In today’s ever-evolving business world, market leadership is precarious, plagued mostly by inept strategies that fail to navigate disruptive paradigms. Studies suggest that 90% of companies fail to execute strategy, and only 25% of managers have incentives linked to strategy. Even worse, most executive teams (85%) spend less than an hour per month discussing strategy, and 60% of the organisations don’t link their budgets to strategy. Combined with global disruptions like the COVID-19 pandemic, a lack of strategic competency can prove disastrous for organisations. Amidst such uncertain times, it benefits organisations to engage in strategic planning to stay ahead of the curve and for leaders to specialise in the formulation and execution of strategy.
Here are the four major reasons why engaging in strategic management during times of global disruption can help firms:
- Anticipate changing conditions in time
- Provide clear objectives and direction for employers
- Diagnose business environment threats
- Strategically glean better financial benefits
Anticipate changing conditions in time
As rapid technological advancements and global disruptions become the norm, organisations are likely to face unprecedented instability and enormous challenges. The only survival kit that businesses can bank upon in these challenging times is to formulate, adopt, and execute effective strategies. Advanced and efficient strategies help organisations enable 360° value creation — from developing AI and deep industry expertise to building resilient operating models and hyper adaptive supply chains.
Take, for instance, Tesla, Inc.’s strategy to completely control their supply chain by investing in factories that make batteries, allowing them to remove the biggest bottleneck to their electric car production (shortage of batteries) through premeditated strategic intervention.
Provide clear objectives and direction for employers
Strategic management offers employers clear direction by allowing them to create measurable targets on how success will be assessed. It also provides an objective outlook for decision-makers to view situations as they arise. By leveraging robust strategic management frameworks for decision-making like SWOT analysis, employers can accomplish organisational goals efficiently. Furthermore, strategic management can bring together all pieces of an organisation to help align everyone around shared business outcomes.
Diagnose business environment threats
Strategic management allows firms to identify business environment threats and determine their relative significance. Through strategic business environment scanning, organisations can adapt to changes and their implications.
The process of business environment scanning begins with the observation of an organisation’s events and trends and mapping them to different sections of the environment. Adopting such a strategic approach allows organisations to identify threats and opportunities in the environment and take appropriate action.
Strategically glean better financial benefits
Firms that engage in strategic management are often more profitable and successful in comparison to those that do not adopt strategic planning and management. This is because when firms engage in future-oriented planning and careful evaluation of their priorities, they are better able to anticipate and navigate tectonic shifts in the business landscape. High-performing firms make more informed decisions as they consider both the short-term and long-term consequences and adjust their strategies accordingly.
Developing Problem-solving Acumen with A Strategic Management Programme
As the world steps towards the new era of innovation and technology, the demand for skilled strategists will rise exponentially. However, several studies have revealed that businesses suffer from a shortage of skilled talent in the strategy domain. For instance, fewer than 10% of leaders exhibit strategic skills, while 61% of executives say they are unable to meet strategic challenges in leadership roles.
Acquiring the right strategic management skills is essential for decision-makers to get equipped with the latest tools and techniques to anticipate change and adapt accordingly. Upskilling in strategic management is a step in the right direction for leaders aiming for organisational transformation amidst global disruptions.
One of the most prominent ways for leaders to develop strategic competencies is by pursuing specialisation through a postgraduate executive education programme in Strategic Management. Take the example of IIM Tiruchirappalli’s Post Graduate Certificate Programme in Strategic Management (PGCSM), which is one of the most sought-after programmes in Strategic Management in India. Ranked 15th by NIRF 2020, IIM Tiruchirappalli has emerged as the leader in executive management education in India. PGCSM leverages a dynamic and immersive pedagogy that involves case discussions, live lectures, simulations, design thinking workshops, and capstone project presentations.
The programme enables leaders to spearhead the formulation and execution of strategy at their organisations and build resilience in their businesses. Programmes like PGCSM are gaining momentum among aspiring strategists because they provide long-term value in the form of better academic pedigree, job opportunities, higher designations, networking benefits, and lucrative salary increments.
Conclusion
Most professionals who are at the crossroads of their career trajectory are faced with making decisions whose effects will determine their long-term growth. Therefore, it helps to navigate the upcoming change by zooming out to see what efforts and rigour are needed to better one’s career arc. Upskilling endeavours require short-term commitments but provide long-term benefits that can pave the way for improved career outcomes and leadership opportunities.
For aspiring strategy leaders, developing core competencies in strategic management and planning can be a career-transforming decision. It’s especially true in the post-pandemic world in which strategic skills of the past have become nearly obsolete.
To know more: https://timestsw.com/course/iim-tiruchirapalli-post-graduate-certificate-in-strategic-management/
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It means recording the general principles of management in the company's administrative resources.Strategic Management talks about how and where money should be invested and income management.
It can be described as the topic that helps you in the management and minting of money and also details how administrative and financial matters should be conducted in personal, corporate and public finances.
Students, who are looking for a related management or academic credential, run into a lot and a lot of tiredness about this topic.
:The purpose of strategic management is mainly related to the creation and design of effective strategies.Another purpose of strategic management is to maintain parity with the internal and external environment.Strategic management aims to develop the core competence for the organization.It helps the organization develop a competitive advantage.It helps the organization develop and strengthen marketing plans.It allows the organization to form sustainable developmentAllows the organization to make strategic decisions and achieve market synergyStrategic management helps create value for customers.Strategic management helps the business become dynamic and achieve high profitsCurrent Demand Of Strategic Management And Scope Of Strategic Management Assignment HelpThe area of management is rationally very big and has grown and will grow for another billion years.
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Learn about the benefits of Dual Supply Chain Management strategy enabled by the co-existence of traditional and additive manufacturing in supply chain.
