The Importance of Analytics

Sometimes the dictionary definition of a word can be so sterile, that the power of the word can get lost.  For me, Analytics is one of those words.  It’s defined as the process of performing systematic computational analysis of data or statistics.  What an understatement!  To me analytics is magic.  Analytics is what turns data into information.  Data is personified and personalized to give it meaning.  Now that’s powerful stuff.  Without analytics, how would Netflix know what other movies to recommend for me based on what I’ve previously watch?  Without analytics, how would Amazon know my tastes so well? How would audible know what I like to read?

Organizations collect data as a regular course of business.  This isn’t new.  What IS new….is analytics of big data.  Organizations that have learned how to leverage analytics to turn their data into information are gaining a competitive advantage over those who don’t.  If you’re strategic planning, consider HOW your data (already in your possession) could be leveraged to help you develop a better relationship with your end customer.  You just might discover your next big thing.

What is Strategic Project Management?

What exactly is Strategic Project Management?  Traditionally Project Management has been divided by fields such as IT Project Management; Business Project Management; Marketing Project Management and Operations Project Management.  However, in my opinion Project Management can be divided by function as well.  Let’s back up.  I’d like to start by a providing a functional definition. Project Management is a form of functional management used to accomplish a series of work tasks, within a well-defined methodology, schedule and budget.  It has a definite start and a definite end.

That being said, a Strategic Project is a uniquely defined, sub-type of functional project.  The essence of a strategic project is to support and tactically execute an organization’s strategic plan.  In this light, Strategic Project Management becomes a key business process in the strategic plan.  When organizations define their delivery projects based upon their business strategy, the strategic projects then enable them to better accomplish their organizational goals.

Thus a Strategic Project Manager is an individual who can successfully bridge the gap between strategic and tactical; by executing value-added delivery (tactical) of strategic business goals (strategy).

Leadership Retreat Locations are Important to the Strategic Process

The location of a leadership retreat is just as important as the agenda to be discussed.  First, let’s go back a moment and review the purposes of a leadership retreat.  Simply put…times change…and in the world of business, there are so many variables in play, that times change often.  Sometimes, we as business leaders are so “heads-down” doing our jobs, that we may not be aware of the changes happening around us.  Other times, we may be aware, but don’t have an opportunity to sit down with our colleagues and objectively discuss the potential impacts.  Thus, the idea of a leadership retreat emerged.  The two main purposes of a leadership retreats are as follows.

One.  To break the leadership team away from the pattern of their heads-down, day-to-day duties; so that they are able to step back and critically take in the larger picture of what’s going on in their environment. Two. To facilitate the critical thought processes and discussions that lead to the development of a strategic deliverable.  Some deliverables aim to develop a strategic plan or to re-visit one that has been previously created.  Some, aim to overhaul a process, achieve alignment, make critical decisions or “fix” trouble spots.  Regardless of the specific deliverable, the second purpose of the retreat is to enable the creation of that deliverable.

The point is that a leadership retreat is as much a mental excursion as it is a physical one.  To mentally break away from the everyday routine and to mentally get the creative and critical thought processes flowing.    This leads into the case for why the location is as important as the agenda.  On occasion it has been managers have the privilege to participate in leadership retreat functions.  Some are very successful and others, not so much.  One of the important differentiators is likely the retreat location.

Scheduling an “off-site” in another building on the same campus, or on a different campus but still in the same company facility, does not provide an environment different enough to really get the sensation of a being away from your day-to-day duties.  A retreat is a “get-away” but it does not have to be physically far away from your regular working location.  Yet, it needs to feel as if it’s far away mentally.  Also, the location does not have to be costly just different enough so that one is able to mentally escape the sensations of their day to day work environment.  This will help those in attendance to make the mental jump to “retreat.”

Feeling mentally as if one is in a different environment will in turn help to fuel the out-of-the-box thinking that often leads to success.  And that’s why the location of a leadership retreat is important to the strategic process.
Thanks for reading!

Strategic Planning and the Importance of the Devil’s Advocate

Have you ever wondered why some groups can get together and produce a good solid strategic plan for moving forward; and some groups produce strategic plans only worthy of a trash can?  There is no magic bullet for producing a good strategic plan.  They are hard thinking and painfully detail oriented work as you go through all possible variables and scenarios for the future.  However, one thing that will always work in your favor is asking a couple of people in the group to play the role of the devil’s advocate.

What is the role of a devil’s advocate in a strategy planning session?  They simply have one job…shoot reasonable holes in every scenario presented.  This will quickly help the group to narrow down from many potential ideas to the few solid ones that can effectively be defended against the devil’s advocate attacks.  The ideas that persevere are the ones where the group can develop either a mitigation plan or a management plan for the gaps identified by the devil’s advocates.

A mitigation plan effectively closes a gap.  In other words if you can address, through discussion, and come up with a plan to close the gap; then its an issue and it has been mitigated.  Those become the seeds of future projects.  A management plan effectively spells out how you can minimize the impact of a gap.  In other words, if you can come up plan to mange a problem that is beyond your control to close; then it’s a risk and you have a good start on managing it.

By having a few devil’s advocates in your strategy planning sessions you will come out with a better strategic plan as well as the added benefit of a two good starts on your potential project roadmap and your risk management plan.  And that’s why devil’s advocate are important in strategic planning.  Thanks for reading!