Understanding The Real Meaning Of Strategy Implementation

Most of the companies have long-term strategies’ in place, however they lack understanding of the set objectives and are not creating action plans to achieve the strategic goals. Strategy Implementation is all about converting these objectives into real-time achievable goals. Strategy Implementation also requires the organization to modify organization structure and culture based on the strategic goals to increase the performance as well as the competitive advantage.

To boost the three most important pillars of the competitive advantage namely competency, customer satisfaction and quality of the organization, special tasks as well as roles are assigned to the staff through the organizational structure. But, Organizational structure alone will not motivate the staff, hence it is very important to have a control system in place. The control system will allow the managers to both reward incentives as well as in providing feedback to the staff. A collection of standards and norms which are shared within the organizational members encompasses the Organizational Culture.

We have listed below some crucial steps for strategy implementation
 
A. Syncing with the Strategies:  It is very important to sync your works or activities with outlined strategies. Most of the strategy implementations fail as a result of organizations following the same old ways or techniques in daily work. Hence, it becomes, of paramount importance to evaluate each activity in order to determine if it is actually syncing with the newly laid out strategies. If not appropriate measures to be taken to align with them. It is also a good idea to actually use a scorecard to measure where exactly you are standing and will help you in implementing right initiatives in order to have a successful strategy implementation.

B. Linking Performance with rewards: To successfully drive strategy implementation, it is recommended to link both rewards and performance. Help the staff understand the impact they will have on strategic goals when they are performing their role. This will help you in your endeavor of achieving the strategic goals.

C.  Engage Staff: One of the reasons Strategy Implementation fails is because both the key people of the Organization, which is staff and stakeholders do not comprehend the strategic goals. It is very important to educate them to achieve your goal. Regular meetings will also rejuvenate their minds and help focus on the company’s visions.

No matter how well the strategies’ are framed, when they are not properly executed they fail. The most important element in the strategy implementation is that there should be correlation between the strategy as well as the different dimensions of the organization such as the rewards structure, distribution of the resources and the organization structure etc.

How to Select a Consulting Company

Business is not what it used to be. It is becoming more complex and dynamic with every passing day. Companies have to think about their online presence, social media, automation etc. They also have to maintain their competitiveness in an environment with dynamic customer needs, expectation, market disruptions etc. Managing such complexities with current talent pool is a herculean task for any organization. So, many companies are taking help of top consulting companies to support organizational growth. Consulting companies usually help businesses in many ways like improving top line, optimizing cost, developing strategic roadmap etc. They start studying the problems that are faced by the Organizations and then solving these problems by creating plans for Improvement. The benefits that are associated with hiring management consultant companies in India are manifold, ranging from external advice (more precisely, an unbiased opinion) to access to the tremendous knowledge or expertise that the consultants have. Since these companies work with many different companies in solving different issues, they carry with them a knowledge of the “best practices” that are used across the industry.

Generally, Top consulting companies in India Offer following services: 

A.    Change Management
B.    Performance Excellence
C.    Application of Technology.
D.    Strategy development and Execution
E.    Operational Improvements

Management Consulting Companies in India usually use their proprietary practices or frameworks in both identifying the problems as well as in providing recommendations based on the observations to create long term strategies, strategy deployment, improving operational efficiency, organizational restructuring etc. Selecting the right consultant becomes vital for the long term success of the organization.

The following 5 simple steps can help you find the right consultant:

1. Triple Constraints: Before considering a management consultant company in India, you should first evaluate the reason you want to hire the consultancy. The following three questions also known as the triple constraints will help you determine the need:
A.    Budget or the cost is the chief concern.
B.    There is a Deadline to meet.
C.    Are you are planning to include a specific technology, or functionality. 

2. Case Studies and Other Accomplishments: It is important to understand the company before hiring them, hence it is important to go through the case studies, whitepapers and client portfolio of the company to get a gist of their work and accomplishments. Global consulting firm should be preferred to benefit from an international expertise.

3. Client Experience: It is also important to talk to the clients of the consulting firm to understand the value addition by the firm. Current or past client will help you in understanding the strength and weaknesses of the consulting firm.

4. Consulting Firm over a Single Person: While it is cost effective to choose just a single consultant to help you, it is better when a team works on addressing your issues. Since they come up with different viewpoints and experience in consultation. A team can actually do wonders for you and can share workload amongst themselves. 

5.  Honesty: Most important attribute that the consulting firm needs to possess is Honesty, This is reflected in the way they listen to your issues and the way they give advice, if you see that they are only interested in money making but not giving you realistic goals or advices.

Resolve Strategic Business Dilemma With Innovative Business Consultants

World is changing and the pace of change is increasing every year. In this changing world, organizations have to change, evolve and innovatein this changing environment. This is easier said than done!! Organizations face various challenges in this dynamic world. They have to maintain strong competitive advantage. Organization are constantly fighting the battle of relevance to customers. Companies like Kodak did not stay relevant and had to declare bankruptcy. Consistently increasing the top line and bottom line are major challenge for companies. Globalization have connected economies and provided many opportunities for business growth. Internet, social media, smartphones etc. have disrupted many industries and provided a new platforms to reach out to the customers. The global economy is slowly becoming a buyer driven economy. Customers are spoiled for choices and their demands are increasing. Catering to these demands have been a challenge but these demands have also opened various business opportunities. Leveraging these opportunities have been a major challenge for organizations. 

