Strategic Formulation & Implementation

Strategy Of Kotak Mahindra Bank

Sachdev

By Simranjeet Kaur

Objective

Explain the major considerations in formulating functional strategies

Enumerate the organizational dimensions used for implementing strategy Describe business-level strategies, including Porters competitive forces and strategies and partnership strategies

Strategic Implementation

Strategy implementation is a process of activating the strategy It is the process by which strategies and policies are put into action through the development of budgets, programs, and procedures.

Strategy Implementation
Building

resource capabilities & structuring the organisation Budgets, policies, best practices, support systems & rewards Culture, ethics & leadership

The Strategic Management Process

Scan External Environment: National Global

Identify Strategic Factors: Opportunities Threat

Evaluate Current: Mission Goals Strategies

SWOT

Define New: Mission Goals Grand Strategy

Formulate Strategy: Corporate Business Functional

Implement Strategy via Changes in: Leadership / Culture Structure Human Resources Information and Control System

Scan Internal Environment: CoreCompetene Synergy Value Creation

Identify Strategic Factors: Strengths Weaknesses

The Big 8 Components of Implementation.

Exercise the strategic leadership needed to drive implementation forward.

Build an organization with the competencies, capabilities, and resource strengths needed for successful strategy execution.

Allocating ample resources to strategy-critical activities.

Shaping the work environment and corporate culture to fit the strategy

Tying rewards and incentives to the achievement of key strategic targets.

The Strategy Implementers Action Agenda what to do now vs. later? What requires much time and personal attention? What can be delegated to others.

Establish strategy-supportive policies.

Instituting best practices and pushing for continuous improvement.

Installing information, operating and operating systems that enable company personnel to better carry out their strategic roles proficiently.

Tools for Putting Strategy into Action

Environment Organization

LEADERSHIP
Use persuasion Motivate employees Shape culture/values

STRUCTURAL DESIGN
Design organization chart Create teams Determine centralization Arrange facilities, task design

HUMAN RESOURCES
Recruit/select employees Manage transfers/promotions/training Direct layoffs/recalls
Performance

Strategy

INFORMATION AND CONTROL SYSTEMS

Revise pay, reward system Change budget allocations Implement information systems Apply rules and procedures

Conclusion

Strategic planning for project management is the development of a standard methodology for project management, a methodology that can be used over and over again, and that will produce a high likelihood of achieving the projects objectives. Although strategic planning for the methodology and execution of the methodology does not guarantee profits or success, it does improve the chances of success.
One primary advantage of developing an implementation methodology is that it provides the organization with a consistency of action. As the number of interrelated functional units in organizations has increased, so have the benefits from the integrating direction afforded by the project management implementation process. Methodologies do not have to be complex. As you can see in the figure below, the methodology begins with a project definition process, which is broken down into a technical baseline, a functional or management baseline, and a financial baseline.