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Lecture Crafting and executing strategy: The quest for competitive advantage - Chapter 12

Chapter 12: Managing internal operations. This chapter includes contents: Marshaling resources to support the strategy execution effort, instituting policies and procedures that facilitate strategy execution, adopting best practices and striving for continuous improvement, installing information and operating systems, tying rewards and incentives directly to good strategy execution. | Managing Internal Operations 12 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap Marshaling Resources to Support the Strategy Execution Effort Instituting Policies and Procedures that Facilitate Strategy Execution Adopting Best Practices and Striving for Continuous Improvement Installing Information and Operating Systems Tying Rewards and Incentives Directly to Good Strategy Execution Allocating Resources to Support Strategy Execution Allocating resources in ways to support effective strategy execution involves Funding strategic initiatives that can make a contribution to strategy implementation Funding efforts to strengthen competencies and capabilities or to create new ones Shifting resources — downsizing some areas, upsizing others, killing activities no longer justified, and funding new activities with a critical strategy role Fig. 12.1: How Prescribed Policies and Procedures Facilitate Strategy Execution Creating Strategy-Supportive Policies and Procedures Role of new policies Channel behaviors and decisions to promote strategy execution Counteract tendencies of people to resist chosen strategy Too much policy can be as stifling as Wrong policy or as Chaotic as no policy Often, the best policy is empowering employees, letting them operate between the “white lines” anyway they think best Instituting Best Practices and Continuous Improvement Searching out and adopting best practices is integral to effective implementation Benchmarking is the backbone of the process of identifying, studying, and implementing best practices Key tools to promote continuous improvement TQM Six sigma quality control Business process reengineering What Is a Best Practice? Any activity that at least one company has proved works particularly well A path to operating excellence Best Practices Characteristics of Benchmarking Involves determining how well a firm performs particular activities and processes when . | Managing Internal Operations 12 Chapter Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy State University-Florida and Western Region Chapter Roadmap Marshaling Resources to Support the Strategy Execution Effort Instituting Policies and Procedures that Facilitate Strategy Execution Adopting Best Practices and Striving for Continuous Improvement Installing Information and Operating Systems Tying Rewards and Incentives Directly to Good Strategy Execution Allocating Resources to Support Strategy Execution Allocating resources in ways to support effective strategy execution involves Funding strategic initiatives that can make a contribution to strategy implementation Funding efforts to strengthen competencies and capabilities or to create new ones Shifting resources — downsizing some areas, upsizing others, killing activities no longer justified, and funding new activities with a critical strategy role Fig. 12.1: How Prescribed Policies and Procedures Facilitate Strategy Execution