Innovation consulting serviceshave helped organization in changing their business and strategy during this dynamic period. Innovation in products, services and operations have created billion dollar enterprises. The competitive edge developed through innovation and creativity have pushed companies like Apple, Google to the pinnacle of Global business. Buyer driven economy can now be handled professionally with innovative techniques. These innovation are also helping organization in keeping pace with the ever growing market needs. Innovation and creativity are the only tools of survival in this cut throat competitive world.

We at BMGI India believe that innovation is all about “connecting the dots” in new ways that separate you from your competitors. BMGI helps companies in identifying the right dots and creating unique innovation ecosystem. We leverage several methodologies and structures, including job- and outcome-based segmentation, trend mapping, TRIZ, D4, rapid prototyping and scorecards in delivering outstanding results consistently. Our belief that every professional has a hidden pool of talent which needs to be stirred to tap the full creative strength has helped companies across the globe in reaching new heights of success.The most important step towards success is taken when the opportunities are capitalized and the available resources are allocated at the right place. A well structured methodology has aided the company in emerging as a premier Innovation Consulting Firm in India.

Business Needs Meet Solution At World Class Management Consultancy

Multifaceted company BMGI extends its valuable services to all the genres of business. Whether it is growth, expansion strategy to Go to Market, Operational excellence, BMGI has handled all types of consulting assignments. The company believes in innovating the conventional ideas and implementing them with a fresh approach. It has carved a niche in the global market for itself and emerged as a Top Management Consulting Company in India.  The company deals with

Every organization faces some time of challenges whether it be operational, promotional, financial or strategic. Many organization feel that their internal team and resources are strong enough to resolve these challenges. However, Lack of experience, knowledge, personal bias leads the team to incorrect solution and unresolved business need. Sometimes even after resolving the business need, it crops up again in a few months because of superficial analysis, inefficient processes etc. These challenges range from strategic direction of organization, business diversification, expansion strategy to increasing top line, minimizing the operational cost and streamlining internal processes. With ever increasing competition, it is vital for organization to maintain and enhance their competitive edge.

The strategic issues can be resolved by utilising innovation tools like D4, random stimulus, trend mapping etc. By improving or innovating the process, the quality of the strategy can be substantially improved. Using Hoshin Planning in combination with other tools, organization can develop, implement strategy and manage progress toward achieving the strategic goals. In order to improve operations, organization must design a performance excellence system which aligns with the organizational goals and delivers quick results. In this information age, data must be utilized to identify inefficiencies and improving company operations.

• Strategy: To ensure your strategy actually gets translated into action, our comprehensive Business Strategy Model places equal emphasis on the creation and execution of strategy.

• Innovation: To help your organization connect the right dots, we pull from several methodologies and structuresto help create your unique innovation ecosystem. 

• Performance Excellence: Performance Excellence is where your strategy is executed. It’s where you achieve quantum leaps in performance and culture. 

• Change Management: To develop a plan for how to move people in a direction that aligns with your organizational objectives

 

BMGI India and CII Presents Innovation as the Key Catalyst for Make in India at the 5th Manufacturing Innovation Conclave

1. BMGI India as Knowledge Partner in the 5th Manufacturing Innovation Conclave 2015

2.  As the knowledge partner for the event held at ITC Maurya, New Delhi on the 19th June 2015, BMGI and CII Presents Innovation as the Key Catalyst for Make in India at the 5th Manufacturing Innovation Conclave.  The event was organized by CII, which works to create and sustain an environment conducive to the growth of industry in India.

3. Keynote Address by Dr. Kurichi Kumar, Head of Engineering, Rolls Royce India Pvt Ltd. Dr. Kurichi Kumar, Head of Engineering, Rolls Royce India Pvt Ltd, shared the practices Rolls Royce Adopts to manage innovation. He shared the sourcing of ideas through well networked universities around the world and collaboration with suppliers that fits into the structure of Generate - Develop - Review - Select process for innovation that is managed through a portal.

4. Nirmalya Banerjee, Business Head at BMGI, explored the reasons why anyone would want to manufacture in a particular country. Explaining that the reasons couldn't go beyond making it cheaper, better or faster, he shared that India needs to currently move beyond making manufacturing cheaper for global organizations to come and 'Make in India'. Mr Banerjee reinforced that innovation can make this possible and open up possibilities for developing multiple alternatives for carrying out the same solution. He signed off by sharing that India has been a follower by executing and scaling up products innovated elsewhere, but it is time for India to innovate, leverage available frameworks and realize the aspiration of 'Make in India'.

5. Sandeep Sinha, Chief Operating Officer, Cummins India Ltd.

6. Some of the key takeaways from the panel discussion of MIC 2015: 

- Innovation is definitely the approach to provide cost effective solutions and capex /opex business models.

- There are abundant opportunities and it's important to tap the same by understanding latent needs of the customer.

- Building robust product development processes.

- Imbibing cultural change of thinking process, right from schools with industry-university collaboration. Innovation continually happens in a company.