An organisation’s strategy is its high-level focus supporting its strategic execution. To achieve this, there are several things an organisation may do, including planning and taking the necessary actions related to the specific objectives.
After the strategic implementation, the organisation still needs to gain insight into how things are progressing through its performance system. This makes it possible for the teams to get feedback on the implementation. This feedback becomes critical to improvement because it can share the organisation’s performance reality.
Here are five ways strategy feedback helps.
- Informs critical decisions
Management is learning what has transpired over specific periods through the performance measurement system data. This may include both quantitative and qualitative information.
- Save on resources
This is particularly useful to an organisation’s financial resources as decisions can be made on whether to move forward with a project. This resource feedback may help the organisation’s budget planning, the appropriate time to launch any future initiative and targeted expertise.
- Setting of the priorities
Feedback over a specific period may factor in all that happens in strategic performance. Over time the team may understand how to prioritise based on what worked well and those that did not do well. This allows some implementations to happen before others based on their immediate needs or available resources.
- Supports alignment
Strategy feedback helps an organisation to know whether its strategy is aligned. For example, actions support the strategic objectives or whether the performance measurement is helping to feed the needed information. Overall, does the goal, objectives, activities, and measurement connect to tell a story?
- Supports communication and transparency
It is best to inform its key internal and external partners of any organisation’s performance feedback information. The organisation may have a better opportunity to get help once an issue has been transparent to partners. The spill-off of which will contribute to organisational improvement.
Feedback can be a handy tool to help an organisation progress. Critical to this is the need for feedback to be utilised to support progress because the available information comes from performance evidence.
Tip: Strategy feedback significantly helps with the organisation’s learning and development.
Improvement takes time.
Please look out for the next article!