A strategic roadmap serves as a firm bridge between an organization’s strategy and its execution. While building a strategic roadmap, professionals in an organization establish key results that must be achieved within a specific time. A roadmap should ideally be aligned with the company’s strategic vision and long-term goals.
The outcomes of a strategic roadmap are marked by assessing an organization’s current potential, market standing, priorities, weaknesses, and areas for improvement. All these factors can be best understood by senior professionals in the organization. Hence, building a successful roadmap for an organization is one of the crucial duties of managers to thrive in today’s highly competitive business environment. However, with the dynamic shifts happening across industries, many senior professionals are having a challenging time building a strategic roadmap for their organization’s success. These professionals need to upskill themselves to stay relevant in their organizations. IIM Kozhikode’s executive leadership program can help senior professionals and organizational leaders catch up with modern management strategies to create winning roadmaps.
Importance of strategic roadmap for organizations
With over 20 lakh companies registered in India, it’s important that management professionals are equipped with strategy building skills to stay ahead of the intense competition. A strategic roadmap is a bit different from a mere plan. It establishes what aims are to be achieved, and why, providing the organization with a clear vision.
Additionally, a strategic roadmap lays down the exact path the company must take to attain results in a specific time frame. Here’s why a strategic roadmap is essential for an organization’s overall success:
Allows management to be proactive
Provides a sense of direction
Increases the overall operational efficiency
Improves the profitability and valuation
Grounds the business in one strategic vision
Professionals who wish to learn the secrets of building a successful strategic roadmap should consider taking the strategic management course offered by IIM Kozhikode.
Struggles in building a working strategic roadmap
a) Absence of strategic management
The importance of having a strong set of strategic management skills for building a successful roadmap can’t be understated. These skills include data interpretation, decisiveness, and problem-solving. An understanding of how to navigate modern markets plays an equally vital role. Hence, upskilling is necessary for senior professionals to learn the latest management concepts and market trends.
b) Misalignment in process and strategy
Aligning process execution with the company’s strategy results in minimum distractions and allows the entire team to march forward in one direction. Most organizations either do not come up with a process or build one just for the sake of it. This leaves their employees uninformed and confused and the organization veers away from its roadmap. Management professionals can enrol in the executive leadership program offered by IIM Kozhikode to learn how to effectively align the strategy and process of a business.
c) Poor communication between the team
Healthy communication is the key to building a strategic roadmap that works. Poor communication between a team could result in tracking and management issues, unorganized meetings, inaccurate reports, and an overall decrease in efficiency. As poor communication is one of the biggest reasons why strategic planning fails, senior professionals must ensure that communication is streamlined and all the business information is centralized.
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