Strategic change initiatives hold to potential for companies to innovate and to fundamentally transform their business models
The Nature of Strategic Change
- In addition, companies also need to keep up with the pace of change, brought about by a demanding and largely digitalised external environment
- However, putting your strategy into action requires discipline and focus Organisations undergoing large technology changes, restructuring, merger integrations or transformation need to think through implementation implications and risks at different levels
Up to 70% of all corporate strategic change initiatives fail to deliver desired outcomes
McKinsey and Co.
Key challenges business encounter with strategic execution
- Vision unclear to wider organisation
- Incoherent translation of concepts and ideas into actionable strategies
- Focus required by day-to-day operations resulting in limited strategic change traction
- Inadequate stakeholder buy-in and management
- Unclear deliverables and accountability
- Inadequate granularity of actionable execution plans
- Inadequate execution management
- Operational experts are not necessarily strategic change experts
- Unclear investment proposition and benefits
- Limited in-house specialist sourcing skills to manage vendor relationships end-to-end
- Inadequate translation of business requirements and end-user impact
- People are not / do not feel part of the journey due to ineffective change management