Strategy Challenge
1. Selecting a topic was initially quite a
challenge. I looked at project management issues and people and culture issues
facing the firm. After some guidance for the professor, I decided to look at
something that has a huge impact on the firm – Revenues. By keeping the topic wide, I was able to analyse all the
issues that were leading to pedestrian revenue growth. This included digital
disruption, innovation, customer journey etc.
2. Analysing the issues. I spent a lot of time on
this part of the challenge. The main reason for me was to gain insights and
lots of it. I did a lot of research within the industry (from reputable
business and academic websites) to interviewing key senior stakeholders in the
firm. Each one gave me great insight into the issues, however, my thoughts and
analysis were still “all over the place”. A chat to the Chief of Staff of the
biggest division in the bank, started directing my analysis into the boundaries
of the firm – competitors, customers and internal strengths. The more whys I
asked, the clearer the need to understand the customer became
3. Summarising the analysis – once I had collated
all the analysis and placed it in a PowerPoint format, I was ready to share
with a few stakeholders and senior managers. Some of the analysis, proved what
they had believed, some of it was not new to them and some was insightful to
them. I suggested we work together to come up with the options , which took us
some time as I had to go through my entire analysis process and ensure we still
were working towards the challenge highlighted.
4. The options were listed – too few in hindsight –
and were evaluated using criteria from Tovstiga (Strategy in Practice, 2015).
One was selected, however, again, I should have shown in more detail in the
assignment how the evaluation occurred between the senior manager and myself
5. A
critical reflection on the chosen option was completed.
Reactions:
1.
Initially, business units were not willing to
share any information. This was frustrating ad demotivating. Here I was
thinking that someone (aka me), would be welcomed into the business unit to analyse
from a different perspective (MBA)
2. After some struggles, I realised that I had to
use my network of contacts to get into senior manager’s diaries and had a short
time to present my case.
3.
Only after my analysis was completed and
summarised, did some managers start to take me seriously. A lot of the research
I had conducted could have been validated a while ago if I had the “ears” of
these senior managers.
4. Nevertheless, it came together at the end and a
few of the team members could provide me with some of their time to review, derive
and select the options to manage the challenge
5. Will this strategy be executed? Due to the
massive changes happening in the organisation at present, I doubt that it will
be done in totality but pockets of it have started but will not have the desired
impact (as per the risks documented in the reflection part of the assignment)
Overall, this was a great learning experience, but really tough!!
... Me
