The Emergence of Strategy Acceleration
As a business leader, you know the importance of having a strategy in place for managing a successful business. However, executing that strategy can often be a challenge. With the emergence of strategy acceleration and business agility, there are new ways to approach strategy execution that can lead to faster and more successful results. Let’s start with a short historical look at strategy work.
In the mid-1900s, strategies began to be required for managing a successful business. However, as time went on, it became clear that long-term strategic plans with no anchoring and steering by Key Performance Indicators (KPIs) were not enough.
By the year 2000, research showed that nine out of 10 strategy implementations failed to be executed successfully. This led to the emergence of strategy acceleration and business agility, which are characterized by the following:
- Adjustment to an increasingly changing world with demands for a faster pace of change
- A need for a shorter timeline to execute plans (1-3 years maximum) and a faster strategy execution
- Measuring both results and progress to ensure that the correct actions are taken in pursuit of the target
- Focus on fewer, but the most important goals
World Economic Forum, 2015
Harvard business review, 2000
As the research shows, too many companies fail with their strategy execution, something we brought up in earlier posts as well. In the next post in the blog series, we will look at what differentiates traditional strategy execution from strategy acceleration to understand the background to the statistics.