Effective strategy delivery requires a combination of best practices

Posted by Marbenz Antonio on March 24, 2022

The Holy Trinity of APMG for Strategy, Benefits, and Capital Investment

Effective strategy delivery requires a combination of best practices

In the same way that a chef carefully selects ingredients to create exceptional food, the same thought should apply to strategy execution when employing the APMG product set of guidelines. There are several approaches and product delivery frameworks available to assist any firm in implementing transformational change through strategy, benefits management, and capital investment.

However, no single guide can cover everything, so individuals and organizations must understand how compatible and related guides interact to get a more complete picture. All too frequently, people look at industry best practice guidelines and adopt them in isolation, without fully understanding how to combine the relevant principles to enhance organizational performance.

As the world’s first person to become a Strategy Implementation Institute Professional, Registered Better Business Cases Practitioner, and Managing Benefits Practitioner with APMG at the same time, we can testify how each plays an equal and significant role in any program or project. That is, how these industry best practices help any firm attain a clear line of sight, or simply successful strategy implementation through quantifiable benefits realization using improved business cases to support any investment proposition.

How exactly?

To emphasize some of the key elements, the Strategy Implementation Institute has created an easy-to-follow, step-by-step roadmap on HOW TO INITIATE A STRATEGY. The Roadmap was created because only 52% of firms completed two-thirds of their strategic objectives by 2020.

The Strategy Implementation Roadmap is circular since you can begin at any point. It consists of seven components that must be present for strategy execution to be successful:

However, it is the Financial Value component that connects with Managing Benefits by Steve Jenner and Better Business Cases. The goal of this procedure is to identify the strategic programs and projects that will lead to the achievement of the strategic goals. Before investing in any idea, a company should be aware of the time and work required to put the strategy into action. This understanding is required before deciding whether to continue with a strategic endeavor or to replace it with one that is more suited to attaining the strategy. Better Business Cases using the Five Case Model, which iteratively examines business reasons before full investment, are the best way to gain this insight.

1. The “strategic case,” or convincing case for transformation and holistic alignment with the larger organization.
2. The “economic case,” or the best value for money in terms of benefits vs. costs and dangers.
3. The “commercial case,” or a market-appealing arrangement that can be obtained and is financially feasible.
4. The “financial case,” includes a proven financing source.
5. The “management case” or achievability in terms of program, project, risk, benefits, contract, and change management, as well as preparations for independent gateway assurance.

Managing Benefits by Steve Jenner, on the other hand, provides assistance that connects benefits to strategy implementation through driver-based research. It ensures that benefits are prioritized in the business case for programs and projects and that the company combines benefits with performance management.

Tracking performance is an important discipline that links back to the Strategy Implementation Roadmap because it focuses on ensuring the company has the necessary measurements in place to oversee strategy implementation as well as the discipline to regularly analyze organizational performance. Both sets of guidelines recommend using balanced scorecards and strategy maps with measures for the four viewpoints of financial, customer, internal business process, and learning and growth.

It is important to emphasize, however, that the Strategy Implementation Roadmap is the only worldwide product that considers the larger requirement to modify the business model to enable successful strategy implementation through programs and projects, rather than merely adapting to the environment.

Also, consider Praxis….

With the advent of technology and free knowledge, Praxis – a free, publicly available framework for the integrated management of projects, programs, and portfolios that undergoes continuous improvement through community feedback – is one of the greatest sources.

The Praxis Framework can be used to help with strategy execution by assessing the eligibility of projects and programs for inclusion in the portfolio and later maintaining a beneficial and manageable mix of projects and programs. The Praxis Framework, by chance, also supports the Better Business Cases five-case model.

Summary

As you can see, it’s critical to think about how multiple frameworks might be used to work together more efficiently to maximize the recommended ways of working before starting any course. Those connections or ties may be implicit at times, but they may also be visible at other times. Integrating these industry-leading best practices should always be the objective.

Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com