Managing Strategic Initiatives for Effective Strategy Execution

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1 Managing Strategic Initiatives for Effective Strategy Execution Process 1: Initiative Rationalization A Balanced Scorecard Collaborative White Paper September 2005

2 Introduction The proper management of a special class of initiatives known as strategic initiatives is essential to the execution of strategy, yet problems associated with implementing strategic initiatives continue to bedevil many organizations. An initiative is a project with a defined time horizon and specific goals. Many important initiatives in an organization are required, either for legal and regulatory compliance or to maintain current operational capabilities. Others involve operational or cost of doing business projects for example, maintenance or physical replacement projects that do not address specific strategic performance gaps. By contrast, a strategic initiative is a discretionary project designed to close a strategic performance gap. These initiatives are significant because their goal is to achieve performance improvements that cannot occur through continuous operational refinement or improvement. (See Figure 1.) Figure 1. Performance Current Target Strategic Gap Operational Improvements Total Performance Gap The total performance gap is the difference between the total performance for the organization at the strategic destination and the current performance. Strategic initiatives close the gap that is beyond the reach of incremental or continuous improvement efforts. Although strategic initiatives often represent no more than 10% of an organization s total expenses, they account for the only resources dedicated to the closure of strategic performance gaps. Because of their discretionary nature and direct impact on strategic success, they present unique management and implementation challenges. Managing Strategic Initiatives/Initiative Rationalization Page 2

3 Barriers to Effective Initiative Management Traditional project management techniques often don t work for strategic initiatives, and instead create or increase barriers to implementation. These barriers fall into three categories: (1) selection and alignment barriers; (2) planning and coordination barriers; and (3) strategic benefits realization barriers. 1. Initiative Selection and Alignment Barriers Traditional project selection and evaluation criteria such as ROI are not linked to an organization s strategy. Strategic success requires not only the achievement of financial goals but also interim improvements in skills, organizations, processes, and relationships that enable financial performance. Each of these objectives needs a corresponding strategic initiative. Selecting the proper portfolio of strategic initiatives, therefore, requires an evaluation of both the financial and nonfinancial benefits of each initiative, and an analysis of how the proposed benefits dovetail with the strategic objectives. The relative importance of specific strategic initiatives can then be measured by their impact on particular performance gaps that have been identified by the organization s strategic measures and targets (see Figure 2). But for this selection and evaluation process to work, both the strategic outcomes and the interim strategic actions must have direct success measures and specific targets. Direct success measures (and their associated targets) are used to indicate whether the initiatives are producing their desired effects. In Figure 2, the customer satisfaction rating is an example of a measure that gauges the effectiveness of an initiative designed to improve customer favorability ratings. The initiative might have been something like a training program that teaches call center employees to begin each call with a cheerful greeting and end the call by asking whether the customer has any other concerns that can be addressed today. Managing Strategic Initiatives/Initiative Rationalization Page 3

4 Figure 2. Specific measures and targets are necessary to quantify the performance gaps in the strategy and evaluate the impact of specific initiative alternatives. Even when organizations can implement their chosen strategic initiatives, they cannot ultimately be successful unless the initiatives are properly aligned to the strategy. The major barrier to such alignment lies in the limited functional view of the strategy that organizations adopt when they prioritize their resources. Many organizations, for example, assign strategic resource pools to individual units or functions, which then select their investments based on independent growth or revenue goals. When initiative funding is allocated in this manner, there is no guarantee that it will be commensurate with the need (i.e., that it will be adequate, given the strategic difficulty of meeting the goals) or with the value each unit s growth will contribute to the enterprise strategy over the longer term. To avoid either problem, strategic resources must be prioritized in the context of the overall strategy. In other words, at whatever level the strategy is managed enterprise or strategic business unit strategic initiatives must be selected and aligned at that same level to ensure that strategic resources are properly allocated to priorities. 2. Initiative Planning and Coordination Barriers To implement a new strategy or to sharpen the focus of an existing one, a new portfolio of strategic initiatives must often be identified. The strategic objectives that represent the interim actions and resulting outcomes of such a portfolio must be specifically linked in cause-and-effect relationships. Without these direct causal relationships, the strategic initiatives in the portfolio may lead to the achievement of individual performance goals, but it is unlikely that they will combine to produce the intended strategic outcomes. Certain bundles of initiatives need to be planned in concert with each other. Take, for example, a strategy that calls for quality improvements in manufacturing processes to enable product sales to new markets, which will then result in higher Managing Strategic Initiatives/Initiative Rationalization Page 4

