One definition of strategic planning is the determination of an organization’s objectives together with a comprehensive set of actions and resources that are required to meet these objectives. Strategic planning is a process that assists executive managers in their resource allocation and decision-making.
Developing an innovative product/service or business model requires to develop a strategy and juxtapose it with the client’s capabilities. Innovation can come from internal innovation “task forces”, where consultants can assist with initiating or improving internal processes that foster open circulation of innovation ideas. It can also be brought in from external players (outside-in innovation), through M&A or strategic alliance for example.
Re-engineering was pioneered by MIT Professor Michael Hammer in the early 1990s, and gained traction thanks to the support of established management figures such as Peter Drucker. Sharing parallel with popular approaches referred to as Lean and 6-Sigma, the goal it to address customer needs more effectively and/or at lower cost, and enable non-value adding functions to effectively become obsolete.
Scenario planning helps organizations handle unexpected circumstances as they unfold while focusing effort on the circumstances that are most likely to take place in the future. The consultants and managers brainstorm on “what-if” hypothetical environments and develop appropriate courses of action for each alternative.
Budgeting is key to boost competitiveness as it aims to optimize the alignment of resource allocation with strategic goals. As for re-engineering, making effective resource allocation decisions requires a deep analysis of which activities should be eliminated, which activities should be performed, and how to perform these activities. It requires a quantitative costs/benefits analysis of alternative options such as automation, streamlining, standardization, (...)