We are well into an era when senior leadership in many Fortune 500 companies are digital savvy, cognisant of needing to operate with real-time information and won’t be constrained by monolithic technology stacks. Smart, nimble and insightful software platforms that have a rapid time to genuine benefit has become the expectation.
These same modern leaders have recognised that there is a demand for a software platform that will safeguard and performance manage the deployment and execution of their long-term strategy. As we all know, this is the most important asset any business has… get it wrong and you join Kodak, Blockbuster, Blackberry and many others who failed to execute their strategy.
The challenge for the modern CXO is not developing a brilliant strategic plan for their organisations or in selecting one of the proven strategy execution methodologies such as the fabled Hoshin Kanri model.
The challenge is how to execute and cascade the plan through a complex, global matrix operated within most modern organisations at scale across many countries, hundreds of sites and often tens or hundreds of thousands of people.
“Organisations are realising that executing strategy effectively in the digital age requires a new set of tools and practices. Transformation leaders and EPMO leaders should consider investing in Strategy Execution software to help close the ever-persistent ‘execution gap’.”
Market Guide to Strategy Execution Software, Gartner
Today, the i-nexus team is often found in the boardroom of many leading global businesses; partnering with the CXO leadership as they have recognised the need to invest in a fast-to-deploy platform that will allow them to codify their strategy.
This Strategy Execution platform will allow them to cascade the relevant, constituent parts of the global strategy throughout their business and then, with a small team using a proven management methodology, manage its execution in real-time.
Further driving home this greater demand for Strategy Execution software is the dawning of the age of data enlightenment with regards to CXOs. That's right, the 'burden' of data ownership has shifted from CIOs to across the C-suite, and if anything has revealed the power of data, in turn shedding preconceptions over its role in the business. The result is a heightened awareness of the importance of data, both in real-time and regular reviews, as the easier the data is to digest, the greater the insights and outcomes for decision making with a business' strategy.
The CXO therefore demand a Strategy Execution platform which delivers real-time visibility and enables accountability throughout the organisation. And that Strategy Execution platform should also ensure alignment to the ‘why’ of strategy, provide relentless focus and enable a closed-loop reflection, meaning that any changes to the strategy which may be required can be done very quickly.
The ‘traditional tools’ used for strategy deployment have often included MS Excel, MS Project, a little MS SharePoint with out-of-date reporting presented in MS PowerPoint and then deployed using email.
Clearly these productivity tools are not designed to be the single source of truth for real-time strategy deployment and management.
But the shake up doesn’t end there. Indeed, there is an acknowledgement from global business leaders of the need to depart from the lacklustre, non-fit-for-purpose tools towards a high quality strategy execution platform, but what does that look like?
For me, there are 7 requirements that are core to getting the selection process correct, and the great news is that the CXO are increasingly aware of them:
By marrying the desire of the CXO for Strategy Execution software with a solid list of requirements, this will avoid the pitfalls of choosing a platform on the cheap. In fact, the rigor very often goes hand in hand with achieving your outcomes.
And what type of CXO member is leading the way with the demand? Visionaries. Those CXO leaders and companies are quietly recognising the need for a Strategy Execution platform and are rapidly moving to deploy a platform such as i-nexus. Will you join them?
Itching to learn more?
We have a wealth of resources freely available to digest, all designed to help you achieve your strategic goals. We've hand picked the below to set you on the right track:
o How to build a world-class strategy execution system: Your guide to what it takes to replicate the amazing results achieved by some of the world's most consistently successful organisations.
o The top 10 trends to watch out for with strategy execution in 2019: We're amid a shift in mindset when it comes to Strategy Execution - this is what to look out for.
o 7 can’t miss requirements when choosing a strategy execution platform: Selecting the right strategy execution platform is an important choice - these are the 7 requirements you need to keep in mind.
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About the author
Rob Hill is i-nexus' Executive Vice President of Sales & Marketing. With 20+ years of global Cloud enterprise software experience, his passion is on delivering genuinely transformational and sustainable solutions which add value by solving real business problems, resulting in amazing customer satisfaction and retention with a genuine ROI.