5 average prices and increased profit margins. If the strategic goals are defined independently for each of these objectives, instead of in relation to the intended ultimate strategic outcomes, the organization could easily end up adopting Six Sigma initiatives that increase quality beyond market requirements, resulting in costs that cannot be recovered through sales. Major changes in the production processes for defect control could push the company to acquire new equipment and create different job steps. If these changes are happening concurrently with an employee training program focused on cross-training and TQM, they could actually cause productivity to decrease, as workers struggle to integrate multiple new requirements. A major marketing rollout begun at the same time could destroy customer confidence in the brand and result in long-term revenue growth problem. Another typical example of poor linkage among strategic objectives would be a series of initiatives that separately focus on technology, organizational, and process changes for related operational improvements. Unless the implementation of technology is synchronized and substantively aligned with the changes in training, personnel, and the process changes, the overall benefits that the organization hopes to achieve from these initiatives will never materialize. For example, if you are planning to introduce a new call center technology that brings up the notes from the last 10 calls a customer has made, you would want to train the staff in some logical way to review this material and to conduct a diagnosis to assess whether the caller s issues are being adequately addressed. You would also need to modify the incentive structure to encourage call center employees to stay on the phone longer to leverage these new capabilities. If you don t attend to all of the related organizational and process considerations, the investment in the new technology may not yield the intended benefits. To ensure that both the individual and the overall benefits of the initiatives will be realized, strategic goals and targets must be defined in a way that makes both the causal linkages and the tradeoffs between, say, costs and revenue growth, or innovative design and manufacturing abundantly clear. The direct relationship between these integrated goals and targets and the strategic initiatives must be spelled out. And the initiatives should be grouped into logical bundles or portfolios, so managers can integrate their planning and implementation. 3. Strategic Benefits Realization Barriers Clearly, the success of a strategic initiative is ultimately measured by the realization of strategic benefits. For a strategic initiative to produce its intended benefits, its discretionary, strategic nature and relationship to the other initiatives in the portfolio must never be overlooked. All too often, however, strategic initiatives fail to deliver because executives assume that they can be combined with operational initiatives and other routine projects and managed under a single process. Managing Strategic Initiatives/Initiative Rationalization Page 5

6 Resource conflicts or shortages highlight the folly of such an approach. When strategic initiatives and ongoing operational initiatives are managed together, and resources are tight, operational initiatives will always take precedence over strategic initiatives by definition, since they are required. The strategic performance gaps that can be closed only through strategic initiatives will remain unaddressed. Having a separate management process for strategic initiatives makes it easier to evaluate them on their own merits. It also helps ensure that the complexities associated with strategic initiatives are given their due. A separate process allows more time to analyze any necessary adjustments to scheduling or resource allocation among the portfolio of strategic initiatives, which also helps minimize the chance of conflicts among them. In many ways, strategic initiatives should be managed differently than day-to-day operations. But like day-to-day operations, they are best managed when responsibility for each individual initiative is assigned to a different executive. When one person is accountable for one strategic initiative and its associated objectives, he or she is better able to develop a comprehensive understanding of all the associated implementation issues. This makes for better reporting to the leadership team and increases the likelihood that the strategic benefits will be achieved. Necessary Conditions for Success In discussing the barriers to the effective management of strategic initiatives, we ve touched on a handful of success factors. So critical are these factors that we recapitulate and elaborate on them here. A. Selection criteria must be linked to strategy using financial and nonfinancial criteria Selection criteria used to evaluate strategic initiatives to determine their priority and funding needs must be directly linked to the strategy and the specific performance gaps. The balanced scorecard can be used to identify performance gaps that must be closed in order for the strategic objectives to be achieved. For example, the gap between current performance levels and measurement targets shows how much improvement is expected to be achieved during a particular time period. These performance gaps in both financial and nonfinancial measures can be closed by introducing specific strategic initiatives. Once you know what the gaps are, you can develop selection criteria to identify the right combination of initiatives that will close these gaps. Selection criteria can also help identify the correct sequence of funding and implementing these initiatives. Initiatives designed to improve skills, knowledge, or other indirectly financial objectives can be thus be objectively and fairly evaluated against initiatives with direct financial benefits. A relative scoring model reflecting strategic priorities helps eliminate the traditional bias toward initiatives with a fast financial payback or a high Managing Strategic Initiatives/Initiative Rationalization Page 6

