The Strategist’s Toolbox : The Strategist’s Toolbox Accelerating Innovation
Rohit Talwar – FastFuture
rohit@fastfuture.com
www.fastfuture.com
+44 (0)20 7435 3570
+44 (0)7973 405 145
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Objectives : Objectives Provide participants with a ‘toolbox’ of strategic skills and techniques
Enable you to spot and create opportunities to deliver strategic advantage to your business
Share experiences and ideas
Focus on applications in your organisation
Grow your network
Have fun
Agenda - Day 1 : Agenda - Day 1 Introduction
What is strategy?
Case Study
Lunch
Frameworks and approaches - 1
Close
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
Agenda - Day 1 : Agenda - Day 1 Introduction
What is strategy?
Case Study
Lunch
Frameworks and approaches - 1
Close
Participant Introductions : Participant Introductions Working in pairs:
Introduce yourselves
Define what strategy means to you
For your organisation
What questions would ‘the strategy’ answer?
What value does strategy add to the business?
Determine your objectives in attending this workshop
Your partner should present back what you say in picture form
Agenda - Day 1 : Agenda - Day 1 Introduction
What is strategy?
Case Study
Lunch
Frameworks and approaches - 1
Close
Strategy Addresses : Strategy Addresses Where do you want to go?
How do you want to get there?
Loren Gary, Harvard Management Update, Special Report July 2001
Strategy Overview : Strategy Overview Analysis Design Implementation Analysis Tools
Positioning
Resource Decision Making
Options
Measurement Making It Happen
Roadmap
Communication
Strategy Overview : Strategy Overview External
Mapping
PESTEC
5 Forces
SWOT
Internal
Core Competencies
Balanced Score Card
Value Chain
Knowledge Management Decision Trees
Scenarios
Critical Success Factors
Successful Strategies : Successful Strategies Successful Strategy Source: Contemporary Strategy Analysis, R Grant 1998, p 10
The Challenge - Developing Strategies in an Uncertain World : The Challenge - Developing Strategies in an Uncertain World How do we cope with risk and uncertainty?
How do we select the right indicators to track?
How do we identify key trends and developments?
How do we spot new opportunities, ‘white spaces’ and the potential for major discontinuities?
How do we plan, operate and survive in a turbulent and fast-changing world?
How do we handle those not playing by ‘our rules'?
Agenda - Day 1 : Agenda - Day 1 Introduction
What is strategy?
Case Study
Lunch
Frameworks and approaches - 1
Close
Agenda - Day 1 : Agenda - Day 1 Introduction
What is strategy?
Case Study
Lunch
Frameworks and approaches - 1
Close
Slide18 : A Path Through Strategy Environmental Audit - e.g. 5-forces, PESTEC
Organisational Audit - e.g. Balanced Scorecard, SWOT, Value Chain Analysis, Knowledge, Resource, Competence Based analysis
Map Out alternative Futures - e.g. Scenario Planning
Define Rules / Guiding Principles / Values
Determine Strategic Direction
Develop Business Model
Design Strategic Architecture
Define Strategies and Objectives for Business Units
Create Change Roadmap and Implementation Programmes
Embed into Operational Plans
Create Measurement and Communications Framework
Learn, Implement, Learn
Assessing Market Positioning : Assessing Market Positioning Transaction Efficiency Relationship Management Low High Weak Strong Market Share Firm A Firm B Firm C Firm D
Healthcare Insurers : Healthcare Insurers Threat of Backward Integration % of My Business Low High Low High Market Share Firm A Firm C Firm B Firm D
Mapping Exercise : Mapping Exercise Think of your firm or division
Think of two axes with regard to the market e.g. cost vs quality
Place your firm or division, and up to 3 of your competitors on the map. This is your view of the market
Now redraw the map from how your customers see you
Where would this be in 12 months time? Draw the arrows
Porter’s 5-Forces Model : Porter’s 5-Forces Model Suppliers Substitutes Buyers Potential Entrants Bargaining Power Bargaining Power Entry Threat Threat of Substitution
