New Delhi [India], March 22 (ANI/Mediawire): Steve Jobs, Bill Gates, Narayana Murthy - across the world, success stories of visionaries who began companies and innovated constantly abound. Their brilliance and masterstrokes are much admired, emulated, and quoted.
However, what is less quoted are the secrets of their approach towards everyday business and their focus on satisfying the customer today but the future as well. In short, very few talk about the strategic management that takes place in these companies - but increasingly, education experts are pointing to this field as one that will stay relevant for decades.
"Strategic management is not a box of tricks or a bundle of techniques.
It is analytical thinking and commitment of resources to action."
- Peter F. Drucker, Business Management Thought Leader & Bestselling Author
What is strategic management?
Strategic management is the consistent planning, measurement, analysis, and assessment of all the activities that an organisation needs and does to meet business and sales goals, targets, and objectives. The world over, business environments are changing so rapidly, especially with uncontrollable events, such as the pandemic, that organisations need to constantly assess their strategies to ensure success, whether linear or non-linear.
Broadly there are five stages of parts of strategic management:
* Goal-setting or taking stock of the present situation
* Analysis or strategy possibilities
* Strategy formation
* Strategy implementation or deployment
* Strategy monitoring including measurement and adjustment
Why is strategic management important for organisations?
With constantly changing business conditions, every company must plan for the future, in general as well as its own. Strategic management helps leaders use data to understand what direction the organisation should go in next, how it can pivot or transform, what steps are needed for employees, and how they can keep moving forward. Truly effective strategic management is not a one-time exercise but a continuous effort within the company that results in increased efficiency, market share, and profitability.
Strategic business management has thus become a vital agenda driver in boardrooms globally. It isn't enough to just generate ideas - now, leaders must comprehend corporate strategies in all aspects - feasibility, viability, implementation, and outcomes. Leaders who equip themselves with these skills offer a roadmap for companies with definitive insights, clear frameworks, and problem-solving tools.
How can leaders gain strategic management skills?
(https://iimk.eruditus.com/advanced-strategic-management-programme/?utm_source=TOIA&utm_medium=articles&utm_campaign=toi_edu_web_articles_6&utm_content=strategic_management_for_leaders) IIM Kozhikode's Certificate in Advanced Strategic Management Programme is designed for experienced working professionals who want to develop their functional expertise further and enhance their strategic planning skills for a senior leadership role in their organisation. Presented in collaboration with (https://www.eruditus.com/india/?utm_source=TOIA&%3Butm_medium=articles&%3Butm_campaign=toi_edu_web_articles_6&%3Butm_content=strategic_management_for_leaders) Eruditus Executive Education, this 9-month programme is delivered via interactive live online sessions and campus immersions.
From proven frameworks and best practices in business strategy, decision-making and leadership to future business models and high-output strategic thinking, this programme also includes forward-looking concepts in business strategy such as innovation-centric business models, design thinking, digital transformation and corporate entrepreneurship. Learners will become proficient in all aspects of business strategy and be empowered with in-demand strategic leadership and decision-making skills for execution.
Making world-class education accessible: Eruditus
Upskilling is now imperative for career progression, and professionals are taking to programmes like never before. Eruditus offers courses in partnership with the world's top universities with an immersive, cohort-based approach. Unlike 'open learning' that has single-digit completion rates, Eruditus helps learners stick to their course - with deadlines and live classes, everyone is part of the same course, fostering camaraderie and purpose.
With courses from globally renowned names such as MIT Sloan, Columbia, Berkeley, and Dartmouth as well as highly regarded institutions such as the IITs, IIMs, and ISB at home, Eruditus is redefining the role that online pedagogy can play for learners. Up to two-thirds of students make a career change one year after completing their Eruditus program.
Whether you are a mid-career or starting out, crafting a future-proof career is entirely within your reach. Take a leap online and get started on a whole new professional journey.
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