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For a growing number of businesses, transformation might also involve a foray into the Internet of Things IoT. This includes linking potentially thousands of objects and gathering voluminous data that can provide new business insights, such as learning how customers are using household products or how well factory systems are performing. Although strategic planning is a basic business concept at the heart of what organizations do to compete, many are struggling to make it work.
Research firm Gartner Inc. The problem is, the results often fail to meet expectations. Something is clearly wrong if planning teams are spending so much time spinning their wheels rather than actually helping the organization to move forward and be more innovative. Strategic planning in and of itself does not guarantee success. One of the first things an organization needs to do is set goals to be achieved through the strategic planning effort.
Regardless of how the planning gets done, if there is no clear, consistent understanding of the company objectives and problems the organization is facing, how can the planning process provide viable solutions?
As the Gartner report noted, many executives lack a coherent roadmap for creating their strategic plan. An organization might be facing any number of challenges or problems that need to be addressed. For example:. Once an organization has a complete understanding of what problems it needs to solve and what it is hoping to achieve, it can develop or revise its strategic plan.
Perhaps the worst thing a company can do is limit the strategic planning team to a few high-level executives meeting in a conference room with no real input from outside this exclusive group.
Planning based on the overall objectives of the organization must start from the top. Other executives, managers, and experts from different parts of the organization should be involved as well, however. The team could also include leaders from IT, human resources, and general managers from key lines of business.
It is important to also have input from outside the organization. For example, key business partners, business consultants, and lighthouse customers can weigh in on the strategic plan, if not be directly involved in the actual planning. To that end, frequent collaboration and communication should be encouraged. That way the team is more likely to cover lots of ground and be comprehensive in forging a plan that will achieve broad results. Gartner suggests providing managers with a checklist to help them effectively convey key messages about functional strategy to employees.
Aside from strategic planning, there are many other types of planning, and each of these could come into play at different times at a large enterprise or even a smaller organization. One type of planning tied most closely to strategy planning is outcome planning and roadmapping. The roadmap also looks at the important marketing points including the go-to-market plan, the timelines for deliverables and the resources allocated.
It will also look at the pricing structure, details of target markets to include in the go-to-market plan and the unique selling points of the product. The strategy is slightly more top level than that. The roadmap is the next step down into the details. More plans and paperwork? Each of these has a different use and in large organisations, each team will do things differently, and require different sets of plans and tactics. In some cases, the Product Plan may be your Product Strategy.
The plan will take different shapes and sizes, but it will allow you to cover all your bases. Whether you are using all three of these, or just one or two, they all have their own agenda and their own purpose within the product lifecycle.
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