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Strategy monitoring is the oversight of strategy implementation. This is done to detect and clear issues, adapt strategies that are failing and to identify tactical opportunities. The following are the basic types of strategy monitoring.
Action PlansWeekly or bi-weekly meetings that review action plans that detail strategy implementation progress and issues. For example, a marketing team that monitors a project launch strategy with an action plan that identifies the individuals responsible for each objective of the strategy.Performance ManagementPerformance management is the process of setting goals for teams and individuals and monitoring performance against these goals. This is a basic tool of strategy implementation and monitoring.
Program GovernanceThe top level process of directing and controlling program and project execution. For example, weekly project governance meetings where project managers present status reports.ReportingCommunication of strategy implementation and benefits realization with reports, dashboards, analytics and status meetings.
Risk MonitoringRisk monitoring is oversight of risk management efforts, monitoring of risk levels and the detection of risks that actually occur to become issues.Change ManagementChange management is the leadership of change including the sponsoring of projects, communication of strategy and clearing of issues. This requires total engagement with strategy implementation and the authority to sideline resistance to change by transferring responsibility to agents of change.
Management by Walking AroundManagement by walking around is the principle that senior managers be fully engaged with low level operational realities as opposed to watching strategy implementation from a simplistic dashboard or high level action plan.
Strategic Planning
This is the complete list of articles we have written about strategic planning.
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A list of techniques for developing and implementing a strategy.
A guide to the strategic planning process.
A guide to strategy implementation.
A list of business weaknesses for strategic planning exercises such as swot analysis.
The definition of strategic management with examples.
The definition of turnaround strategy with examples.
The definition of retrenchment with examples.
An overview of the strategic development process with examples.
The definition of the external environment with business examples.
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