Give your company a competitive advantage by using future management
It's currently more important than ever to use a strategic radar to recognize market trends early in order to set the course for the future direction of the company and ensure competitiveness sustainably. Managers often make decisions based on gut instinct or based on previous experiences. A clear strategy at this point affords more security and confidence in the decision-making process as a whole.
The basis of Future management is a strategic process in which a detailed analysis of the company and the company environment is carried out. This strategic process also serves to develop or adapt existing company visions and models.
A long-term strategy isn't just crucial for the success of large companies. It is also becoming increasingly important in medium-sized companies so as to be prepared for permanent and rapid changes in the market. The guiding principle is “act” instead of “react”. Advantages arising from a strategic process, such as recognizing trends, using potential and strengthening innovation potential, are also important factors in maintaining competitiveness in medium-sized companies.
It's thus no coincidence that IMIG consultants have introduced strategic processes to various medium-sized companies in recent years.
Innovations strengthen the future focus of the strategic process
Because strategy focuses on the future of a company, the theme of “innovation” is a central component of a strategic process. In this regard, different companies have different requirements That's why creativity workshops, the development of an innovation strategy and the establishment of an innovation management system, for example, can be tasks that arise from a strategic process. For one of our customers in the electrical industry, it became clear over the course of the strategic process that, due to market changes (increased pressure from China due to counterfeit products), a change from the focus on “manufacturing competence” to “innovation competence” was required for the company's continued existence on the market.
The strategic process
At IMIG, the strategic process is understood as a rolling process which must be seen as a task for a team. The developed strategy is reflected upon and adjusted at various milestone dates based on findings. It is therefore of great importance that the strategic process is both controlled using defined methods and tools and reflected upon through appropriate checks every six months at the least (target-actual comparison). The organization and culture of a company must always be taken into account.
To name one example, using a structured strategic process, a customer in the process industry, having analyzed the core competencies, arrived at the decision that a product-related service would be offered in addition to classic product retail. The integration of entire teams into the strategic process is of particular importance to us during our customer projects. For this reason, in addition to the management, parts of the workforce and shareholders are also involved.
Communication as a success factor
When implementing the strategy, it is important that the company management informs the entire workforce as to ongoing changes in addition to communicating and exemplifying both the vision and the defined company values. This creates a feeling of togetherness resulting in employees pulling together. Proper communication is a crucial success factor in this regard.
All in all, for companies the rolling strategic process, defined within the context of future management, must always be viewed positively, with it enabling the resolution of mental blocks which appear to be unsolvable during day-to-day operations.
The main success factors are the involvement of the workforce, good chemistry between the company and consultants, and extensive communication with all company employees.
A vision or goal can be set quickly, but visions and the associated goals can only be achieved purposefully and successfully with an appropriate strategy.
Junior Consultant I IMIG Germany
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