Strategy is simply a high-level plan or direction for an organization. Organizational strategy focuses on what to do? or what business to invest in based on the organization mission and vision. The business strategy focuses on the how part; how are we going to achieve the corporate strategy?
The process of strategic management includes assessment, strategy formulation, strategy execution, and strategy evaluation. Based on the current state assessment, we at Bakkah can support you in strategy management activities including:
- Strategy Assessment: Performing strategy and organizational assessment is an important step to understand the current state and organization position. This step is usually done through performing organization internal and external analysis. The internal analysis focuses on the organization strengths and weaknesses while the external analysis focuses on threats and opportunities. We are using different tools and techniques such as SWOT and PESTEL. SWOT analysis reviews the organization based on four different dimensions which are strengths, weaknesses, opportunities, and threats. PEST analysis focuses mainly on external factors which are political, economic, social and technology factors. PESTEL adds additional two factors which are environmental and legal.
- Corporate & Departmental Strategy: The strategic planning is done in two parts which are corporate strategy and business strategy. Corporate strategy (also called organizational strategy) focuses on what to do? or what business to invest in based on the organization mission and vision. The business strategy focuses on the how part; how are we going to achieve the corporate strategy? We at Bakkah can support you in:
- Developing business strategies and Plans
- Developing transformation roadmap & prioritization
- Performing Strategy Alignment & Cascading
- Strategic Performance Management & KPIs: Organizations use Performance Management & KPIs at multiple levels to evaluate their success at reaching targets. High-level (strategic) KPIs may focus on the overall performance of the business, while low-level (Operational) KPIs may focus on processes in departments such as sales, marketing, HR, support, and others.
- SMO/OSM Setup: The Strategy Management Office (also known as the Office of Strategy Management) is the backbone of strategy formulation and execution. The roles of the SMO include leading and the strategy development, communicating the strategy, aligning and cascading the strategy, managing the strategy execution, evaluating performance and reviewing the strategy. The SMO is a key factor for successful strategy implementation and hence it is critical that the SMO is designed and operated in the right way. Typical SMO functions include strategic planning, business intelligence, performance management and strategic alignment.
- Initiatives Development: Strategic initiatives are the means through which an organization translates its goals and vision into practice. To stay ahead of the competition, companies need to systematically build a portfolio of strategic initiatives. Such initiatives are typically aligned with a company's top strategic priorities, and so the pressure to execute them well is often very high. We at Bakkah have the experience in Strategic Initiatives our experts are certified in strategy and performance management and can add value to your organization.
- Balanced Scorecard: Developing the Balanced Scorecard framework to implement and manage strategy. It links a vision to strategic objectives, measures, targets, and initiatives. It balances financial measures with performance measures and objectives related to all other parts of the organization. It is a business performance management tool. The balanced scorecard involves measuring four main aspects of a business: learning and growth, business processes, customers, and finance.
- Developing Strategy Tools & Dashboards: In organizations, there are different stakeholders with different interests and needs which need to be addressed and satisfied in different ways. Strategy performance needs to be communicated at the right time to the right stakeholders using the right tools. It is important to have diversified business reports and dashboards to satisfy different stakeholders needs.
We at Bakkah have the experience in strategy management, our experts are certified in strategy and performance management and can add value to your organization.
The key benefits of strategy management are:
- Identify the organization’s strengths, weaknesses, opportunities, and threats.
- Clarify the organization strategic options and directions.
- Provide a base to develop the organization strategy.
- Provides a framework for decision-making.
- Serve as a reference for quick-wins and projects.
- Make sure the strategy is built on comprehensives analysis.
- Discover capability and determine which areas to concentrate on for improvement.
- Provide an objective and independent assessment of strengths and weaknesses
- Provide systematic approach to planning.
- Keep the organization focus.
- Allows organizations to be proactive.
- Increases business efficiency.
- Easy to communicate to related stakeholders.
- Allows for continuous evaluation and improvements.
- Strategy cascading and alignment.
- Strategy communication.
- Prioritization and transformation roadmap.
- Increase visibility and transparency in the organization.
- Improve business results and work productivity.
- Support informed decision making.
- Improve governance and accountability.
To learn more about the service, read:
- SWOT VS PEST Analysis
- Business Operating Model (BOM)