Determinants of Competition & Profitability : Determinants of Competition & Profitability Supplier Power Threat of Substitutes Buyer Power Entry Threat Industry Rivalry Price Sensitivity
Product cost vs. total cost
Product differentiation
Competition between buyers Bargaining Power
No./ size / concentration of buyers & suppliers
Switching costs
Information available
Ability to backward integrate Scale economies
Cost advantages
Capital requirements
Access to customers / distribution channels
Legal and regulatory barriers
Potential for retaliation Buyer propensity to substitute
Relative price performance of substitutes
Additional benefits offered by substitutes No / size / concentration
Diversity of competition
Excess capacity
Exit barriers
Cost structure
Distribution channels Power of suppliers relative to buyers is similar to relationship between ‘producers’ and buyers - see below
A Major UK Healthcare Insurer : A Major UK Healthcare Insurer Supplier Power Threat of Substitutes Buyer Power Entry Threat Industry Rivalry Corporate – increased turnover
Personal – vote with feet
Poor service Cherry picking
General insurers
Overseas players Self – insure
NHS Market leader – 40% of market
Corporate – cost competitive
Personal – Aging population
Mature market Hospitals
Geographical dominance
Oversupply Doctors
Politically strong
Control referral
Variation
5 Forces Exercise : 5 Forces Exercise Define the industry you are in and draw the 5 Forces
Think of levers / bargaining power / likelihood / competitive response / etc in each force
Get input from the rest of the group
Using PESTEC to Identify Driving Forces : Using PESTEC to Identify Driving Forces Political
Economic
Social and Demographic
Technological and Scientific
Environmental
Commercial
Slide27 : Example Driving Forces Political
DF1 - Britain’s Attitude to the EU
Total harmonisation
Gradual alignment
Growing divergence
Fortress Britain
DF2 - Political Stability of Europe
etc.
Economic
DF1 - Level of Growth
Consistent increases
Zero growth
Unshakable recession
DF2 - US Economic Health
etc
Slide28 : Example Driving Forces Social and Demographic
DF1 - Work - Life Balance
24/7 Society
60 hour working norm
Resurgence of 9 to 5
3 Day working week
DF2 - Population Growth
etc Technological and Scientific
DF1 - Impact of Wireless Technology
‘Remote control for life’
Gradual take up of 3G/4G services
Technology slow to deliver
Health concerns restrict usage
DF2 - Genetic Medicine
etc
Slide29 : Example Driving Forces Commercial
DF1 - Prevailing Business Philosophy
Short term shareholder returns
Long term value creation
Socially responsible business
Family friendly businesses
DF2 - Impact of Globalisation Environmental
DF1 - Impact of Environmental Legislation
Encourages shift to paperless business
Drives up costs
Eliminates business sectors
Negligible effect on most businesses
DF2 - Pollution Levels
PESTEC Exercise : PESTEC Exercise You have in your folders some up to date research about trends under each PESTEC heading
Develop a PESTEC analysis of the key forces shaping your environment
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
Rivalry Determinants : Rivalry Determinants Fight for Market Share and volume if:
slow industry growth
fixed costs high
overcapacity in industry
High exit barriers
If perceived commodity product, and no switching costs, customers will buy on price
Entry Barriers : Entry Barriers Economies of scale
Capital requirements
Proprietary differences
Brand
Switching costs
Access to distribution
Absolute cost advantage (e.g. access to raw materials, favourable location, etc)
Expected retaliation
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
SWOT Analysis : SWOT Analysis Internal External Leverage Points Change Drivers STRENGTHS OPPORTUNITIES WEAKNESSES THREATS
SWOT Exercise : SWOT Exercise Think of your firm or division
Do a SWOT analysis, listing the main or key points only
What does this tell you
About your positioning
About your capabilities
About what you have to do?
