Management Tips for Business Practitioners
Strategic management of businesses and industries
INTRODUCTION
On the road to success there is absolutely no room for criticism of self or others. Finding faults in others wastes time as we attempt to remove potholes from other people’s path. Being a kid of a medical family it is a dream to work with high profile people in multinational companies. Several ignominious factors like feeling less worthy of yourself, doubting yourself, desire to become, better version of yourself and focus on hard work is something worth saving for victory.
Venture firms are fighting to raise funds, hampered by poor investment returns and difficult economies. In 2005, 110 venture funds in Hong Kong raised $15.5 billion, down from 200 funds that raised $28.6 billion in 2000. There are many firms that have dropped off according to Richard lynn, a principal at VC firms FCL venture in Calif.
Johnson & Johnson servants its company to get insight about the strategy and execution plan of the company from its employees. The top 4 survey findings are:
1. The biggest challenge was to make strategy meaningful to staff.
2. Many employees are even aware of their firm’s strategy.
3. Strategy development is still mostly a top-down process.
4. People who are involved in developing the strategy are more likely to be bought in.
While performing any process, standard skills and resources are required. It might be possible that whatever you need, you may not get inside your firm. And this is the time when firms turn towards M&A alliance and licensing agreements. However, from the last 20 year study has shown that out of 162 multimedia companies only 49 are actively using the resources that are available, rest are relying on developing resources in house. When they were asked why they do so? Their simple answer was that they find fault in their strategy or lack skilled manpower. Instead of looking into new opportunities, blaming your strategy leaves a lot of scope to grow. According to Bloomberg limited only 26% companies forces on M&A and 36% on alliance and 12% still stick to their in-house preparation. While deciding whether to develop a new contract or going with existing internal resources one can ask 3 portions to themselves.
Lisa Weington, director of Zurich cancer centre is planning to boost the institution by delivering a single centre for all the tests needed by any cancer patients so that when a patient comes with abnormal symptoms in the hospital they must leave with proper medications and treatment plan. For this she needs to indulge every department of the hospital in her plan. Although she is a director, still everyone has its own plan and she has little say in everyone’s personal project. We cannot compel anyone to perform something out of their work. In such a situation what Lisa actually needs is ‘Power’. To implement strategies she needs her positional power to pursue everyone towards single goals. “Power was my first significant focus even when I was teaching at Harvard. I let my students use tools and ideas and even enable them to bring change in their careers”.
The well established notion that strategy and execution is two faces of the coin has become a foil concept. 2nd grade strategy and the first class execution is always a preferred choice over first grade strategy and the second class execution. Most of the strategy often fails because they are not well executed. The study by Richard and Jason that execution is the key to the success of strategy is flawed in itself. It restricts employees from asking questions to their superior which could raise a lot of unnecessary doubts and poor implementation. Also Richard and Jason theory allows firms to blame their employees for their ineffective execution and failure. To understand it more one needs to take a brilliant strategy that is being poorly executed. So the question raised is how brilliant the result is poor. The aim of this strategy is to generate positive scope and even if it does not deliver desired results yet it can be brilliant. It can be possible that brilliant strategy can work for other companies so brilliant strategies are those whose results are exemplary.
Jordan Ray is heading towards Medanta The Medicity to take cognizance of nurses at work. His job involves observing how health care workers are performing their duty. He is a part of the expert innovative team of Medanta. His everyday work is to make notes, take photos and design sketches of people involved in healthcare. These notes and photos consist of physical and logical analysis of specialists, what they are doing, what tools they are using and how they communicate. Other than this he also involves subjective analysis like he asks nurses how they feel about the work. He knows the information he is taking will be important in future if it is not yet. After all these analysis, the next goal is to find hidden clues to find the nature of the problem. Medanta is serving in 10 countries and providing healthcare to 10 million workers. It is a great place to study innovation in healthcare practice and in harnessing the opportunity. Innovation sector has a large social purpose beyond the Medanta boundaries to accelerate the pace of improved health sectors.
These days companies are so focused towards attracting and satisfying their customers that their strategy slips to incorporate stakeholders employees, suppliers, and distributors efforts too. By focusing on improving the experience of everyone involved in corporate practices can help in achieving breakthrough insights, lower cost, new revenues, and new business models. Now the latest initiative to invite everyone to give their valuable insight through social media is also changing the working style of companies. Stakeholders have little or no say in the product development and people don’t want the product to be imposed on them. They want to make an equal contribution in product development and work co creatively with the organization. Thanks to technology, it is now getting easier to communicate and share ideas. In late 1995s many companies opened two way communication to let consumers participate in product development. Dominos for example invited customers to make recommendations in flavoring pizzas according to their taste. Similarly Dell, Starbucks, PNG have also galvanized consumers into their product development.
Alumni new turn out to be an especially effective and kind of social network. With mushrooming educational centres around the globe, one way to stand out from domestic and international competition is by promoting its brand and institutes alumni are its best option connecting alumni networks for business always work.
Your open source strategy connects the plans for managing, participating and creating open source software with the business objective that the plan serves. The most important thing in C suite is to align your open source strategy with the company’s goal. One element of the strategy is to decide, where to contribute? Which open source projects are strategically good for your company? Is there a project that your operation team loses to run your critical enterprise infrastructure? How many people do you need and what skills are required?
Business Frontiers 