Successful strategy development, execution and control requires building a strategy management office that is dedicated to managing these crucial processes. Surprisingly many organizations lack such a department. Organizations often lack an effective strategy management process that allows executives and managers to turn the strategy into operational results. A strategy management office is an organizational unit that manages both strategy development and execution in an integrated way. The strategy management office is responsible for developing the strategy, supporting strategy execution, and monitoring and controlling the strategy and its execution. The office not only supports senior management with strategy development but also middle management with strategy execution.
Presentation - Building The Strategy Management Office
STRATEGY EXECUTION BEST PRACTICES BASED ON RIGOROUS RESEARCH
This presentation is based on my PhD research on Strategy Execution at Rotterdam School of Management, Erasmus University – one of the top business schools in Europe with one of the top strategy departments in the world. Research reports that between 60 to 90 percent of strategies fail. Most strategies fail in the execution phase. Despite its crucial importance to every organization, research on strategy execution remains limited. Strategy research has traditionally focused on strategy formation and neglected strategy execution. To fill this crucial knowledge gap, I investigated why strategies succeed or fail. My PhD research identified 20 success factors that influence the success of a strategy implementation effort in public and private organizations. The success factors are based on over a hundred in-depth interviews with executives and managers in a wide variety of organizations around the world, both in the private and public sector. The insights and practices that emerged from the interview where subsequently synthesized into the Strategy Management framework. Successful strategy execution is the result of the interplay of five mutually reinforcing practices: developing the strategy, executing the strategy, controlling the strategy, mobilizing the people who have to deliver the strategy, and aligning the organization to the strategy.