Organizations spend a lot of time defining their long and short-term goals and objectives. They go to great lengths formulating strategies to achieve those goals and objectives. The result of all this is that those organizations have determined what for them is the right strategy.Without a doubt, strategy formulation is an important step, but without realization, it is just dreaming and merely a way to pass time.
Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.Joel Barker
Compared to strategy formulation and strategic planning, there is not much attention in educational programs like MBA's, or in the literature, for the issue of how to realize the formulated strategy. The strategy indicates where the organization wants to be in a certain time but the portfolio of comprehensive measures (programs, project and line activities) tells how the organization will get there.
Show me your portfolio and I will tell you your strategy.Cathleen Benko
In order to realize the strategy the right portfolio needs to be executed and that portfolio needs to be executed right. To do this the right resources must be utilized within the right processes and the organization must have the right structure and the right culture.
However, since the world around us is in constant motion, it is not enough to just execute the strategy ˜right" without ever looking around. It is important to check regularly whether the strategy, based on both internal and external influences, is still the right choice. Frequently checking and evaluating the process of strategy realization and going back to the strategy formulation process incorporates the important plan-do-check-act cycle. (See figure 1 and figure 3)