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Strategic Planning and Management Insights

Why is Planning Important for Success? This Month In Strategy - April 2016

[fa icon="calendar"] April 24 / by Jenna Sedmak

Each month I choose my favourite strategic planning articles to share with our readers. With technology and globalization increasing faster than ever, a strong strategy is important for success within your market. 
 

This article dives into how to create a “Blue Ocean Strategy” (with a less competitive market) rather than falling into traps that might lead to a “Red Ocean” (a much more competitive market). This article sites the Google search engine as a famous great example of a company that created a blue ocean for itself. If you skip to the bottom, there’s a great 3 minute video that explains the essentials of this concept.

In our recent blog post, “Our Favourite Business Strategy Frameworks”, we discussed the Blue Ocean Strategy along with other fantastic strategic planning frameworks that we use.

Download PDF: Benefits of a strategic planning meeting.

Whether you listen to the podcast, or read the transcription, this piece will bring to light how different industries have been affected by digitalization, and what struggles can arise out of rapidly changing technology. There is a complexity to creating a digital strategy surrounding - In many industries as different tasks move at different paces and involve different levels of technology.

“Digital disruption, at some level, affects every industry, although to very different levels. Some industries have progressed very, very far in terms of digitization—think about music and music distribution. But some of them have barely been affected, for example, some basic materials, mining operations.”

Until recently, complex strategic thinking and planning was a task just for humans. However, with recent advances in AI and machine learning, it’s become comprehensible that strategic plans could eventually be tasked to computers. However, regardless of how advanced technology becomes, most experts believe that the combination between human and machine will yield the best results.

“Plan, Plan, Plan! Planning is crucial to keep your organization’s goals on track.” 

Many non-profit organizations lack emphasis on a strong strategic and/or marketing plan. However, planning is critical to success - whether you’re for-profit or non-profit. (Many would argue that planning is MORE important for a non-profit organization). This article discusses strategic planning along with other elements that are an important to build a strong non-profit organization.

With the increasingly fast pace of technology, unique strategies are needed for creative organizations like Pixar. The president of Pixar, Ed Catmull describes “the thrill and the challenge of stimulating creativity while keeping up with the breakneck pace of the digital age.” 

 

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Topics: Strategic planning, Business news

Jenna Sedmak

Written by Jenna Sedmak

Jenna is the communications and client partnership manager with SME Strategy. She spends her time building relationships with the public, clients and partners through web content and podcast production, industry research, customer relations, project management and strategic plan implementation.

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