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Benefits and limitations of strategic planning
Benefit of strategic management
Benefit of strategic management
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IT Strategic Planning
IT strategic planning is the companies’ way of defining their direction and their methods of control for their IT department. It is a high-level plan that provides a framework for a business’s overall strategy for success. IT strategic plans are used by business owners and manager to provide the organization a clear focus. The process of creating a strategic plan involves analyzing the prevailing business market, setting goals and mapping out a course that will indicate how the business would work to achieve those goals. Most companies invest a significant amount of time and effort in a formal, annual strategic planning process – but many executives see little benefit from the investment.
It has been found that they key
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This could be the result of communication issues, undefined or unclear definitions of goals and objectives, or even unreliable management, as well as many other issues. Information technology is becoming the foundation of today’s businesses and society. To not incorporate business strategy with IT strategy would leave the company severely lacking in direction and initiatives. Meshing strategic planning and technology creates an ability to enable more innovative and progressive goals rather than disrupting the overall plans with confusion. One of the most common issues seen in larger organizations is the lack of communication throughout the company about the strategic goals. Mid to lower level staff may be doing a great job in their daily work, but if they don’t understand the mission, vision, and strategic goals of the company, how are they to relate what they do to what their company does? If every employee understood where the company overall is going, and sees how this is incorporated into their daily routines, management may find that great work will quickly become exceptional work; this will guide the company even further in succeeding in the market and their goals. Several parts of any organization are maintained and monitored by information technology. If IT and strategic plans are not aligned, companies may find that important components like performance metrics, performance tracking, and enabling …show more content…
Their IT strategic plan encompasses FBI priorities, their mission, scope, and vision, as well as their guiding principles. This strategic plan incorporates “reliable and effective technology solutions needed to fulfill the FBI’s mission” and creates an amazingly innovative mesh between business and technology (Federal Bureau of Investigation, 2010). The FBI has found ways to not only use IT as an enabler in creating strategy, but also to use technology to continually evolve and expand with growing and changing technological advancements. The foundation to the FBI’s IT strategic plan lies in becoming one enterprise, one team working together, aided by technology and innovation, to further progression for the service and the
Background Information In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
After analyzing the Coastal Medical Center, it is apparent that the employees and staff have no conception of the mission, vision, and values of this health care facility. In addition to this lack of structure, CMC has many projects in the midst of production that lack support of a common goal, employees are unsatisfied with their jobs, the two boards lack ability to agree on strategic decisions for the organization,, and the medical center has a dismal reputation when it comes to quality care.
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
The FBI is an organization that takes pride in how they conduct their mission. John E. Ott, editor for the FBI says, “Our goal is to develop a comprehensive understanding of the threats and pe...
Strategic planning requires a few steps. The steps would be to appoint a strategic planning committee, interview key stakeholders, conduct an analysis that measures strength, weakness, opportunities, and threats, develop a plan, and communicate the plan
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
New businesses will take longer to thrive with the United States falling economy. The faltering job market and the deepening slump in housing threaten to hurt consumer spending. Consumers are becoming more conscious of their spending and therefore using cash to pay for smaller necessary purchases. The cost of entertainment and other presumed luxuries may be pushed to the background by most families, when having to choose whether to pay for a bill or treat the family out. Thriving businesses will understand the need to provide a service or product at affordable prices.
Henderson and Venkatraman proposed a model for business – IT alignment; it was intended to support the integration of information technology (IT) into business strategy by advocating alignment between and within four domains (see figure 1). The inter-domain alignment is pursued along two dimensions: strategic fit (between the external and internal domain) and functional integration (between the business domain and the IT domain). The objective of this model was to provide a way to align information technology with business objectives in order to realise value from IT investments. The authors argued that the potential strategic impact of information technology requires both an understanding of the critical components of IT strategy and its role in supporting and shaping business strategy decisions and a process of continuous adaptation and change. Hence, they presented a model that defines the range of strategic choices facing managers.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
The process of management involves planning, organizing, directing and controlling people and activities. At each level of management, the responsibilities for handling these tasks differ. Top-level managers are responsible for establishing organizational objectives. Middle-level managers organize and control the organization’s resources to achieve these objectives, whereas lower-level managers supervise day-to-day activities. Each of these three levels of management has distinct information systems needs. First line supervisors require feedback about day-to-day activities. Middle level managers need information that will enable them to reallocate resources to achieve objectives. Top-level managers use external information to identify new business opportunities and to establish goals for the firm.
Strategic planning implies establishing in advance what an individual or organization wants to achieve within a specified timeframe and deriving ways on how to achieve that. A strategic plan is basically a course of action that is used to attain desired results. It means anticipating the future and having measures on how to grow into the future. Technology is a macroeconomic factor that is rapidly growing and changing. Technology has had positive effects all over across the globe to business organization and to individuals.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
A challenge in strategic planning is to decide what bits and where bits of information will be used to support business decisions. In general, strategic plans can fail for two types of reasons: inappropriate strategy and poor implementation.
Group 6 Strategic Management Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization to make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007). In order for a firm to compete within its industry, it must plan and relate to the industry dynamics, determine its strengths and weaknesses before determining the best way to match and overcome competitors.