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Strategy Deployment Partners © 2008-2011
What is Strategy-Execution Management?
Strategy-Execution Management is the process of clarifying, deploying and achieving organizational initiatives. Execution Management requires three key components:
1. Actionable intelligence on initiatives.
The initiatives must be clear, relevant and understood throughout the organization. We tend to write these statements in "corporate speak" and they lose their meaning as they go down the organization. They have to be clear and meaningful and they have to be kept alive and visible throughout the organization on a daily basis.
2. The leadership structure and processes to manage execution at an individual level.
No matter how you slice it, execution happens at the individual level. You have to have the leadership structure and processes in place in order to manage it. As employees accomplish the goals and milestones, it leads to the accomplishment of the initiatives. The processes and structures allow leaders to keep track of how they're doing, at an individual level, throughout the organization.
Accountability is the often the weakest link in the Strategic Plan. Leaders and employees both get caught up in the daily efforts of running the company and putting out the immediate fires and other problems. Accountability in other organizations is relegated to the HR departments employee performance reviews held annually. For strategy to be efficiently and effectively implemented everyone must hold each other accountable. The culture must embrace this concept to avoid defeat the combined efforts of the team.
Why is Strategy-Execution Management so Important?
"Vision without execution is hallucination."
Thomas Edison's famous quote is spot on. Getting people fired up about strategizing a plan but not actually executing it is discouraging to employees - the vision they had of the future during the planning process turned out to be just a hallucination to them. The execution value gap (the lost value between your strategic plan and the actual execution of the plan) is huge. It represents the largest opportunity cost for most organizations.
Knowing how to plan and execute while overcoming "today's surprises" is the most foundational capability any organization can have. However, very few do! Those companies that do have execution management as a competency are able to actively and dynamically manage execution at an individual level, not just measure and review performance. Managing execution is critical in today's environment!