7 ROI; initiatives that represent interim steps toward longer-term goals are thus less likely to be dismissed out of hand. The scoring model must reflect the unique combination of market value and process priorities identified in the strategic goals of the organization. It should also take into account the benefits, risks, and likely outcomes of implementation associated with each strategic initiative. B. A cross-functional approach to initiative alignment (e.g., theme portfolios) is essential Initiatives must be evaluated and ranked based on the overall strategy, rather than on the priorities of individual functional or organizational units. To make optimal investment choices, organizations must evaluate initiatives and assign strategic resources at the same level at which accountability for strategy management occurs. For each strategic theme each group of related objectives with carefully defined overall goals that functions as an individual unit of the strategy resources are allocated in proportion to the expected benefits. The desired outcomes of each theme are thus the key determining factors of the initiatives that will comprise the portfolio, regardless of which organization or function will be expending the resources. C. Target setting must be inked to cause-and-effect relationships (e.g., strategy maps) and identify clear performance gaps Strategic initiatives are considered sufficient for execution when their aggregate benefits equal the total strategic gap for all the objectives. In other words, the goal is to devise a method of justifying funding based on the estimated benefits that the strategic initiatives, if completed successfully, will deliver. So, strategic initiatives must first be planned and measured against specific and quantified performance gaps, which are created by assigning direct and measurable targets to discrete strategic objectives. However, in reality, such a tidy equation is not necessarily easy to achieve. It is difficult to estimate the ultimate financial benefits of an initiative introduced midway in a value chain. Using our call center example, suppose you have introduced a new technology in the call center. You ve trained and incentivized the staff to use the new technology appropriately. They succeeded in boosting customer satisfaction to a 90% totally satisfied level. It cost $1 million to implement the initiative, and your company achieved its target of 90%. But did the initiative yield new customer sales in excess of the $1 million cost? It will take additional customer life cycle analysis to answer this question. D. Initiatives should be bundled into groups to support the strategy (e.g., integrated HR, IT, and process improvements) Strategy execution relies upon the achievement of multiple, causally related objectives; for example, the acquisition of skills and knowledge enables process Managing Strategic Initiatives/Initiative Rationalization Page 7

8 execution, which delivers value to customers, resulting in financial gain. The strategic initiatives related to these objectives will also be causally linked. When planning and managing linked strategic objectives, which often grouped as a strategic theme, executives must, therefore, focus on the coordinated implementation of the initiative portfolio. Any break in this chain will compromise the expected benefits of the overall portfolio even if other initiatives in the portfolio are completed successfully. E. A separate process for managing strategic initiatives is critical one that is distinct from the process used to oversee operational initiatives and activities The discretionary nature of strategic initiatives makes them inherently different from operational initiatives. Whereas operational initiatives involving maintenance, equipment replacement, and regulatory requirements are a necessary cost of ongoing operations, strategic initiatives are executed by choice for the purpose of closing specific strategic performance gaps. When either the funding or prioritization processes for operational and strategic initiatives are combined, operational projects tends to draw disproportionate resources and attention. Consequently, strategic initiatives must be managed separately to allow them to be effectively evaluated, funded, and prioritized. The implementation complexity that arises from the interrelationships among strategic initiatives only compounds the need for a distinct and more robust process for managing them. F. Direct executive-team accountability is vital Successful strategy execution requires that executives be directly accountable for and manage specific strategic objectives and themes. Because strategic initiatives are so vital to successful strategy execution, a different executive should be responsible for each initiative. Individual accountability allows each executive to guide the implementation of the initiative, represent the broader team in key decisions, and take responsibility for achieving the benefits. Ideally, the same executive should manage the execution of both the strategic objective or theme and all related initiatives. Moreover, by using strategic themes as the units of accountability, the cause-and-effect relationships among objectives can be matched with the portfolio of initiatives that reflects those relationships. Effective leadership teams those that collaborate and cooperate allow the individual accountability for strategic themes to cross-organizational and responsibility boundaries. When these six conditions are in place, the processes that make up strategic initiative management can function smoothly. The Three Core Initiative Processes A complete strategic initiative management system consists of three processes that are undertaken at different times to identify, plan, and implement a strategically sufficient initiative portfolio: Managing Strategic Initiatives/Initiative Rationalization Page 8

