...before. Designing winning strategies, as tough as it can be, is only part of the challenge facing senior management. The most difficult part is to continuously translate our strategy into superior performance at all levels of our organisations. That’s what this book is all about: tips and tricks to get things done” Gérard Mestrallet | CEO | GDF SUEZ “This book absolutely nails the three things every manager needs to know about strategy – execution, execution, execution!” Bill Saubert | Regional Business Leader Australia/New Zealand | MasterCard Advisors “Strategy Execution Heroes is a wonderfully written and well-organised book with a clear commonsense approach to strategy implementation. It is a must-read for any manager regardless of position or years of experience” Michael Benavente | Managing Director Watches | Gucci “Organisations have become very aware that much great strategy is lost before it’s turned into performance, mainly as a result of poor execution skills. This book is a significant step towards addressing that gap: it takes strategy to the manager level, providing practical everyday recipes to make sure that the ‘big picture’ does not remain a boardroom abstraction” Bruno Lanvin | Executive Director, eLab | INSEAD “Strategy Execution Heroes provides leaders with a practical strategy execution how-to guide which includes a brilliant summary of Jeroen’s personal experiences combined with an extensive collection of best practices from leading experts in this field” Martin...
Words: 16684 - Pages: 67
...TERM PAPER TERM 4 PGPME167 STRATEGY EXECUTION & MANAGEMENT OF CHANGE Strategy Execution and Organizing for Success SUBMITTED BY NITYA RANJAN MAITY MSL-126 PART I CONCEPT: The rapid pace of change, increasing competition; globalization and new opportunities made possible by technology all contribute to the need for executives to be able to effectively develop, communicate and manage the execution of organizational strategy. Few quotes on the concept; Michel Porter; “Operational effectiveness and strategy are both essential for superior performance but they work in very different ways” Dr, Robert Kaplan & David Norton; “Managing Strategy differs from managing operation.” Because of the differences, it should not be surprise that the performance management tools for operations are different from those ideally-suited for strategic management. Strategy without execution is like a sports car without horse power. It looks great in the driveway but impresses no one out in the road. Maximizing the organization’s potential and ultimate success depends on accelerating the alignment of strategy, organizational model and people. In other words, success requires the people with right profile and motivation find the organization to be an environment that is conducive to flawless execution. This is a difficult process that is aided greatly by an objective and robust analysis of a company’s people and culture...
Words: 2440 - Pages: 10
...Aligning Employees Leading Strategic Change Robert S. Kaplan Marvin Bower Professor of Leadership Development, Emeritus Copyright © President & Fellows of Harvard College Align employees to the strategy: Four HR processes 1. Create Strategic Awareness Communicate Communicate Communicate 2. Align Personal Goals Personal Scorecard Make Strategy Everyone’s Job 3. Provide Necessary Skills Strategic Job Families Strategic Readiness 4. Align Personal Incentives Variable pay Team based You need a formal process to improve workforce readiness. Strategy should be linked to existing HR programs for performance management. How do we align employees to the strategy? 1. Create Strategic Awareness Communicate Communicate Communicate 2. Align Personal Goals Personal Scorecard Make Strategy Everyone’s Job 3. Provide Necessary Skills Strategic Job Families Strategic Readiness 4. Align Personal Incentives Variable pay Team based Communicate “seven times seven different ways” to make strategy everyone’s job Personal relevance brings the strategy to life Sustained communication uses different channels to get the message across • Leadership meetings • CEO random visits to employees • Dear Colleague Quarterly Letter in Mellon News • Learning lunches & informal discussions • Intranet • Working groups facilitated by HR • Staff briefings Source: Presented by Jack Klinck, Vice Chairman, Mellon Europe at BSCol European...
Words: 3979 - Pages: 16
...University of Alabama 1. J. mmmm m University of Alabama University of South Alabama Crafting and Executing Strategy The Quest for Competitive Advantage Concepts and Cases 17TH EDITION McGraw-Hill Irwin Boston Burr Ridge, IL Dubuque, IA New York San Francisco St. Louis Bangkok Bogota Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto Irfbfl ®(f Part O n e Concepts and Techniques for Crafting and Executing Strategy 3 Section A: Introduction and Overview 1. What Is Strategy and Why Is It Important? 4 What Do We Mean by Strategy? 6 Strategy and the Quest for Competitive Advantage 7 Identifying a Company s Strategy 10 Why a Company's Strategy Evolves over Time 11 A Company s Strategy Is Partly Proactive and Partly Reactive 11 Strategy and Ethics: Passing the Test of Moral Scrutiny What Makes a Strategy a Winner? 15 13 14 The Relationship between a Company's Strategy and Its Business Model Why Are Crafting and Executing Strategy Important? 17 17 Good Strategy + Good Strategy Execution = Good Management Illustration Capsules 1.1. Starbucks' Strategy in the Specialty Coffee Industry 8 1.2. Microsoft and Red Hat: Two Contrasting Business Models 16 2. Leading the Process of Crafting and Executing Strategy 22 What Does the Strategy-Making, Strategy-Executing Process Entail? Phase 1: Developing a Strategic Vision 24 28 How a Strategic Vision Differs from a Mission...
