Challenges in Strategic Planning and Implementation
Discuss about the Spirituality and Organizational Performance.
International and banking organizations face several challenges, given their global statuses, which often require that they make essential strategies to drive their operations. This makes the strategy formulation part of their o0peration the most difficult because they deal with money (Babiak & Trendafilova, 2011). One major issue here is, hence, finding a skilled and qualified strategic planner. The effect of this on strategic management is that bank, and financial institution managers must always incorporate the opinions and contributions of the leaders in other departments to create a large pool of knowledge (Beske, Land & Seuring, 2014).
The implantation process may also be plagued with different issues, one being that everyone who is to take part in implanting the plan must first be duly informed and made well conversant with the plan and its requirements. The problem here is that not everybody will have the necessary expertise required for the implantation to succeed (Bloom & Van Reenen, 2010). Therefore, the manager may have to hire services from outside of the organization, and this may lead to the incurrence of a lot of unplanned costs.
Another issue in the formulation and implementation of strategies is the law. Before banking organizations formulate or implement their strategy, they have to ensure that they are well within the constraints of the legal requirements of the particular environment they are operating in (Bloom et al., 2012). For example, a bank may decide that to increase their lending to improve their competitive advantage, but the government may also require that only a certain maximum amount of money can be lent to an individual at a time. The formulation and implementation in such a case then fail.
As were had been earlier informed, the analysis and assessment phase of important management practice is majorly concerned about the internal and external factors affecting business and how they are developed (Chen & Huang, 2009). We are going to talk about a few of these factors and attempt to find out how they are related to the operations management of a technology organization that is globally known in its present and immediate operating environment.
Capital is one internal factor that is usually of utmost importance to the performance of a business (David, 2011). When a company lacks enough money, it is likely to stall or collapse. The relationship of this with operations management is that it is capital that acquires the necessary equipment and labor that efficiently converts the material into goods and services for maximum profit.
Internal and External Factors in Operational Management
One important external factor is the availability of the market for the company’s products. Companies must always analyze their markets accurately before they can use the information to design how they will manage their operations (Freeman, 2010). In such a case, management practices, for example, management designs that will produce too many goods or services for a small market are avoided.
Other critical external environmental factors affecting operational management are economy, competition and government policy (Goetsch & Davis, 2014). Other internal factors, on the other side, include human resource and the culture of the company.
Strategy formulation calls for the development of a high-level strategy and ensuring that the organization level strategy is duly implemented (Golicic & Smith, 2013). Most of these strategies must always include the operations section of the organization, alongside other segments such as human resource management and sales and marketing department. Global technology organizations must always strive to choose the most suitable course of action and apply them to their operations design because they serve a large population, the global population. Serving a community that large is not easy mainly due to the fact that the spread of technological advancement is not uniform across the world (Green Jr et al., 2012). Therefore, while some practices will be profitable in some countries, the same methods may be futile if applied in another country. This phase of strategic management, therefore, requires that insightful strategic objectives are set followed by much in-depth performance analysis. This will be helpful in making the right choice of strategy (Wheelen & Hunger, 2011). Operations managers are often advised to do thorough research on both internal and external environments of the business before making decisions on the design of strategic policies (Hair et al., 2012).
Successful strategy implementation must always follow a strategy plan, which is a written document that spells out the processes and steps required to reach plan objectives. This is usually accompanied by progress and feedback reports which check to see if the plan is kept on track (Hill, Jones & Schilling, 2014). This already takes care of the planning part of the postulates of operational management. The implementation process also means that the whole activity had been organized well before it is ready to be implemented. The strategic plan maps and identifies the primary requirements that will be used to drive performance. Such conditions include market, finance, operations, people, partners, and work environment (Kim, Kumar & Kumar, 2012). These requirements also need capable leaders to control and coordinate them so that the organization’s objectives are productively realized. This is where the coordination and control part of the operational management comes into play. The person who is responsible for the implementation process, for example, the Chief Executive Officer, must be a visionary personality, with the ability to engage every single person in the organization in implementing the strategy (Lin, 2013). In fact, employee morale is usually boosted when everybody is included in the implementation of a development plan.
The Role of Global Technology Organizations
The performance of a strategy under implementation must always be checked against the organizational objectives to ascertain of the plan is delivering as it was expected to (Mol & Birkinshaw, 2009). This helps to identify flaws and limitations that the plan might be suffering to employ the most appropriate corrective measures. Concerning operational planning, this is what is referred to as “control.” The essence of performing a strategy evaluation is to determine the effectiveness of that particular strategy in achieving the objectives of the organization (Pfeffer, 2014). The evaluation process can take several different approaches, but the most obvious and common one is finding out from the customers if they are satisfied with the product that the business is offering. For a global technological organization, however, the process may be a little difficult considering the fact that the customers cannot probably be reached physically (Sadikoglu & Zehir, 2010). The most common method, recently, has been to develop pop up messages that prompt the user to answer if they have been pleased by the service that particular technology is offering.
Evaluation of performance can also be done by looking at the profit brought by the use of and implementation of a specific strategic (Schermerhorn et al., 2014). This also implies that evaluation can only be done after a certain period after the commencement of the implementation process. At this point, the services of financial and market analysts always come in handy (Storbacka, 2011).
References
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Beske, P., Land, A., & Seuring, S. (2014). Sustainable supply chain management practices and dynamic capabilities in the food industry: A critical analysis of the literature. International Journal of Production Economics, 152, 131-143.
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David, F. R. (2011). Strategic management: Concepts and cases. Peaeson/Prentice Hall.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
Goetsch, D. L., & Davis, S. B. (2014). Quality management for organizational excellence. Upper Saddle River, NJ: pearson.
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Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.
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Schermerhorn, J., Davidson, P., Poole, D., Woods, P., Simon, A., & McBarron, E. (2014). Management: Foundations and Applications (2nd Asia-Pacific Edition). John Wiley & Sons.
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Wheelen, T. L., & Hunger, J. D. (2011). Concepts in strategic management and business policy. Pearson Education India.
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