From Apple to Amazon, IKEA to Starbucks, how have successful companies excelled in quality, innovation, profitability and growth?
Their leaders not only established a strong strategy and clear idea of the company’s long terms goals, they were able to identify the differentiating capabilities that set them apart and ensured that these capabilities were applied at every step in the execution of their strategy.
Based on our experience in working with global organisations, PwC’s strategy consulting team Strategy& has formulated some key principles of strategy through execution. This ten-step guide will help you understand how to build stronger links between strategy and execution and ensure business success in the long term.
A significant part of this process is to ensure the entire organisation is digitally enabled, embracing the potential to fundamentally change how your customers, employees and stakeholders experience your organisation.
If you can ensure that you stay true to your key differentiating capabilities and support these with a digitally empowered approach, you can shift the way both you and your industry, does business.
This can mean having to abandon legacy IT systems, which may be complex, costly and demand urgent action, but with customer and employee expectations of seamless communication and instant access, this may be the only way to keep up.
In the end, these ten principles are a guide to helping you achieve your business goals while also developing a culture that supports who you are, where you are going and how you plan to get there.
Chris Manning is Managing Partner for Strategy&, part of the PwC network.