Growth Share Matrix : Growth Share Matrix Current Market Share Growth Potential High Low Low High
Slide38 : TANGIBLE
Physical
Financial INTANGIBLE
Patents / Copyrights
Processes / Know-how
Trade secrets
Brand / Reputation
Culture & Environment
Partnerships HUMAN
Skills & Knowledge
Management
Commitment & Motivation
Communication Resource Based View of the Firm
Slide39 : “the collective learning of an organisation, especially how to co-ordinate diverse production skills and integrate multiple streams of technologies”
Hamel and Prahalad - The Core Competences of the Corporation HBR May-June 1990
Goldman Sachs - Relationship Management
Nomura - Deal Structuring for VC Investments
Ikea - Supplier Support
Honda - Engine Technology
Sony - Mechatronics
What are Core Competences?
Slide40 : What Are the Characteristics of a Core Capability / Competence? Truly distinctive / unique to you
Hard to spot from outside
Value recognised internally
Enduring /sustainable
Widely understood
Managed as an asset
Embodied / exploited in multiple products / services
A combination of processes, skills, systems, resources, licences, etc.
Difficult to copy
Essential to NPD
Fundamental to achieving organisational vision
Reflected in key strategic decisions
Architectural support
Reinforced through training / development
Monitored through performance measures
Continuously reviewed and enhanced
Envied by competitors and benchmark organisations
Embodied in more than one person
Slide41 : Managing Core Competences - A Hierarchy of Questions What are our ambitions?
What is the strategy for fulfilling those ambitions?
What organisation level competences / skills are critical to strategic success?
Which of these competences do we already have?
What additional core competences will we need to develop?
How best can we exploit / leverage our competences?
Do our people fully understand the nature and importance of our core competences ?
Do we know and understand our competences - what are they based on and why are we good at them?
How many of our competences are reliant on the expertise of a few key individuals?
How will we enhance, build or acquire our competences?
Do we have a real process in place for managing core competences ?
Core Competencies Exercise : Core Competencies Exercise In groups
Select one company
From the outside, what do you perceive as the core competencies?
Why?
What are the elements that combine to create those core competencies?
Value Chain : Value Chain Competitive advantage from doing specific individual activities better (design, execution, resources)
The more activities you do better, the more difficult it will be for others to copy
Value Chain Analysis : Value Chain Analysis Identifying the critical activities of the firm and how they combine to create value McKinsey Business System Technology Service Product Design Operations Marketing Distribution
Porter’s Value Chain : Porter’s Value Chain Support Activities Primary Activities Margin Firm Infrastructure Human Resource Management Technology Development Procurement Outbound
Logistics Service Ops Inbound
Logistics Marketing
&
Sales Support Primary
Value Chain : Value Chain Primary Activities
Inbound logistics e.g. warehousing, inventory control
Operations e.g. machining, packaging, testing
Outbound logistics e.g. delivery, order processing
Marketing & sales e.g. advertising, channel relations, pricing
Service e.g. installation, repair, updates Support Activities
Procurement e.g. procedures, supplier management
Technology development e.g. R&D, product design
HR management e.g. recruiting, training
Firm infrastructure e.g. planning, finance, legal
Value Chains Integrate : Value Chains Integrate You Customers Suppliers
A Financial Services Model : A Financial Services Model IS/IT
Management External
Customers Business
Planning People
Management Financial
Management Quality
Management
Slide49 : Example Processes New Product Development
Research
Product Development Marketing
Image Building
Product Marketing
Pricing Transaction Management
Transaction Processing
Transaction Reporting
Settlement Processing Financial Management
Financial Reporting
Budgeting
Tax Management HR Management
Staff Appraisal
Career Planning
Recruitment
Management Development
Porter’s Value Chain : Porter’s Value Chain Support Activities Primary Activities Margin Firm Infrastructure Human Resource Management Technology Development Procurement Outbound
Logistics Service Ops Inbound
Logistics Marketing
&
Sales
Getting and Keeping Customers : Getting and Keeping Customers Acquire Convert Maintain Advertising
Brochures
Website Salesforce
Showcase
References Service
Joint ventures
Risk share
Value Chain Exercise : Value Chain Exercise Start with the generic categories
Identify individual value activities which:
Have different economics
Have a high potential impact of differentiation
Represent a significant or growing proportion of costs
Identify linkages (relationships between value activities) within the chain
Slide53 : The Balanced Business Scorecard Customer Perspective Financial
Perspective Internal
Business
Process
Perspective Innovation & Learning Perspective
Slide54 : Strategy as Knowledge Sharing Do we understand the types of information and knowledge required to realise our Vision?
