Enterprise officials usually spend hours in strategizing, conceptualizing and tweaking business plans. But at the time of execution, the planning overcomes with analysis crash which makes the overall process redundant. Organizations strive hard to integrate the right strategy, but months down the track are left wondering whether they have done enough with its absolute execution or further enhancements are still required to minimize risk assessment.
It is the improper vision when the output doesn’t match up with the efforts that are put at an earlier stage of conceptualizing. Social collaboration systems are binding departments, with staff and teleworks on the field to allow them to adapt various trends and be more engaged as well as productive.
More than 40 percent of the respondents in every organization needs to work along with other teams to generate output, hence they are required to concentrate on online processes that offer support for efficient working. This is highly vital in the current socio economic paradigm which has curtailed itself in a highly competitive ecosystem.
There are certain social collaboration tools, meant to help organizations to connect planning and execution through project changes, while communicating updates and responsibilities in real time.
Enterprises need to appoint someone on their own and drive the process, and ensure that the overall project does not deviate from its original route as most projects are not very far from completion if they are driven by passionate resource management. Formal responsibility should be assigned to those who are better at apprehending tools for use in order to advocate the overall process.
Organizations often juggle to convert plans into actions which further becomes complex if tasks are not properly assigned as and when the plan is completed. If everything goes according to the plan then the confusion gets eliminated giving a clear direction to the strategy.
This creates an open platform for the officials to review all the responsibility, timeliness and account the growth at every stage. Associates liability is a powerful tool, so working out how to harness the strength of associates will surely drive results.
Strategy Is Different From Tactics
Strategy is different from tactics. While tactics are the individual actions that you take to thwart a competition, strategy is planning of using those tactics.
If the difference is not clear let us take examples
- Your plan of becoming number one in your category is strategy while the actions that you take to become number one are tactics
- Getting your blog to high ranks is strategy while commenting on others blog is a tactic.
- Conquering a war is a strategy while where to place the troops is tactical.
- Marketing is strategy while selling is a tactic.
- Winning the market share is a strategy while advertising and promotions is tactical.
So as you can see tactics is the actual action while the strategy is the plan to achieve certain objectives.
It is very easy to confuse strategy with tactics. A lot of new businesses and bloggers trying to learn ways of marketing confuse tactics with strategy. For e.g. commenting on others blogs so as to get traffic for yourself is considered as good strategy even though it is a tactic. For a new business these are the tactics
- Advertising your new products – Winning the market for new product.
- Distributing discount coupons – Getting a larger marketshare.
- Sharing your post on social media sites – Making the blog popular strategy.
- Google Keyword research – Making the blog popular strategy
- Attacking a segment is tactical – Getting a larger marketshare.
- Selling your products through affiliates is tactical – Increasing sales strategy.
Why is it important to segregate strategy from tactic?
A tactic should never be confused with strategy. Strategy helps you to attain your objectives and tactics are tools of it. Sometime confusing tactics to strategy, we may lose the overall picture of our business and where it stands.
Analytical Thinking – Key to solution of problem
Thinking analytically or critically helps us in evaluating problems and making right decisions. It is the best approach to be used in making good decisions. You should think IDEAL while finding solutions to problems where I – Identify the problem, D-Define the problem, E- Examine the options, A- Act on Plan, L-Look at the consequences.
Problems should be solved in a strategic way and should follow a step by step procedure as Evaluate the problem, Manage the problem, Make decisions, Resolve problem and Examine Results.
Thinking uniquely and coming up with untouched options made a difference in analytical approach and other ones. It basically widens the probability area and can also affect the approach towards the solution. The main point we should always remember is that we should not confuse assumptions and opinion with facts. Also, an important thing is that we should not go for those solutions which can be error prone or troublesome in future.
In last but not the least, Analytical thinking is not just thinking, it is thinking which impose self improvements.
Big Data Helping Make Vital Business Strategies
Big data has definitely transpired and grown into a vital entity that most businesses just cannot spend to ignore. Big data is entirely accustomed to the technologies and processes associated with gathering and analyzing capacious amount of information regarding customers, markets, suppliers and operations. The bulk of this information is being made available to businesses with the means of mobile phones, instrument sensors, transactions on the Internet, and so on. Big data can be characterized as the flood of data from numerous resources. It possesses high speed interactivity as the data is being generated at a high speed from vast resource pool.
There are many analysts that have predicted that Big Data industry will significantly grow at the rate of 31 percent annually between the 2012- 2017, which is almost seven times greater than the growth rate of other sectors in the technology industry. What is interesting to understand is the fact that this is just the technology infrastructure portion and bulk of the information is still in the scattered form making it highly difficult to manage. Big data is also an extensive driver for the tremendously growing business analytics market which many believe would reach $51 billion by 2016.
The human element is also an important aspect in the viability of the not so secret magic ingredient that drives the success of Big Data based business strategy. While conceptualizing Big data based analytics, it is often beset by technology issues that are abruptly put forward making it difficult to looking beyond that. Most of the management analysts, vendors, and academics have been claiming that Big data technology will offer competitive advantage to business.
This can be done, but definitely not with just bringing in the technology. Being a resource, technology is readily available for all players in an industry to buy and install, and by itself, a technology cannot give a business, competitive advantage. This is why it is important to understand that accumulative analysis of big data is highly necessary to drive business growth in the near future.
Plan and Monitor your Business Analysis Activities
Planning is the first step towards the inception of any project or business. So, in order to successfully perform your business activities you need to monitor your business goals, targets and requirements to achieve them.
Following this intellectual knowledge area, you will explore the action plan to be employed to have a face off with your stakeholders. The foremost thing the analyst need to keep in mind is to have a detailed description of the process to be followed for the business activities. After the process is finalized, next thing to fix is the technology and platform to be used for the development.
Before proceeding with the noted and planned activities, the analyst must gather all possible knowledge abut the business requirements and organisation. After the action is defines, Business analyst can start working on the work strategy to be followed.
Once, the project is started, the job becomes more tedious because the activities are to be monitored very careful for having a reliable and high quality output. Performance reporting can assist to yield profitable results. Each and Every activity must be evaluated and stored in a proper format.
If somehow, any problem occurs while working, precautionary plan or back up plan must be ready to compensate. Therefore, we cans ad that proper analysis, leads to better management of the Business and project.
Over Credence To Tactical Analysis Results In Loss Of Strategic Objectives
Technology market is progressing at a rapid pace and is ruling the social and corporate lives. Hardly a day passes without news flash of some latest system ingesting huge volume as well as big data and discharge analysis on what is to be done next morning, hour, or minute. From dynamic product pricing and social media sentiment analysis, to congestion based tolls on HOV lanes and real time traffic, everyone is adopting more and more of these super fast micro decision formats to do whats more proficient to enhance business without considering much for the cumulative effect over a broader scope and for longer period.
The immediate sales may be increased by dropping the price in real time, but what if greater effect is to depress sales of more profitable products? Offering alternate routes help reduce traffic congestion in the short term. Of course, analyzing the much broader scope and impact of quick decision is the need of the hour and not what real time analytics are designed for. These are the tactical tools meant to focus on narrow tasks and deliver the most important information quickly.
The trends of ensuring long term strategic objectives are met in order to traditional business intelligence systems which hold collaboration of information from across the organization’s shrine of systems and delivers a wider, deeper, long term view of operations. Due to the generic nature of these systems there are larger, slower and the latest big data analytics tools deliver immediate gratifications and fancy visualizations.
The overall strategic objectives should incorporate various aspects into consideration that would give an added layer of due diligence to the end user resulting in overall success of tactical analysis.