Is your organisation successfully delivering strategic change initiatives? With over 44% of strategic initiatives failing to be successful (Economist 2018), chances are high that without intervention, your organisation is going to fail at one or more strategic initiatives. Even more worrying is that even when successful, many initiatives don’t deliver the maximum possible value to their organisations.
These kinds of results are understandable but not inevitable. The capabilities required to deliver real business change are different to those needed for ongoing operations. There are however known interventions that can improve the chances of success. Capabilities in strategic change can be brought in externally as needed; executives can involve themselves in the governance and leadership of key initiatives; and benefits management practices can be embedded to ensure a focus on value creation throughout the delivery cycle.
Thinking about your Strategic Initiatives, ask yourself the following questions to see if you’re setup for success:
- Is there absolute clarity on the roles & responsibilities for your initiative(s)?
- Are there clearly defined measures of success as well as a plan for how they will be realised?
- Do you know who will measure the benefits and how they will be reported?
- Do benefit owners sign up to accountability for when and how benefits will be realised?
- Are initiative sponsors clearly signed up about their accountabilities for delivering successfully?
- Do your strategic initiatives have the right sponsors, and do they have both the capability and the capacity required to be effective?
- Is there adequate organisational capacity to do the required activities in the timeframes needed?
- Are the required capabilities available to deliver the initiative’s activities?
- Do the strategic initiatives have a resource management plan in place?
- Is the organisation tracking the time spent on initiatives and reporting this information?
- Are resource management plans in place and kept updated to ensure that resource allocation trade-offs can be made between initiatives?
If after reading through these questions you sense gaps in your approach, make a time to speak with us.
Intuity Consulting is a specialist Strategy Execution firm with a focus on Post M&A Integration / Separation, Strategic Program Delivery, and Initiative Remediation / Recovery.