9 I. Initiative Rationalization: the process of streamlining the current portfolio of initiatives into a more focused portfolio that is directly aligned to specific strategic performance gaps. II. III. Initiative Planning: the periodic process of closing a series of performance gaps for a strategy or strategic theme by linking an initiative portfolio to a consolidated resource and implementation plan. Initiative Management: the ongoing process of monitoring the progress of all the initiatives in the portfolio, assessing their continued relevance in light of strategic changes and evolving conditions; and of evaluating new initiatives designed to improve the portfolio s ability to deliver the desired outcomes. Together, these mutually reinforcing processes enable an organization to keep its strategic initiatives in continuous alignment and to implement them in a coordinated fashion. The remainder of this paper describes the appropriate use and necessary components of Initiative Rationalization, the first of these three processes. Managing Strategic Initiatives/Initiative Rationalization Page 9

10 Initiative Rationalization Initiative rationalization is the process used to address the problem of too many initiatives whose strategic value is unclear. Essentially, this process reduces the number of strategic initiatives and focuses resources on those with the greatest alignment and strategic value. Case Example: Brazilian Petrochemical Company A major petrochemical company located in Brazil began its initiative rationalization effort by communicating a clear definition for strategic initiatives. To be eligible, actions or projects would have to produce results in excess of the forecasted current performance (which was constantly rising, due to an ongoing program of continuous improvement). The organization then developed a scoring model to determine the relative priority for executing all current initiatives. The model identified three factors and assigned them the following weights: strategic relevance (50%), risk versus benefit (25%), and sustainability (25%) (see Figure 3). Each of the factors was calculated using detailed criteria unique to the company s strategy and then normalized by the evaluating team. Figure 3. The scoring model for the petrochemical company assigned a 50% weighting to detailed strategic alignment, with possible adjustments for risk/benefit balance (25%) and sustainability benefits (25%). Next, the company assigned each initiative a separate score based on the projected time to realize benefits (short-to-long term), with short-term results winning higher scores. A matrix diagram of the initiatives that showed both scores allowed senior managers to easily identify those initiatives with high execution priority and fast results (see Figure 4, upper left-hand boxes). These received priority when it came to scheduling and allocating resources. The company eliminated nearly half its existing Managing Strategic Initiatives/Initiative Rationalization Page 10

11 initiatives from consideration because they fell in the lower right boxes of Figure 4, which meant that they could not meet a minimum threshold. After further analysis, the company highlighted several additional critical performance gaps, which led to the identification of new strategic initiatives. Even so, the resulting portfolio was both smaller and more focused. Figure 4. The total prioritization model identified the most valuable initiatives by their execution priority (from the prior strategic benefit scoring) and the time needed to achieve results. Initiatives with lower strategic priority and longer realization times were eliminated. Managing Strategic Initiatives/Initiative Rationalization Page 11

12 Process Steps for Strategic Initiative Rationalization Portfolio rationalization involves four principal steps: 1) Define the current initiatives Each initiative in the portfolio should be defined in terms of its overall purpose, implementation requirements, benefits, and risks. A common template, or brief business case, is used to standardize and compare these elements across multiple initiatives. 2) Develop a strategic initiative scoring model The relative value if each initiative is measured using a scoring model that reflects both the financial and nonfinancial benefits of the relevant strategic priority. 3) Rationalize the portfolio by strategic value The strategic scoring model is used to assess the relative value of each initiative. Next, a team of cross-organizational participants normalizes the scores, and then presents a reduced list of initiatives to the leadership team for review and final rationalization. 4) Assess the strategic coverage of the portfolio Once a set of initiatives has been selected, one more step is needed: to see if any gaps remain that are not being addressed by the initiatives that passed muster. If some initiatives didn t make it past the first cut, might there be some performance gaps that aren t being addressed? Moreover, some performance gaps may never have been addressed by the original set of initiatives, so new ones may be necessary. Each step is described in greater detail below. Step 1: Define the Current Initiatives The template or business case should be a concise document that enables executives to easily compare the key benefits of all initiatives and their path to realization. A typical business case addresses the following issues: Purpose: the rationale for the initiative and a description of its impact Resources: the expected cost of implementation and internal labor requirements Implementation scope: the schedule, key tasks or milestones, and the processes and organizations that will be affected by implementation Managing Strategic Initiatives/Initiative Rationalization Page 12