Words: 3391 - Pages: 14
...Core components of strategy implementation: * Strategic decision-making * Organizational evolution and change * Management by Objectives * The role of teams and leaders * Knowledge assets Lecture 1 The Eclectic Roots of Strategy implementation Research Views on strategy implementation: Structural view: * Organizational Structure * Control mechanisms (assessing performance during and after the implementation of the strategy – Role of formal control systems in strategy implementation Interpersonal Process View * Strategic Consensus –external consensus also imp ---TATA NANO * Autonomous Strategic Behaviours * Diffusionary Processes * Effects of leadership and Implementation Styles * Communication and other Interaction processes The secrets to successful strategy execution: * Study – Important strategic and operational decisions aren’t quickly translated into action * Execution is the result of thousands of decisions made every day by employees acting according to the information they have and their own self-interest * 4 fundamental building blocks executives can use to influence those actions (17 traits fit into each of these blocks) * Clarifying decision rights - Everyone has a good idea of the decisions and actions for which he or she is responsible * Designing information flows (Important information about the competitive environment gets to headquarters quickly. The way to ensure that...
Words: 1004 - Pages: 5
...Core components of strategy implementation: * Strategic decision-making * Organizational evolution and change * Management by Objectives * The role of teams and leaders * Knowledge assets Lecture 1 The Eclectic Roots of Strategy implementation Research Views on strategy implementation: Structural view: * Organizational Structure * Control mechanisms (assessing performance during and after the implementation of the strategy – Role of formal control systems in strategy implementation Interpersonal Process View * Strategic Consensus –external consensus also imp ---TATA NANO * Autonomous Strategic Behaviours * Diffusionary Processes * Effects of leadership and Implementation Styles * Communication and other Interaction processes The secrets to successful strategy execution: * Study – Important strategic and operational decisions aren’t quickly translated into action * Execution is the result of thousands of decisions made every day by employees acting according to the information they have and their own self-interest * 4 fundamental building blocks executives can use to influence those actions (17 traits fit into each of these blocks) * Clarifying decision rights - Everyone has a good idea of the decisions and actions for which he or she is responsible * Designing information flows (Important information about the competitive environment gets to headquarters quickly. The way to ensure that...
Words: 1005 - Pages: 5
...professionally prepared; but they simply have not impacted the people who must execute the strategic plan. The end result has been poor execution of the strategic plan throughout the entire organization. And the sad fact of the matter is that execution of the strategic plan is everybody’s business, not just upper level management. Upper level management creates the strategy, but execution takes place from the bottom up. Chapter 1 So why do strategic plans fail? According to the Balanced Scorecard Collaborative, there are four barriers to strategic implementation: 1. Vision Barrier – No one in the organization understands the strategies of the organization. 2. People Barrier – Most people have objectives that are not linked to the strategy of the organization. 3. Resource Barrier – Time, energy, and money are not allocated to those things that are critical to the organization. For example, budgets are not linked to strategy, resulting in wasted resources. 4. Management Barrier – Management spends too little time on strategy and too much time on short-term tactical decision-making. Only 5% of the workforce understands their company strategy. Only 25% of managers have incentives linked to strategy. 60% of organizations don’t link budgets to strategy. 86% of executive teams spend less than one hour per month discussing strategy....
