Thursday, 5 December 2013
Managing Internal Operations
Implementing a new or different strategy calls for managers to identify the resource requirements of each new strategic initiative and then consider whether the current pattern of resource allocation and the budgets of the various sub units are suitable.
Competent strategy execution entails visible unyielding managerial commitment to best practices and continuous improvement.Bench marking,best-practice adoption,business process re engineering,total quality management(TQM),and Six Sigma programs are important process management tools for promoting better strategy execution.
Company strategies can't be implemented or executed well without a number of support systems to carry on business operations.Real-time information systems and control systems further aid the cause of good strategy execution.
Strategy-supportive motivational practices and reward systems are powerful management tools for gaining employee commitment and focusing their attention on the strategy execution goals.The key to creating a reward system that promotes good strategy execution is to make measures of good business performance and good strategy execution the dominating basis for designing incentives,evaluating individual and group efforts,and handing out rewards.
# Source from the textbook of Strategic Management