A well-executed IT strategy provides alignment, focus, and measurability. It is the key to navigating the IT Value Journey. This series of articles describes how to develop and execute your IT strategy.
Strategy without execution is just a dream.
Execution without strategy is a nightmare.
Strategy Management refers to the marriage of strategy and execution.
This article, and several that will follow, explores the tools and techniques for highly effective IT Strategy Management. This topic is a natural follow-up to our series on the IT Value Journey and will help you accelerate your journey.
Why is Strategy Management so Important?
According to Harvard Business Review, companies on average will deliver less than two thirds of the financial results that their strategies promise. Worse yet, Forbes estimated that approximately 84% of digital transformations fail.
To help explain these dismal results, Bain Consulting once reported that most companies that have a strategy, have no coherent approach to execute their strategy.
In the end, great execution of a mediocre strategy is far better than poor execution of a great strategy. That applies to your corporate strategy, IT strategy, or any other.
We will focus on IT strategy and elements that are specific to the IT Value Journey.
I should point out that, in the past 20+ years, I have used, and continuously refined, these tools and techniques to facilitate numerous IT turnarounds and digital transformations. I have seen IT organizations go from “keep the lights on” to becoming strategic weapons in as little as 18 months. This stuff works!
We previously explained the three states along the IT Value Journey:
- Maintain – keep the lights on without delivering measurable business value
- Enhance – support the business with timely enhancements to systems and infrastructure
- Transform – drive significant new business opportunities
Our IT Strategy Management Plan will map the journey from Maintain to Enhance to Transform, with an emphasis on measurability, transparency, and continuous improvement, following our proprietary eight-step process:
- Five Filters
- Strategic Objectives
- Measurable Goals
- Action Plans
- Resourcing Plan
- Performance Plans
- Program Management
We will explain each of these steps in detail in the coming weeks. Of course, as always, if you want to know more, or just can’t wait, email Emily at Emily@WolffStrategy.com and she’ll be happy to schedule a call with me.
Larry Wolff is the founder & CEO of Wolff Strategy Partners, a boutique consulting firm specializing in Enterprise Strategy Management and Digital Transformation. Larry has served as CEO, COO, CIO, chief digital officer, and management consultant for public, private, international and emerging growth companies. His specialties include corporate and IT strategic planning, technology led business transformation, business and IT turnarounds, merger integration and large-scale project rescues.