Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization
Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
The purpose of strategic management
is to help your business meet its objectives. Basically, it outlines the actions and decisions that allow an organization to achieve its goals.
Strategy management provides a consistent framework for managing each phase of the strategic planning lifecycle (design through delivery). Management tools and processes provide guardrails that help organizations overcome a majority of issues causing less than acceptable outcomes. Detailed planning information is carried between individual phases providing consistency and traceability
The Characteristics of Strategic Management are as follows:
• Top management involvement.
• Requirement of large amounts of resources.
• Affect the firms long-term prosperity.
• Future-oriented.
• Multi-functional or multi-business consequences.
• Non-self-generative decisions.
Why is Strategy Management Important?
• Strategy management can help organizations that struggle to achieve their projected strategic outcomes by focusing on the details of planning
• Provides solid guidance for creating clear, simple and understandable plans that are well structured and achievable
• Capture critical information and establishing consistent ways to represent, analyze and review the quality of a given plan
• Provides standardized approaches to evaluating potential strategic initiatives, providing consistent information to leadership for prioritization and selection of strategic initiatives
• Manages the transition between design and implementation using the information captured during the design phase.
• Provides implementation management oversight, tracking progress, monitoring health, and addressing emerging risks
• Provides dynamic off-cycle review of ad-hoc events and requests, leveraging the same standardized prioritization assessment and applying change management rigors to the process
• Monitors key performance indicators, leading indicators predicting risk, lagging indicators tracking performance outcome, and external triggers that indicate potential market changes
• Provides consistent stakeholder engagement and review processes, fully supported by detailed informatics and analytics that provide status, alerting, and recommendations.