Words: 650 - Pages: 3
...Business Policy and Strategy February 22, 2016 The article begins with a comparison between a mediocre strategy well executed and a great strategy poorly executed. Jamie Dimon, CEO of JPMorgan Chase, picks mediocre strategy well executed. He says that having a well execution is more important than having a great strategy. A great strategy is waste if it’s not executed well whereas a mediocre strategy will still be able to make positive impact if it’s well-executed. People fail to understand why their strategy is failing. This allows them to blame their employees and clients for the mistakes. A brilliant strategy producing poor results cannot be a brilliant strategy. A strategy’s purpose is to make positive change. If a strategy fails to produce necessary outcome, it is simply a failure. The article discusses the metaphor in which senior management is the choosing brain and rest of the employees are choiceless doers. In our body, brain’s job is to choose the job and hand’s job is to follow the instructions. Similarly, strategy is to choose what can be done. Execution is to follow the direction to implement the strategy. In short, strategy is choosing and execution is doing according to the false metaphor. This approach doesn’t help an organization, indeed it does more damage to the business as it restricts the employees from using their insight and experience. The article uses another example of large retail bank to the strategy and execution terms. The CEO and...
Words: 1022 - Pages: 5
...necessary mind shifts for implementing strategy”, Business Strategy Series, Vol. 10 Iss: 3 pp. 167-172. Permanent link to this document: http://dx.doi.org/10.1108/17515630910956589 Statement of the problem: Successful Implementation of strategy. Summary of Article: Leaders tend to think that once you designed a strategy it can be performed and succeeded. A strategy should be implemented to make it worth. Thinking differently and doing things differently to get different outcome. When crafting strategy is complete, leaders think that things are now simpler. It is the role of the leader to design strategy and assist in implementation, rather than to delegate it. Many leaders undermine the implementation which will affects negatively on the strategy due to poor execution. When a new strategy is made, people respond in four different ways, which are indifference, resistance, disbelief and support. Three groups concerning responds to new strategy were made; 20 % of the first respondents being saboteurs (resister of new change), 60% Groupies (fence sitters) and lastly Mavericks (those who welcome change). Leaders come up with very good strategies but they may be implemented wrongly, hence they will not be successful. When the strategies are launched, there is no motivation drive to those who are supposed to implement the strategies. At times there is no clear communication to the subordinates who are who should perform the execution of strategy. Effective communication should...
Words: 930 - Pages: 4
...Report 2012 1 ICAP in 10 www.icap.com ICAP is the world’s leading interdealer broker and provider of post trade risk and information services. Business review Governance Contents ICAP in 10 Business review Group Chief Executive Officer’s review Global Executive Management Group Business review Key performance indicators Risk and control environment Corporate responsibility Governance Directors’ profiles Chairman’s statement Directors’ report Corporate governance statement Directors’ statement of responsibilities Remuneration report Independent auditors’ report 2 Financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated and Company balance sheet Consolidated statement of changes in equity Company statement of changes in equity Consolidated and Company statement of cash flow Basis of preparation Index to the notes to the financial statements Notes to the financial statements Information for shareholders Information for shareholders Definitions 68 70 71 72 16 18 20 30 32 36 Financial statements 73 74 75 78 79 42 44 46 46 54 56 65 136 137 Information for shareholders 2 ICAP in 10 The following pages provide a 10 point overview of our business, strategy, performance and governance. 1 Financial summary 2 Our segments 3 Our diversified business 4 What we do 5 How we create value 6 Opportunities and risks 7 Our strategy 8 Measuring our progress 9 Culture and people 10 Governance ICAP...
Words: 2906 - Pages: 12
...Environment 3. Analysis of Potential Changes in the Macroenvironment 4. Threats and Opportunities Basis: 1. Effect of potential changes on the macroenvironment on the barriers and determinants of the task environment. 2. The effect on the forces of the task environment. 3. The conclusion on whether the potential change on the macro is a threat or opportunity. Note: The potential changes in the macroenvironment that will cause a change in the in the task environment will be a threat or an opportunity to the industry. 5. Industry and competitive analysis. 6.1 Strategic map 6.2 Market Definition 6.3 Market Size 6. Broader Societal Expectations 6.1 Corporate Social Responsibility MODULE THREE – Analysis of Internal Environment 1. Overview of the company 2. Financial Analysis 2.1 Financial Ratios 3. Value Chain Analysis 4. Strengths and Weaknesses 4.1 Describe the Strengths and weaknesses 4.2 State the basis for each strength and weakness. Basis is from Financial and Value Chain Analysis 5. Personal values MODULE FOUR – Strategic Plan 1. Vision (include mission) 2. Objectives – Financial, Social and Strategic Basis: Vision Note: Objectives must be SMART 3. Evaluation of Present Corporate Strategies (Actual Company Strategy) 4. Proposed Corporate Strategies (description of a strategy must be a minimum of 3 pages) 5.1 Describe the Strategy (include strengths that have to be...
