Strategy Implementation
Strategy Implementation deals with putting the strategy into place. It is primarily an operational process. It focus on efficiency.
Strategic Change
strategic change is a complex process and it involves a corporate strategy focused on new markets, products, services and new ways of doing business.
steps to Initiate Strategic Change:- for initiating strategic change, three steps can be identified as under:
- Recognize the need for change:- The first step is to diagnose which part of the present corporate culture are strategy supportive and which are not.
- Create a shared vision to manage change:- Objectives of both individuals and organization should coincide. There should be no conflict between them.
- Institutionalise the change:- This is basically an action stage which requires implementation of changed strategy.
what is benchmarking?
benchmarking is an approach of setting goals and measuring performance based on best industry practices. It measures company’s performance against those of its competitors or other acknowledged leaders in the industry. Typically, organizations can use benchmarking Process to achieve improvement in diverse range of management functions like:-
- Human Resource Management
- Assessment of total manufacturing costs
- Product development
- Product distribution
- customer services
- Plant Utilization Levels
- Maintenance operations
steps in benchmarking process
The various steps in benchmarking process are as under:-
- Identifying the need for benchmarking:- This step will define the objective of benchmarking exercise. It will also involve selecting the type of benchmarking. Organization identify realistic opportunities for improvements.
- Clearly Understanding existing decisions processes:- This step will involve compiling information and data on performance.
- Identify best processes:- Within the selected framework best processes are identified. These may be within the same organization or external to them.
- Comparison of own process and performance with that of others:- Benchmarking process also involves comparison of performance of the organization with performance of other organization.
- Prepare a report and implement the steps necessary to close the performance gap:- A report on benchmarking initiatives containing recommendations is prepared. Such a report also contains the action plans for implementation.
- Evaluation:- Evaluation of result is the last and important step of benchmarking process. Its help in improving the performance.