Alignment: Ensuring that your entire business is strategically fine-tuned in all their actions – resource, activity, measurements, communication and teams are aligned to what it is the business must achieve, as defined by the strategy, implementation and execution phases.
Business Policy: The business policy concerns itself with the purpose, organizational identity, what needs to be achieved, and utilization of resources to support any given strategy, project portfolio or task.
Continuous Improvement: A management approach which looks at increasing business effectiveness by reducing inefficiencies, frustrations, and waste (time, effort, material, etc.).
Hoshin Kanri: Sometimes known as Hoshin Planning, Policy, Goal or Strategy Deployment – is a strategic planning process whereby strategic goals are communicated and translated into action.
OGSM: Objective, goals, strategies and measures – a system that helps you to define your goals based on those which are broad, fixed and measurable, ensuring your actions and their measures link back to your strategy.
OKR: Objectives and Key Results – a model that looks at outcomes, linked to your strategy, which examines outcomes on a fluid basis each quarter. OKRs are attached to action plans to ensure your key objectives and their results are measured and achievable.
Operational Management: The management of daily work within an organization, ensuring that production and other teams maintain their expected work. Process optimization from continuous improvement will feed into business-as-usual activity (standardized work) through operational management.
Performance Management: The process of measuring all projects and actions within using a tracking system, such as a Bowling Chart, traffic lights and countermeasure sheet to ensure that the strategy is being executed to expected levels, and if not, what needs to be done to correct this.
Strategic Framework: A strategic framework is a structured method to support an organization to achieve its strategy – popular examples include OKR, OGSM and Hoshin Kanri (Policy Deployment).
Strategy Execution Management: The process of managing a strategy from its formulation through to execution, involving operational management, continuous improvement, transformation, performance management and leadership.
Strategy Execution: The operational activity of the strategy – the projects, activity, measurement, performance management, and countermeasures needed to make effective use of resource to reach the objectives of the strategy and realize the benefits of it.
Strategy Formulation: Also known as Strategic Planning, here you are developing a vision and set of objectives and initiatives which, based on the voice of the customer theory, will deliver a true step change in performance for the organization which aligns to the business’ policy.
Strategy Implementation The translation of the strategy into breakthrough goals and improvement priorities, the required resources, metrics and defined activities to support the achievement of the strategy.
Transformation: The approach of setting out a true step change in your existing performance – be that revenue, product offering etc, where you must make drastically different processes and management systems to achieve a performance level that transforms your business.
Voice of the Customer: The means of gauging and recording a customer’s experiences, expectations and wants from your business and then feeding this into your strategy and resulting Strategy Execution Management.