Words: 471 - Pages: 2
...Article Summary and Critical Review Human Resource Management A New Mandate for Human Resources By Dave Ulrich 1 Summary In recent times HR has been perceived as ineffective, incompetent and costly. A need has been felt for creating a new role and agenda to focus on the outcomes and deliverables enrichinhg the organisations value to customers, investors and employees. The four ways which should be adopted by the HR are ← It should partener with the management in executing the strategy ← Develop an expertise in organizing and executing administrative work efficiently. ← Become a medium of transferring employes concerns to the management and develop means to increase employee contribution. ← It should become a change agent, shaping processes and cultures for facilitating change in the organization. The primary role of transforming the HR role lies on the CEO and all line managers who have the main responsibility of achieving the business goals. Thus the line and the HR should form a partnership to make it focused on outcomes rather than activities. 1 Reasons for increase in importance of HR HR can play leadership role in meeting the following competitive challenges Globalisation – The HR must develop understanding and skills in ways of international customers, commerece and competition. It should facilitate the organization in increasing its...
Words: 936 - Pages: 4
...the companies. The aim of the paper is to examine the operational integration process, process of formulating the integration logic, and strategic integration processes of two large high technology companies, HP and Compaq, which are well established in a highly dynamic competitive environment. Introduction: In 2001, HP CEO proposed to acquire the high technology computing company Compaq. They expected to have a longer term revenue and profit goals after merging the companies as both of the companies are already grown computing companies. But many of the analysts were against this idea. Even HP board members showed opposition towards the merger leading to a proxy fight. They argued that the integration risk was eventual as there was never a success in big companies acquisition the two companies have their own way of strategies and plans for the development of organization. This varied cultures create integration difficulties, revenue risks offset cost synergies, financial risks etc. This way, proxy fight was severe and success seemed narrow. But finally the organization integration was successful with the involvement of top management. Initially it has seen success in the case of formulating the integration logic, performance goals, integration team, tools development and short term goals achievement. Later in few years after the merge, slowly it became clear that they are undergoing loss in the overall revenue and was missing the long term revenue and profit goals which was...
Words: 1542 - Pages: 7
...typically realize only about 60% of their strategies' potential value because of defects and breakdowns in planning and execution. By strictly following seven simple rules, you can get a lot more than that. TURNING GREAT STRATEGY INTO GREAT PERFORMANCE by Michael C. Mankins and Richard Steele hree years ago, the leadership team at a major man- ufacturer spent months developing a new strategy for its European business. Over the prior half-decade, six new competitors had entered the market, each deploying the latest in low-cost manufacturing technology and slashing prices to gain market share. The performance of the European unit - once the crown jewel of the company's portfolio-had deteriorated to the point that top management was seriously considering divesting it. To turn around the operation, the unit's leadership team had recommended a hold new "solutions strategy"-one that would leverage the business's installed base to fuel growth in after-market services and equipment financing. The financial forecasts were exciting-the strategy promised to restore the business's industry-leading returns and growth. Impressed, top management quickly approved JULY-AUGUST 2005 65 » THE HIGH-PERFORMANCE ORGANIZATION Chemical, 3M, and Roche, to name a few-develop realistic plans that are solidly grounded in the underlying economics of their markets and then use the plans to drive execution. Their disciplined planning and execution processes make it far less likely that they...
Words: 5641 - Pages: 23
...Organizational Change Management Name: Bharath Kumar Reddy Gangaram Institution: Wilmington University Abstract Organization change is changing the subsisting strategies of an association to the gauges needed. It is considered as a vital perspective in an association and assumes a key part in the improvement of an organization. As innovation is overhauling step by step, hierarchical change is needed for each organization to withstand in this aggressive world. Organization change can take truly a couple of structures, for example, transmutation in the structure of the association, strategies, society, approaches, methodologies. There are numerous hypotheses that are to be considered before actualizing authoritative change in an organization. Superb results could be gotten if a hierarchical change is actualized effectively in an organization. This paper predominantly has three parts. A fizzled extend in Axon Company is portrayed in the first piece of the paper. The Kotter's change model which is the most prominent hypothesis among all the hierarchical speculations is quickly portrayed in the second piece of the paper. At long last, the application of Kotter's change display in the fizzled venture is clarified in the third part. Organizational change: Organizational change is changing or institutionalizing the running guidelines, business process, and budgetary structures when there are modifications in the business forms. Hierarchical change is a characterized structure...
Words: 1810 - Pages: 8
