Best Innovative Strategic Planning at Hyper-Speed
Planning Do you know anyone, or any organization, that at the end of the year looked back at their annual plan and honestly said everything went according to plan? Did you ever have a year where nothing changed? No new competitors, no changes in market conditions, or budget cuts? Of course not. Plans that don’t anticipate these changes are neither strategic nor innovative; however, innovative strategic planning is exactly what you want to strive toward.
Despite their continued failure to achieve annual goals or respond to changing conditions, organizations continue to rely on traditional annual planning retreats to define their strategic goals – generally under the pretense of creating customer loyalty, improving customer experience, or increasing revenues for existing customers. These “functional” teams create all sorts of great ideas, which eventually fall short or are forgotten.
To put this situation in context, let’s look at the key findings from the Sixth Product Portfolio Management Benchmark study conducted by Tech Clarity and commissioned by Planview. In this study, 80 percent of the respondents said innovation is essential to achieving their company’s strategic objectives. And almost three quarters said that budget and resources for innovation are increasing. However, only 25 percent said their product portfolio is highly aligned to deliver the company’s strategy.
Time for a Change
So, how can you change the way you think about the issues and strategies that keep your executives awake at night and the products needed to deliver innovation across boundaries and departments?
You can start by breaking down the departmental silos that create business cases and justify budgets over spreadsheets. Those spreadsheets only justify the work their creators want to do. The reality is all of those different disconnected business cases don’t support strategic plans. However, they do produce strategic funding for non-strategic things.
And this is what’s happening across organizations all over the place. Product managers have good intentions as they strive to work across organizations for cohesive and strategic plans so their teams can work on the right things. However, they’re fighting against those siloed spreadsheets that can’t address the changes that their organizations face. This produces an environment where it’s impossible or difficult to work across silos to create an interconnected product roadmap that spans all business cases.
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Want More? Check Out This Webinar
If this approach rings true to you, check out a webinar Planview produced recently that provides more tips and a demonstration of how to create and put your new strategy to work. It starts with part one of a two-part series called, Strategic Planning: Developing the Right Path to Innovate @ Hyper-Speed.
This webinar will show you how to think about strategy differently and how to put that thinking into action. It will demonstrate how to address individual strategies like taking existing projects to new markets and challenging your organization to succeed in your markets. It’ll also show how to use Planview to increase revenues through new distribution channels, and how to make plans that address current conditions while factoring in the potential for change.Tags: annual planning, product portfolio