Written by Rentia Muell.
With the economy remaining in a tight position, many organizations are looking for a more innovative approach to strategy formulation and execution. What the more progressive organizations are looking for in Strategy Management is REACH, RICHNESS, SPEED and EXECUTION.
One of the largest banks in Africa is one of these early adopters and progressive organizations. This bank was faced with increasing cost pressures and a highly innovative competitor. The Executive Team identified the need for a process that will enable meaningful and focused large-scale engagement, stimulate innovative ideas and drive successful execution. The decision was made to use the Scientrix Strategy Matrices and Collaborative Technology platform.
The objectives for the project were outlined as follows:
REACH: Reach the best experts inside and outside the organization and include a diverse and broad base of people in the solution design.
RICHNESS: Effectively and efficiently foster the development and communication of rich knowledge, innovative ideas, concepts and strategies in an aligned way.
SPEED: Design solutions, with broad participation, with speed. Improve the cycle time between planning and execution. Make strategy design more dynamic.
EXECUTION: Create close and dynamic feedback loops between knowledge, initiatives and results.
The Executive Team liked the idea of the Scientrix matrices and platform from the start and believed it was a novel, simple but powerful way to align thinking and achieve reach, richness, speed and execution.
But to create a more collaborative enterprise is no easy task and deploying the technology is only one part of the process.
Moving from a silo, highly political, demand and control environment to a more net-working and collaborative environment is a real challenge. No wonder the executive team was mostly concerned about adoption and participation.
They asked the Scientrix team to come up with sustainable solution.
After extensive research the team came up with a new collaboration framework. It was clear from the start that the project would fail if we did not apply a disciplined, but fun approach. Creative sparks were flying and finally our success model emerged. We applied the Scientrix matrix method to come up with a new framework to ensure successful collaboration.