It was pretty much a given that strategy was done on an infrequent basis from one to three years regularly. The static approach to strategy is no longer feasible or even advisable with the amount of change occurring in the real world. The days of steady-state for long periods are numbered. We see supply chain delays, geopolitical shifts, environmental events, plagues, and competitive landscape shifts, all expecting management to deal with the strategy adjustments. These kinds of push events tend to be reactive and mostly unplanned for most organizations. It may mean reprioritizing efforts and introducing new technologies.
The data is coming on faster as we move from dashboards to fast boards on the pull side of strategy. Because management wants to be proactive on operational and tactical adjustments, there is also a push for aggressive actions highlighted by a management cockpit that enables visualization, understanding, and contextual analytics and predictions. The need is for understanding the current state in contexts and steer to the best outcomes delivered by a variety of solutions represented by new projected conditions. It is not to say that there won’t be operational challenges that need to be dealt with alongside strategy adjustments which could likely include managing work better, measuring performance, inspiring workers, and keeping up with trends. However, there could be potential culture changes, mergers/acquisitions, and leadership changes.
Addressing Real-Time Problems & Concerns:
Up until now, the advantage of real-time or near real-time results on the scorecards and dashboards just weren’t a common tactic. With the advent of real-time data meshes that grow in terms of problem and context scope on the cloud that is easy to link up to, the opportunity to address problems and concerns in a near-immediate fashion is real for many businesses today. Things are speeding up for organizations to cope with large amounts of change and even "big change" scopes.
Understanding Contextual Implications of Specific Situations
Understanding an event, a trigger, or a new pattern can also be much more insightful and associated with other moving parts of a situation that may only be emerging for the first time. Understanding a problem, an out-of-bounds pattern or alarm in its actual context and scope will significantly differentiate the excellence in resulting decisions and appropriate actions, both reactive and proactive.
Collaborate with Others for True Success
Now managers don’t have to observe and orient themselves in a vacuum. Collaborating with others quickly and responsive can also expand insights and test new insights for decisioning and taking intelligent actions. The more perspectives and experience a manager can apply to an emergent or repeating situation, the better the long-term outcome is for organizations.
Survive, Thrive and Capitalize with Innovation
Today innovation is turning into a new digital currency that does require taking unnecessary risks. Innovation, as well as decisions, can leverage the collaboration mentioned above. Being able to innovate on operational improvements, the tactical angles for competition, and new products and services is the typical way organizations succeed. Using key analytics for impact analysis helps the innovation process project results for future state management cockpit results, thus reducing risk.
Balance Management with Risk Guardrails
The balancing side of innovation and change is doing proper and more immediate risk analysis to anticipate both good and bad outcomes. Risk guidance keeps organizations from avoidable dangers. The same kind of insightful analytics can help set up the guardrails and tolerances for notification of violation.
It is vital to anticipate, intercept and engage in change because the time to market response is essential for competitive advantage. Sitting still is not an option anymore because you will be facing reactive change at all levels; organizations will have to become adept at real-time strategy adjustments. Hopefully, your organization will practice this in a proactive fashion and know when to shift goals to make or keep them relevant. With the help of business strategy software such as a management cockpit, organizations will handle change well.