03 Aug

Why Strategies fail in Corporate World

No doubt  strategic thinking has a great importance for the overall growth of the organization. As very well said “Men without vision shall perish” which holds so true about every organization too. Having a strategic thinking that maps to the vision is an absolute necessity. I don’t think if a company or group can ever succeed if it lacks either the vision or a strategy.
I have read and observed that many times companies and divisions that have all the required strategy but still fail. They have an executive team which churns our great strategies  but still they fail. In my personal experience  the disconnect between thinking and execution is the key reason. What was thought was not relayed well and executed in accordance to the strategy at all.
Many times I have seen the executives having a thought process that thinking is their game. Once they are done just throw the strategy map to the lower management. Let the lower management have a plan to execute on the strategy.
Now comes the turn of the lower management and they start executing. Many projects are brought to life and many changed based on their limited understanding. Priorities are assigned to all the projects again based on their interpretation of the  strategy  map.  Not just the wrong interpretation of strategy but also other factors like their own technology priorities, sale priorities, client priorities, priorities of the respective group etc.

Nothing wrong with this except that there comes a disconnect! Strategy makers do not understand how the projects in execution fulfill the strategy and match to the vision of the company while the execution teams keeps on spending huge amount of effort on projects that are not aligned strategically to the vision of the company. A huge amount of resources are wasted on strategy and execution in this manner.

I know nobody is trying to do it with an intent to go on a wrong path but still it happens every time very year. Just in USA,  companies spend billions of dollars on training the top level management about the best strategies etc. But every year less than 20% strategies are successfully put to implementation.
How to fix this issue? Any thoughts?Any comments?
03 Aug

Risk vs Issue

Risk vs Issue is something that confuses us more than anything else in Project Management. I have myself always been confused about the difference between Risk and Issue. I always understood it as Issue is an event and Risk is the Consequence. I believe that most of us in the profession also think the same way. So I am not wrong…until I read the definition in PMBOK.

 

 

03 Aug

Different people develop at different rates

If you are a leader of any kind you need to be best motivator. Keep a thumb rule in you mind, different people develop at different rates. The best motivators always lookout for the hidden capacities that are best to come. As a leader more than getting laurels the biggest role is to find the best in others and develop it.
If ever you selfish yourself asks you not to do this have a look at history and remember that the best in the world where low or poor performers sometime in their life. Einstein could speak when he was four years old and read when he was seven. Walt Disney was fired by the newspaper editor as he had “No good ideas”. Issac Newton did bad in school and

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14 Jul

Chief Marketing Technology Officer

Chief Marketing Technology Officer

If you want to read about the role of chief marketing technology officer (CMTO) here are some of the best resources in order of my preference:

30 Jun

Digital Tipping Point from McKinsey – Digitization

Digitization

The digitization efforts across organizations around the globe are picking up momentum. A report from McKinsey came out today sharing how the efforts around digital are gaining steam. It shows that we are making a good progress around digital as an industry trend around digitization. Here are few of the key takeaways about digitization from the report:

  • Executives say their CEOs are more involved in digital efforts than ever before and that their enterprises are now investing enough to meet their overall digital goals.
  • The future spending on digital will increase, and that a large portion of future company growth will be driven by digital efforts. But organizational challenges and a dearth of talent are common, significant hurdles that prevent companies from scaling up their digital efforts or seeing clear returns on their investments. So are limited accountability and a poor understanding of potential value.
  • Expectations for growth are highest at companies that pursue digital to create new business.
  • Executives expect the largest share of their digital growth in the coming years will be from digital customer engagement, followed closely by the digital innovation of products, operating models, or business models.

    Digital customer engagement is paramount in both strategy and spending.

    Digital customer engagement is paramount in both strategy and spending.

  • Larger companies (those with annual revenues of $1 billion or more) in particular are struggling with unsuitable organizational structures and inflexible business processes.
  • Many executives also agree that digital talent remains a trouble area for their organizations. Only one-third of respondents say at least one in ten of their employees spends any time working on digital projects.

You can read the complete report on McKinsey

Header image credits to http://dsl.uncc.edu/dsl/services/digitization