What is Your Fear Factor to Initiate Strategy?
Think about it, because that’s what prevents many CEOs' pursuing a strategic platform that will influence the strategic vision and operational day-to-day needs in their organization. From staff rejection, financial constraints, to some boardroom misunderstandings, it’s all against you.
If nothing else, it’s not a vertical market that really pushes strategic planning & execution, it’s a CEO profile. One who is agile, can see through the haze, will work with a board but still call the shots, is independent, is convinced and will act on "grounded" information. That’s the CEO many companies starve for. Will they be a “winner”? Not always, but they will certainly have the grit and determination to make decisions and expect their inner circle to follow and carry out their assigned goals by example!
I have actually heard this statement in an informal lunch encounter with some very senior managers of one particular construction company. “If you don’t understand the technology why step in it?” I believe that statement to be a detriment if that attitude remains. It's the companies that make the bold moves that inevitably win. It is a proven fact companies need to at least evaluate new technologies such as AI (Supervised learning now transitioning reinforcement learning), digital marketing (such as, go-to-market strategy versus product/service innovation) industrial robotics, Industry 4.0, big data analytics to blockchain business. Do the analysis, use external consulting companies but make the “qualified” decision to move forward.
Some CEOs' have difficulty in creating “another” strategic stream that involves what exists and melting these with new technologies into the mix to increase company value whether its revenue-based or efficiency based. The feedback is don't mix it up. Pick a clean sheet and drive the new technology independently to truly evaluate the success. This stops the "fog" factor, trust me. Remember you may re-examine your internal position well, but you must assess the external to honestly measure your strategic drivers.
Struggling with digital transformation through poor understanding is still a concern for many organizations. Undeniably, the largest impact globally today is the smartphone at 14 billion connected devices creating over 90% of all known data ever recorded, now that’s big data analytics to be involved in and yet over 47% of companies still do not embrace the digital era in both sales, manufacture and distribution.
So, What's the Answer?
First, I suggest answering your own questions if strategic planning and execution is at least in your thinking. If this is your realm of thinking, then to execute this you will need structure and discipline to drive clarity of vision and implementation execution. Imagine having a documented dashboard system that includes every strategic vision, pillar, focus, a goal-set on your screen every day. A cloud-based system that is secure, provides real-time finance, complementary data, updated chart of accounts, P/L statements with milestone progress for every project on the go, and every department annual budget financial activity position there to tell you how your organization is functioning good or bad.
Globally, we are in the third generation of developed strategic applications. Implementation methodologies are now highlighting the mistakes of the past and as a result, there are now many success stories. I suggest use your inner circle of senior staff and mentors, make clear strategic direction and plans, embrace technology to do it and be the CEO that has the vision and determination to bring his/her company to the next level of efficiencies and move up the pro-curve ladder.
At PMH Insights we ask the questions that help build your plan around your organization.
VP Global Business Development
PMH Insights Inc.