Strategy or Execution - What is the Priority?

The perennial role between strategy and execution cannot be ignored in the today’s technology savvy world. The two terms are inter-related in a coherent fashion and prioritizing one over the other would be foolhardy, especially when one needs to go about in the pursuit of a business venture. Still, many commit the same very blunder as they associate strategy with analysis and execution with getting things done due to the visible nature of the latter, reports Wall Street Journal.

Having said that, one cannot hope to have an impeccable execution without having a sound strategy in the first place. Even when we fall back in the past, we cannot negate the prerequisite role of strategy when business procedures were not as complex or fast-paced and technology still hadn’t put its stamp on day-to-day operations. Although execution and strategy were two very explicit part of any business operation, where one focused on running the business in the present and the other one looking out into the future and by future it means generally three to five years, presumably longer for technologies and products requiring extensive R&D.

But technology, playing a predominant role in the efficacy of today’s business scenario, equivalent significance is conferred on both strategy and execution where indifference meted towards one, spells the doom for the other and subsequently for the business.

The contemporary market conditions being very volatile, one has to keep in check with the changing trends and make the changes accordingly in the strategy and execution of the organizational projects. One cannot formulate a strategic planning and expect to act on it beyond three years, where unanticipated events make the time span even shorter. The strategic planning needs to be carefully implemented, accommodating executions that were not calculated before.

As such, CIOs are required to don the hat of the Chief Systems Officer (CSO) in this regard. He needs to analyze and contemplate upon the strategic requirements that would best suit the functionality of the business. He needs to procure the tools and policies that can adhere to the changing trends and successfully operationalize the strategy in a timely fashion.

Similar paradoxes can be observed in the field of design and manufacturing where a close collaboration between engineering design and manufacturing can be observed so that products can be manufactured in the most viable way. Also, in terms of products and services, companies as of now are more inclined into de-commoditize products and standardize services with a view to open new realms for revenue by initializing ongoing maintenance, subscription streams, value-added opportunities, pricing models and other such product-related services.

Therefore, CIOs should strive to strike a delicate balance between managing their existing operations and formulating the appropriate strategies which will enable them to hoist their business to the pinnacle. Thus equal amount of weight-age should be given both to strategies as well as planning in order to maintain the delicate balance required for an organization to go about its policies.