- Performance Management System
•Development of the Balanced Scorecard
•Develop a Strategy Map as a tool for communication and organizational alignment
•Identify and develop metrics to monitor performance in each area.
- Deployment of the Strategic Plan
•Use of a deployment matrix to communicate areas of focus
•Create a process for organizational alignment
- Review Process
•Identify projects for Lean Six Sigma to close performance gaps
•Establish a structured review process to monitor progress in all areas
•Evaluate company performance
•Conduct periodic review of the strategic plan
Tools Used for Strategy Execution
- The Balanced Scorecard and Key Performance Indicators
- The Strategy Map
- Deployment Matrix ( Hoshin Kanri)
- A Structured Problem Solving Methodology
- Lean Six Sigma (Define, Measure, Analyze, Improve, Control)
The objectives of using the tools for Executing the Strategy is to ensure organizaitonal alignment.