A great strategy, an excellent product or a brilliant innovation can put you or your company on the competitive edge, but only a solid execution can keep you there. You have the capacity to deliver on your intent and this is where execution comes in. Unfortunately, many companies are not so good at it.
Strategy execution is the result of the decisions made every day by the employees acting according to the information provided by the company and their own self-interest. Organizational structure and incentives support a chosen strategy and effective controls provide feedback about performance, allowing the organization to adapt and retain its market or customer focus. Here are the benefits an organization gains from having a sound strategy execution process:
Accountability is essentially about ensuring that each and every employee of the organization right from the CEO to the front desk manager makes a commitment that will help the organization and maintains the commitment. A company-wide strategy execution system creates accountability and discipline in a positive way.
Every organization has goals and objectives, unfortunately, majority of organizations leave out the employees when it comes to setting these goals. A robust strategy execution system incorporates everyone in the setting of objectives and the entire game plan. This is beneficial because it turns each and every individual in an organization into an active team player.
When every employee of an organization understands his or her role, and the plan of the organization, communication will be enhanced. Organizations with effective communication systems are more likely to outperform other industry players. A comprehensive strategy execution plan enables employees to communicate with ease and it opens up the channels of communication. This makes it easy for the company to respond to issues whenever they arise and increases productivity, of the employees.
If your strategy execution system gathers information which is insightful, you will be able to complete your goals on time. This means that your organization will be able to achieve its set objectives and milestone with ease. This is because the employees will be able to communicate about what they are doing, the likely outcomes and they will be able to solve small problems as soon as they happen and before they become bigger problems.
A robust strategy execution plan or system enables the organization to easily predict an outcome before taking a risk. It basically enables the employees and the management of an organization to assess the risks involved in a project before going for the project.