George would like to thank Scot MacGillvray from Palladium Group, Inc. for his helpful input to this column.Most organizations have not developed a robust strategy execution capability. According to Fortune magazine, less than 10 percent of strategies effectively formulated are effectively executed. The inverse implies that 90 percent of companies are missing a significant opportunity to create competitive advantage.1 Our firm's research indicates that organizations with a formal strategy execution process are dramatically outperforming organizations without such a process at a ratio of greater than two to one.2 So, the opportunity is clear. The question is, what methods are at our disposal for taking advantage of this opportunity?
In my September DM Review column, I talked about an overall model for managing strategy execution, and I highlighted key process management as a critical link between strategy and operations. Subsequently, I demonstrated how a strategy map can be used as a tool for mapping key processes to strategic objectives. In this month's column, I will provide insight into the important next steps of modeling the core drivers of your key processes and moving your organization to enact the change to more effectively execute its strategy.
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