Do we know where the knowledge resides within and outside the organisation?
Do we have clear processes and mechanisms for acquiring, structuring, interpreting, disseminating and applying knowledge?
What processes are in place to support the creation and sharing of knowledge?
Does our culture encourage knowledge sharing?
Do our people understand the ‘rules of the game’ for knowledge based competition?
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
Visionary Companies : Visionary Companies Stanford University Research
$1 invested in 1926. By 1990, worth
General market $415
Visionary companies $6,356
(3M, GE, HP, Merc, Proctor & Gamble, Sony, Walt Disney)
Comparison companies $955
(Norton, Westinghouse, Texas Instruments, Pfizer, Colgate, Kenwood, Columbia)
Built to Last : Built to Last Identify core values and sense of purpose greater than profitability alone
Preserve the core ideology, but allow all processes to change and progress
Challenge the business by continually setting huge, daunting goals
Actively encourage a cult-like culture
Innovate prolifically and keep what works
Employ home-grown management
Support mechanisms that create a culture of “good enough is never good enough”
James C Collins and Jerry I Porras, “Built to Last: Successful habits of visionary companies!, Random House 1998
Slide58 : Defining Strategic Direction What Is
The Basis
Of Our Offering? Who Are The Stake Holders? How Will We Measure Ourselves? Strategic
Intent
Mission
Values Specific
Goals
Scope
Scale
Speed Distinctive
Capabilities
Knowledge
Product/
Service
Portfolio
Partnerships/
Alliances
Leverage
Assets / Resources Customers
Policy
Financial
Commercial
Ethical
Regulatory Balanced
Scorecard:
- CSF’s
- KPI’s
- Learning/Growth
- Service
- Innovation
- Creativity
- Financials
- Outcomes
Why Are We in Business? What Is Our Ambition?
Strategic Architecture : Strategic Architecture People
Values
Culture Strategy & Stakeholder Relationships Resources &
Core
Skills Operational
Processes, Technology &
Structures Knowledge
Management Financial and Social Performance
Decision Trees : Decision Trees Develop and launch Strong demand Weak demand Zero demand Market test Favourable Strong demand Weak demand Zero demand Abandon Launch Abandon Strong demand Weak demand Zero demand Abandon Launch Abandon Unfavourable Abandon
Assessing Critical Success Factors : Assessing Critical Success Factors The grid on the following page provides a simple format for:
assessing the critical success factors for delivering innovation or change in an organisation
identifying supporting actions to achieve the desired results
In column one list all of the current and potential critical success factors
In column two you can assess the importance (imp.) of each success factor (1-minor relevance, 10-critical)
Column three allows you to assess the organisation’s current capability to address the success factor (1-implying that this is an area of major weakness, 10-suggesting that you are operating at the standards of best practice in this area)
Column four provides a space to record ideas for supporting actions
Critical Success Factors : Critical Success Factors Success Factor Imp. Cap. Supporting Actions Imp. - Importance 1- Minor Relevance 10 - Critical
Cap. - Current Capability 1 - Major Weakness 10 - Best Practice Example Business-wide
clarity on customer needs & concerns 10 3 Customer Focus Groups
0800 complaint line
System of ‘Listening Posts’ Effective internal
communications 10 7 Team Listening structure
Intranet Web-sites for all projects
48 hour responses to all project queries Involvement and Participation (I&P) at all levels 8 2 Management workshop on I&P ideas
Pilot participative ‘event’
Staff design of business forums Demonstrable support for new culture / ethos 9 6 Regular business forums
Team charters at all levels
Open access to performance data Process
Ownership Infrastructure 7 9 Formal ownership guidelines
Regular process owners forums
Central process design repository
Slide63 : Current Capability Critical Minor
Relevance Major Weakness Best Practice Critical Success Factors Example Clarity on customer needs & concerns Effective internal
communications Involvement and Participation (I&P) at all levels Demonstrable support for new culture / ethos Process
Ownership
Infrastructure Formal skill
development
programmes Performance
Measurement
Framework Stakeholder
Communications Continuous
