Across all industries, companies are facing a reduction in the lifespan of their products and services, but also of their own company. According to Arthur D. Little, the average lifespan of large companies has fallen from 58 years in 1960 to just 18 years in 20101. In response, companies are stepping up strategic transformation initiatives to continually find new growth drivers. However, two other studies, one by the Harvard Business Review and the other by the Gallup Business Journal, show that 70% of these initiatives fail2.
It is therefore essential to address the causes of this high failure rate before adding new tasks to the strategic plan. These failures are due to the fact that :
1. Initiatives related to the strategic plan are launched but their implementation is not monitored. Thus many of them are never completed,
2. Companies launch more initiatives than they are capable of carrying out
3. The people involved are not sufficiently involved or lack information,
4. The initiatives chosen are not the right ones.
To reduce this failure rate, the One2Team Slideboard helps you to :
1. Understand at a glance which initiatives are the most promising, so that you can launch them as a priority,
2. Pilot their successful execution,
3. Allow each employee to know exactly what is expected of him or her on these initiatives.
Understand at a glance which initiatives are the most promising in order to launch them as a priority
A first solution to the failure rate is not to launch too many initiatives at the same time, so as not to overload the teams, which would no longer be able to carry them out effectively.
In this way, only some of the ideas for initiatives will actually be launched. To this end, the people in charge of validating the initiatives to be launched can view all the initiative ideas at a glance on the One2Team Slideboard. In addition, this visualisation interface allows them to sort them according to the expected impact on the company’s objectives, the level of complexity, the theme (HR, positioning, digital transformation, etc.), the priority level, the score, etc. No more need for Power Point presentations, multiple meetings, manual data collection, etc. The Slideboard allows you to quickly select the initiatives that are best aligned with the company’s immediate challenges.
In addition, each department and each member of Comex can submit ideas for initiatives directly on the Slideboard, which will then be studied and scored so that they can be compared with others and enter the selection process.
Successfully manage their execution
There are a number of rules to ensure the smooth execution of strategic initiatives. The first is not to launch too many initiatives at the same time, as this would disrupt the people involved and increase the time needed to complete them. It is better to launch new initiatives as soon as one is completed.
In addition, each initiative should have a single manager and a SMART objective, i.e. Specific, Measurable, Achievable, Realistic and Time-bound. Rather than launching an initiative with a general medium- or long-term objective, it is better to launch the first part as a competition study with a shorter deadline of around 3 to 6 weeks. This way, at the end of the initiative it will be possible – depending on the results – to decide to launch a second initiative that will activate the next step.
Finally, some studies recommend the creation of a committee with a global vision of the company, responsible for monitoring the execution of these initiatives in a timely manner and for intervening in the event of any blockage. To help him/her carry out this task, the Slideboard enables him/her to monitor the status of all the initiatives being carried out and, for each, to access :
- Its SMART objective (ambition, target date, expected deliverables, etc.)
- The designated leader and the people involved
- The list of deliverables or milestones to be achieved
- Their assignment, status and deadline
- All related documents (deliverables, implementation support documents, etc.)
- All the exchanges that have taken place in connection with the initiative
Enable each employee to know exactly what is expected of them on these initiatives
Strategic initiatives require the ad hoc involvement of an employee or even an external service provider to carry out a well-defined task. To ensure that this request is not lost in the flow of daily operations, it is essential that these people are made aware of the importance of meeting the deadlines for these strategic projects. To do this, as soon as a sub-task or deliverable is assigned in the Slideboard, the people to whom it is assigned can see it appear in real time in their own task Slideboard and on the mobile application. This saves time in communication, as the assignment is real-time. The person can then link tasks to it, make comments, etc. The transparency of information and easier collaboration helps to involve and mobilise employees at all levels of the hierarchy.
Thanks to One2Team’s mobile application synchronised with the Slideboard, each employee can access all of his or her actions from anywhere:
One2Team, French editor of a project and portfolio management solution, has been helping companies to execute their action plans, including their strategic plan, with performance for 15 years. We are at your disposal to discuss your needs and show you how One2Team can help.
1 Source Arthur D. Little Analysis, Innosight/Richard N. Foster/Standard & Poor
2 Most Change Initiatives Fail — But They Don’t Have To. David Leonard and Claude Coltea, Gallup. Cracking the Code of Change. Nitin Nohria and Michael Beer, Harvard Business Review.