According to the survey conducted by Harvard Business Review discovered that only 20% of companies accomplish 80% or more of their strategic goals. Therefore, improving the success rate of the strategy execution process has emerged as the biggest challenge for organizations wishes to achieve its goal.
In this blog we are going to talk about how strategy management software is the key player in achieving the organizational strategy:
1. What is strategy management
Strategy management is a subset of the field of Management. It involves setting Goals for the organization in line with the Vision, Mission, and Value statements. Many companies translate these Goals in a set of Objectives and Key Performance Indicators (KPIs) and over several periods. These objectives and KPIs are measured against pre-set targets to evaluate performance of the organization as-whole as well as different departments, Business Units and even individual Employees.
2. How can a software improve an organization’s strategy?
Keeping track of these objectives and KPIs can be exhausting once your strategy becomes more sophisticated; storing every KPI in excel can work fine for a young startup or when a company’s strategy is in infancy stage however, it introduces chances of errors once it outgrows the excel sheets. This is where a Strategy Management Software can help. Unlike Excel, a good Strategy Management will be tailored specifically for managing Objectives and KPIs as well as Perspectives and Strategy Maps catering to different methodologies like the Balanced Scorecard by Balanced Scorecard Institute. It will also sometimes have Data Visualization capabilities like Dashboard features, Charts Reports etc.
What does a strategy management software do?
A. Automation of scorecards
A good strategy management software will allow you to build your strategy from the start and in an easier way – manual and using standard software-generated template. This means you have to create each Perspective, Objectives and Measures individually; Or you can use a simple tool like Excel to put your strategy in a given format and then upload it in the System.
B. Automation of Actual values / results
Updating your KPI values doesn’t have to be manual; a good software will allow you to integrate your system with your databases like Oracle, DB2, MySQL, SQL Server, S4 HANA etc. This reduces time taken for KPI Value update, rechecking those values, as well as chances of human error.
C. Automation of workflow approval
Data validation and rechecking can be necessary for your organization, but it doesn’t have to be tedious and manual. It could be done within the software universe. So for e-g. A HR Executive uploads the KPI values but it won’t be reflected in your strategy unless a Strategy Manager approves of the value. They can choose to approve the values as they are rechecked. Or the strategy manager can disapprove the Value because it might have been incorrect, or it was worse than the pre-set target performance specified for that Department or the individual.
D. Data manipulation and visualization:
A strategy software will allow to put your data into a visual format that helps inform analysis and interpretation. Data visuals are also used to communicate the results to meet key upper management needs. Multiple visuals needed to understand the larger change process and inform data users. Common data visual formats include: Dashboards, line charts, pie charts, Bar charts, Area charts, and a lot more.
3. Spider Impact® by Spider Strategies is the solution to manage your strategy
An effective and user-friendly strategy management software is important for Management who want to ensure more strategic decision-making and implement the strategy in the easiest way and adapt by focusing both employees and initiatives on achieving strategic outcomes. Spider Impact® by Spider Strategieshelps you succeed, regardless of how frequently or dramatically market conditions change.
Whereas, spider Impact is the only software recommended by the Balanced Scorecard Institute. And one-stop solution for all of your Strategy management performance reporting needs.
4. How the above 4 features are catered for in Spider Impact® by Spider Strategies
A. Automation of creation of scorecard:
Spider Impact allows you to automate your Balanced Scorecard/ KPIs, You can import scorecard items using data from an Excel spreadsheet, Google Sheets, or a CSV file.
B. Automation of value updates:
Spider Impact allows you to export measure value file, go to your scorecard and then ” send to” option, then you can create an Excel file in the same format that Spider impact use to import measure values. You can open it in an app like Excel to create an import file that:
• Edits your existing measure values
• Updates your measures with new values.
C. Automation of workflow approval:
KPIs that have owners will go into an approval queue. KPI owners will receive an alert that they have values to approve, and they can visit the Approve KPIs screen in the Home section to do this.
D. Data manipulation and visualization:
Spider Impact has great-looking charts and infographics to visualize every type of data, from high-level strategy to low-level operational data. You can choose to create analytical charts or diagram charts that you are great for visualizing processes, relationships, or percentages. Spider Impact has an inbuilt predictive analysis feature that tries out several algorithms and chooses the best fit to show predictions based on historical values. If you prefer to choose the algorithms yourself, you can definitely do that. you can turn the forecasting on in the charts, Spider Impact will show predictions based on historical values.
E. Some of our success stories
Spider Impact® by Spider Strategiessimplifies strategy planning, execution, and management. It helps you continuously improve your business performance in the face of erratic market conditions.
Spider Impact helped its customers improve their Strategy Management, Notable success stories of Spider Impact are:
Abdul Latif Jameel Enterprises:
One clear benefit of the implementation is time savings. According to Mr. Nizous, “Time that used to be spent manually entering data into Spreadsheets and PowerPoints are now spent on analysis and decision-making.” ALJE’s meetings require a lot of information sharing and collaboration to occur within a brief timeframe, with Spider Impact, they are able to cover all important points visually with dynamic dashboards and strategy maps. Now they can view historical data and year-over-year performance data with the click of a button.
After just five months of use, Spider Impact enabled DeemaH to shift its focus, gradually, to the root causes of why targets are not achieved (root cause analysis) and—more importantly—the action plan for the next month in regard to red trending KPIs.
According to Mr. Rasheed, for the first time in Deemah’s history, monthly KPI review meetings are held with each department and the Top management is present in each meeting. Plus, The Monthly KPI review meetings are becoming more productive for achieving targets, which will help us to shift our focus from lagging KPIs to leading KPIs in the future.
University of Sharjah:
With Spider Impact® by Spider Strategies® in place, UOS has been able to align, focus, and prioritize the University’s strategic direction. Performance has improved across UOS. The University has gained clarity around employee accountabilities for achieving successful strategy execution. What’s more, Spider Impact’s robust data governance features ensure that only the right people have edit access to performance strategy, targets, and reporting. The University of Sharjah’s November 2021 Leadership Forum was run entirely in Spider Impact using the briefings capability. Briefings are collections of Spider Impact performance visualizations. They’re a lot like PowerPoint, except all the slides are interactive, and they show the latest data automatically–with drill-down capabilities. Rather than spending countless hours preparing for each meeting, UOS users can quickly assemble briefings directly in Spider Impact. Plus, Spider Impact provides easy access to all related files and web links during the meetings, so meeting participants never have to search across other systems. UOS users can dive into detail with a click and return to their high-level briefing with a click, facilitating more interactive and productive discussions.
5. How can you try Spider Impact for your organization?
You can try Spider Impact for your organization simply by contacting Crystal Consulting Group(CCG) the International Management consulting firm, Spider Strategies UAE Partner. CCG provides strategy automation services in the Middle East, and helping customers in implementing their strategies, BSC, and KPIs, Schedule a demo to know more about Spider Impact.
Need more information about world renown Strategy management software – Spider Impact, we are just a call away;
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