Strategy helps an organization position itself uniquely in order to create value and exploit the unfolding opportunities , hedge against threats, leverage strengths and remove weaknesses.
Strategy execution has two components namely the action planning to operationalize the core strategy and its physical implementation. Strategy execution is one integrated in which action planning and physical implementation are integrated in real time basis. High quality execution presupposes high quality action planning , assigning the right people for the right jobs, adequate follow through and robust MIS and review processes. Strategy execution involves the optimal balancing of seven key variables namely Strategy, Structure, Systems , Staff, Skills, Style and Shared values. Strategy execution is the key role of the business leader. This execution is a discipline and must be learned specifically. The primary areas are
· Project Management
· Scheduling
· Cost Management
· People Management
· Time Management
· Interpersonal skills
· Negotiation and Conflict resolution
· Problem solving skills
· Communication skills
· Relationship management
· Risk management
· Balance Scorecard
The four building blocks of Strategy execution are
· Information flow
· Decision Rights
· Right motivators
· Right Structure
Information flow plays a key role in ensuring that information about competitive environment is received at the appropriate time at all appropriate levels and that information flows freely across organization boundaries. It is also critical to ensure that field and line employees have the information they need to understand bottom line impact of their day to day choices, Line managers have access to metrics they need to measure key drives of their business and that conflicting messages are rarely sent.
Decision rights ensures that everyone has a good idea of the decisions and the actions for which they are responsible and senior managers have a good feel about the operating decisions being made. The decision making culture in an organization is one of persuasion and consensus rather than command and control
Motivators
Structure