Benchmarking Strong
Supplier
Partnerships Importance
CSF Exercise : CSF Exercise Identify CSFs for your project
Rate them according to
Importance, and
Capability
Identify the supporting actions required to achieve the CSF
Critical Success Factors : Critical Success Factors Success Factor Imp. Cap. Supporting Actions Imp. - Importance 1- Minor Relevance 10 - Critical
Cap. - Current Capability 1 - Major Weakness 10 - Best Practice
Slide66 : Current Capability Critical Minor
Relevance Major Weakness Best Practice Critical Success Factors Importance
Approaches : Approaches Defensive or Offensive – get into a defendable position
Positioning – where best for you in industry structure
Influence the balance – change [causes of] 5 forces
Exploit change – work out where the profits in the industry will be
Diversify
Work out the Competitive Response
Shaping Strategy in the Face of Uncertainty : Shaping Strategy in the Face of Uncertainty People
Values
Culture S&SR Resources &
Core Skills Operational
Processes &
Structures Knowledge
Management Financial and Social Performance Government Policy Suppliers Public Expectations & Values Interest Groups Alternative Providers Environment Substitutes Workers Regulation Providers of Finance Technology Lifestyles Infrastructure Global Developments Climate Demography The Economy Education Media Commercial Developments Natural World Crime
Alternative ‘Futures’ Approaches : Alternative ‘Futures’ Approaches Stories about the future
Strategies, goals, intentions, objectives, plans and tactics
Possibilities, options and opportunities
Off the wall ideas - blue skies thinking
Hunches, predictions, guesses and estimates
Trends, extrapolations and movements
Projections, assumptions, simulations, models and forecasts
Alternative arguments, cases, rationales and causes
Models of stakeholder behaviour
Follow the Leader / Regulator / Market influencers
Anticipation and prediction of events or sequences of events
All of these might be considered ‘Scenario Planning’ techniques
Slide70 : An Effective Scenario Tells a story about possible future changes in a particular ‘system’, domain, environment, society, etc.
Engages the imagination
Is written in the past or present tense - as if the forecasted trends and events had already happened
Helps clarify the causes and consequences of key developments
Challenges our current thought processes and assumptions about the future
Enables us to define and assess a range of alternative policies, strategies and actions
Is seen as relevant and an important element of the strategic process
Typical Approaches to Scenario Development : Typical Approaches to Scenario Development Discussion and debate -
with or without source data System Change -
evaluation of every parameter under different conditions (treasury model) Driving Force -
identification and assessment of the fundamental influencing factors
Developing Scenarios Using Driving Forces : Developing Scenarios Using Driving Forces Gather
Data Identify Driving Forces Build Scenarios
Slide73 : The Basic Scenario Process 1. Assess the Current Situation 2. Gather the Data 3. Identify the Driving Forces 4. Generate Alternative Scenarios 5. Assess the Implications for your Environment 6. Assess the Implications for your Organisation 7. Define Strategy and Plans 8. Implement and Monitor
Approach : Approach Create a scenario of the world in 2006
Consider the implications for the world in which we live and work
Assess / imagine the implications for your organisations
Defining the Scenario : Defining the Scenario We are going to produce a ‘state of the world’ report for January 1st 2006
Write the headlines for one section of the report:
1 - Politics Today
2 - The Economy
3 - Society and Demographics
4 - Science and Technology
5 - The Environment
6 - Commercial / Business
Example Headlines : Example Headlines Politics Today
UN now has 300th members
Arab-Israeli war enters its 3rd year
The Economy
World Bank agrees to wipe debt of 30 more nations
Central Bank fears new recession in Europe
Society and Culture
Swedish retirement age set at 50
Reykjavik - Europe’s favorite city
Britain refuses to accept EC 40 hour working week directive
Science and Technology
Human cloning - the results of legalisation
Palm announce first 10 GHz palmtop
The Environment
President Hilary Clinton signs new emission controls legislation