13 Sponsorship: the proposing organization and executive sponsor Strategic alignment: the specific performance gaps that the initiative is designed to close and the strategic objectives associated with the initiative Financial benefits: any direct financial benefits that the initiative is expected to produce, measured in terms of its return on investment (ROI), net present value (NPV), or other standard financial metric. Assumptions: any external strategic conditions that are necessary for the benefits to be realized Risks: anything that might reduce the initiative s benefits or delay its implementation, and the conditions under which the initiative should be halted After the sponsoring organization has filled out the template, with appropriate assistance or review by the finance department or any other support areas, the template goes to the scoring team for evaluation. Step 2: Develop a Strategic Initiative Scoring Model By evaluating initiatives financial and nonfinancial benefits, as well as any corresponding risk factors, the scoring model produces a relative numeric ranking for the strategic value of each. A scoring model for a utility company appears below (see Figure 5). Since one of the company s strategic themes focuses on environmental and social responsibility, the company has given nearly equal weight to the sustainability benefits as it has to the financial benefits. Individual factors are weighted according to their relative importance within the strategic theme. Managing Strategic Initiatives/Initiative Rationalization Page 13

14 Figure 5. An initiative scoring model evaluates the overall benefits and risks of implementation in relation to the strategy. Each factor is assessed using a detailed numerical scoring method. Typical criteria for a scoring template include: Strategic impact: the direct alignment to strategic objectives and performance gaps as measured by the initiative s contribution that is, its ability to close the performance gap. Financial benefits: the direct positive or negative financial benefit of the initiative as measured through the organization s primary financial model (NPV, Economic Value Added [EVA], ROI, earnings per share [EPS], etc.). Cost: all expenses associated with the initiative, including internal resource usage. Risks: factors such as complexity, technology, and assumptions about external conditions, which should be assessed individually and then aggregated into a negative risk score. The risk score effectively reduces an initiative s overall score, but can be adjusted based on mitigation plans included in the business case for the initiative. Additional benefits: including sustainability, community, and other intangible benefits specific to the organization s strategy. Managing Strategic Initiatives/Initiative Rationalization Page 14

15 The scoring factors are assessed using the information in the business case and then standardized and compared against other proposed investments. The positive (benefits) and negative (risk and cost) component scores are added together to produce an overall score. Step 3: Rationalize the Portfolio by Strategic Value Next, the organization should rationalize the initiative portfolio according to the strategic value of each initiative. This involves: applying the scoring model to proposed initiatives normalizing the scores approving the final rationalized strategic initiative portfolio Two teams are essential for these tasks: a cross-functional scoring team and the executive leadership team (see Figure 6). Although the initial initiative scoring can be performed by the sponsoring organization, a cross-functional team of experienced business and support organization representatives should create the final normalized score for each initiative. The team then presents to the leadership team a short list consisting of the highest-scoring strategic initiatives along with the rationale for their selection. Not only does the cross-functional scoring team help minimize political bias, it also provides an additional layer of analysis, which often proves invaluable to the leadership team as it evaluates assumptions and risk factors. Figure 6. The sponsoring organization, support groups, cross-functional scoring team, and the leadership team all play key roles in initiative rationalization. Managing Strategic Initiatives/Initiative Rationalization Page 15

16 Step 4: Assess the Strategic Coverage of the Portfolio Once the leadership team has approved the priority initiatives, it can then assess their strategic sufficiency. A simple matrix of initiatives and objectives can highlight areas where additional initiatives may be needed to address any remaining performance gaps (see Figure 7). Figure 7. The shaded vertical bars represent the remaining performance gaps after the initiative rationalization process at a hypothetical company. Most financial goals don t have direct initiatives, but are achieved through the integrated portfolio of initiatives. Ideas for new initiatives are solicited from the business groups using the specific performance gaps that remain as strategic criteria. By focusing the current initiative portfolio on the highest-value strategic initiatives, and by freeing up resources from eliminated initiatives to close additional performance gaps, initiative rationalization creates an initiative portfolio that is more closely aligned to the organization s strategic priorities. * * * Initiative rationalization is valuable as a first step in implementing a more effective initiative management system. Subsequently, this process can help confirm the alignment of an initiative portfolio (e.g., at a midyear strategic update) or help launch an initiative planning process when portions of the strategy have changed and require new initiative portfolios. Managing Strategic Initiatives/Initiative Rationalization Page 16

17 For more information about strategic initiative management, please contact Editor, White Papers Balanced Scorecard Collaborative A Palladium company 55 Old Bedford Road Lincoln, MA < phone < fax whitepapers@bscol.com Managing Strategic Initiatives/Initiative Rationalization Page 17

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