The document outlines a strategic initiative process that includes 6 steps: 1) developing a vision and mission, 2) analyzing strengths, weaknesses, opportunities, and threats, 3) developing strategic options, 4) establishing strategic objectives, 5) creating an execution plan, and 6) allocating resources. It also discusses processes for creating value for customers, integrating multiple channels, managing information, and assessing performance. Performance assessment involves setting goals, developing key performance indicators and metrics, and tracking data.
The document outlines a strategic initiative process that includes 6 steps: 1) developing a vision and mission, 2) analyzing strengths, weaknesses, opportunities, and threats, 3) developing strategic options, 4) establishing strategic objectives, 5) creating an execution plan, and 6) allocating resources. It also discusses processes for creating value for customers, integrating multiple channels, managing information, and assessing performance. Performance assessment involves setting goals, developing key performance indicators and metrics, and tracking data.
The document outlines a strategic initiative process that includes 6 steps: 1) developing a vision and mission, 2) analyzing strengths, weaknesses, opportunities, and threats, 3) developing strategic options, 4) establishing strategic objectives, 5) creating an execution plan, and 6) allocating resources. It also discusses processes for creating value for customers, integrating multiple channels, managing information, and assessing performance. Performance assessment involves setting goals, developing key performance indicators and metrics, and tracking data.
The document outlines a strategic initiative process that includes 6 steps: 1) developing a vision and mission, 2) analyzing strengths, weaknesses, opportunities, and threats, 3) developing strategic options, 4) establishing strategic objectives, 5) creating an execution plan, and 6) allocating resources. It also discusses processes for creating value for customers, integrating multiple channels, managing information, and assessing performance. Performance assessment involves setting goals, developing key performance indicators and metrics, and tracking data.
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STRATEGIC INITIATIVE: -
1. STRATEGY DEVELOPMENT PROCESS: -
Step 1 – Review or develop Vision & Mission The first step is to obtain first-hand information from various stakeholders (Shareholders, customers, employees, supplier’s community’s etc.) You may use templates to evaluate how the stakeholders think about your organization. To find out whether their action is aligned with the organization’s objectives. To review or develop the company’s Vision and Mission with the involvement of other stakeholders to ensure it is still current with the business changes and new challenges. Step 2 – Business and operation analysis (SWOT Analysis etc.) One of the key considerations of strategic planning is to understand internal (own organization) Strengths and Weaknesses as well as external Threats and Opportunities. These are commonly known as the four factors of a S.W.O.T. analysis. Involvement from various stakeholders to provide their points of view about your organization is key. In the process, you will gain better buy-in from these implementers of strategies and policies. Step 3 – Develop and Select Strategic Options You may use templates to develop several key possible strategies to address the organization’s objectives. More important, these possible strategies are developed based on the inputs from stakeholders (step 1) and Business and Operation analysis (step 2). It is often several possible strategies that are developed and every one of them is important. Since it is quite normal that an organization would have several key issues to tackle, you will be able to use proper tools to select a few from the possible strategies. You will be able to apply several prioritizing tools as introduced in this step. Step 4 – Establish Strategic Objectives During this step, you will be able to view the overall picture of the organisation and able to select a few strategic options objectively. The template may be used to understand various strategic options, set key measures and broad timeline to ensure the selected strategic options are achieved. Step 5 – Strategy Execution Plan Many organization failed to realise the full potential of its strategies is due to weak implementation. In step 5, a proper deployment plan is developed to implement these strategies. Step 6 – Establish Resource Allocation Very often, the management team assigned selected strategies to key personnel and left it to the individual to carry out the task. While most organizations operate with minimum resources, it often ends up work overloaded by an individual.
2. VALUE CREATION PROCESS: -
Determining what value, the company can provide to its customer. Determining what value, the company can receive from its customers. 3. MULTICHANNEL INTEGARATION PROCESS: - How to focus on decisions about the most appropriate combinations of channels to use? How to create and present a single unified view of the customer and the company?
4. INFORMATION MANAGEMENT PROCESS: -
How to collect and analyze consumer data to maximize utility. 1. Collecting information: - During our week-long social media campaign users will be able to interact with our core team and also contributes primary data collection can be initiated with the use of surveys, experiments, exhibition etc.
2. Processing information. This stage can be greatly assisted by the application of relevant analytical software and the level of sophistication of such software is rapidly increasing. Software’s such as excel and tabber help in keeping track and categorizing generated leads which in turn helps us categorize and organize lead data.
3. Analysing the information. Information on its own does not represent value in practical levels; therefore, information needs to be transformed into knowledge through critical analysis. Our team of analysts will help categorize the lead data on the basis of income, purchasing power, buying traits and general characteristics in order to process and classify the leads.
4. Acting upon the information. This last stage in information management process is associated with developing recommendations according to analyses of information and application of recommendation in practice. Dramatic development of information technology and intensive integration of internet in increasing range of organisational processes has increased the level of convenience and effectiveness of each stage in information management process. Specifically, information and communication technologies (ICT) represent an effective platform to be used in data collection, processing of information, and data analysis. Standard applications can be used in a wide range of industries and purposes and they include word pressing applications such as Microsoft Word and Text Document, database software such as Access, Oracle etc.
5. PERFORMANCE ASSESSMENT PROCESS: -
The essential task of ensuring that the organization’s strategic aims in terms of CRM are being delivered to an appropriate and acceptable standard and that a basis for future improvement is established. We have decided to go down the route of performance monitoring, which provides a more detailed, micro view of metrics and key performance indicators- cross functional metrics, predictive modelling. The performance management process is a collaborative, communication-based process where employees and management work together to plan, monitor and review the employee’s objectives, long-term goals, job trajectory and comprehensive contribution to the company. Steps in Performance Monitoring: - 1. Set Goals What are your trying to achieve? Your goals might be acquiring new customers, improving customer satisfaction and generating high volumes of traffic to your website. Until you don’t know what you want to measure, you can’t measure what you have. 2. Develop Key Performance Indicators The KPIs are standard ratios that provide insight about your business performance. Examples include revenue generated per employee or financial statements. These performance indicators help you measure performance against the goals you’ve identified. Setting the KPIs will vary between businesses. It is important to choose KPIs that mean something to your business, that can be measured and provide outcomes to achieve your goals. 3. Define Suitable Metrics Business metrics are quantifiable measures that track and assess the status of a specific business process. Depending on your business and your goals, you may want to focus on certain metrics. These include marketing metrics, sales metrics, accounting and financial metrics and online metrics. These metrics keep business owners, employees, investors and customers informed and aware of how a company is performing. 4. Track and Measure Narrow down on the information that you think is crucial to track. Choose a few major business goals, develop related KPIs and focus on tracking and collecting relevant data.