London now most polluted Western European city claims Greenpeace
Business
France celebrates creation of 1 millionth New Enterprise
How India’s Wipro became the world’s largest software company
Assessing the Implications : Assessing the Implications
Identify what you think will be the main implications of this scenario on how we will live, how we will work and the general impact on the business environment
Identify the implication, threats and opportunities this will create for your company
Slide78 : Data Gathering External
Commentators / Think tanks / Institutes / Analysts / Economists
Stakeholder groups
Internet / Desk research / Secondary data
Popular culture
Government / Agency reports
General press / Trade press / Generic business press
Books
Conferences / Seminars / Forums
Internal
Management information / Research
Regulator / Trade monitoring
Benchmarking
Slide79 : Sorting the Data MAJOR factors - impact through sheer size / volume e.g. demographics
PIVOTAL factors - apply pressure in key / vulnerable areas e.g. regulatory behaviour
GERMINAL indicators - early signs of possible trends e.g. Internet Commerce
TERMINAL indicators - revealing movement away from current situation e.g. Government as providers
Slide80 : Typical Strategy Options Select most probable
Hope for the most attractive
Parallel strategies - e.g. Nokia
Risk Aversion / Hedging
Wait for indicators of developments on key drivers
Seek to influence - choose your own destiny
Ignore
Hope is not a strategy
Slide81 : Defining Improvement Objectives The clearer we can be about the improvement objectives, the easier it will be to assess whether the new design will meet its requirements. Typical objectives might include:
Adding Value
Create new customer offerings or product features
Improve customer service, added value and responsiveness
Provide better, more timely performance information
Increasing Efficiency
Faster product launch
Reduce time spent on routine tasks
Reduce paperwork / Minimise processing errors
Cut transaction costs / Simplify and streamline processing steps
Consolidation and elimination of roles, procedures and tasks
Improving Effectiveness
Clarify roles and responsibilities
Increased empowerment / Devolution of responsibility
Standardise processes and procedures performed in multiple locations
Make more effective use of technology
Improve speed, flexibility and productivity
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
The Implementation Roadmap : The Implementation Roadmap The roadmap helps us think through how we will deliver the strategy by:
Defining timebound objectives
Defining the critical components of the operating system that need to be in place to achieve the objectives
Identifying the dependencies between components and sub-components
Determining the underlying infrastructure requirements
Establishing the management framework to guide delivery
Roadmap Structure : Roadmap Structure 0-6 Months 7-12 Months 13-18 Months 19-24 Months
Communication - Strategic Principles : Communication - Strategic Principles How do you give employees clear strategic direction, yet also inspire flexibility and risk taking?
A ‘strategic principle’ – pithy, memorable distillation
Wal-Mart – Low prices, every day
Southwest Airlines – Meet customers’ short-haul travel needs at fares competitive with the cost of automobile travel
General Electric – be number one or number two in every industry in which we compete, or get out
Orit Gadiesh and James L Gilbert Harvard Business Review – May 2001 page 73-79
Communicating Vision & Strategy : Communicating Vision & Strategy Describe an example from your own experience of successful communication of vision and / or strategy
Explain the situation
e.g. Yellow Pages - communicating future sales and service vision
Describe the approach used
e.g. Physical exhibition to set context and highlight drivers for change, physical prototype, videos to show ‘before and after’, electronic evaluation by audience
What impact did it have
e.g. Widespread buy-in, greater ownership, accelerated implementation
Agenda - Day 2 : Agenda - Day 2 Review of Day 1
Frameworks and approaches - 2
Lunch
Defining Strategy
Implementation
Some Latest Thinking
Wrap Up
Close
Strategy as Simple Rules : Strategy as Simple Rules Kathleen M Eisenhardt and Donald N Sull, Harvard Business Review January 2001 Page 107-116
The Strategist’s Toolbox : The Strategist’s Toolbox End Accelerating Innovation