Strategy mapping can seem a daunting task, but it is a process that has significant benefits for businesses when carried out effectively.
Here are five of the most common advantages to investing in strategy software with comprehensive mapping capabilities and functions.
1/ Capture and communicate strategy
Strategy maps are rich, highly visual tools, making them valuable in efficiently outlining complex organisational concepts.
By separating strategy into easily digestible chunks, a strategy map can ensure everyone is on the same page when it comes to roles, responsibilities and outcomes.
2/ Richer, more insightful balanced scorecards
Strategy software can provide more insightful balanced scorecards by integrating multiple pieces of important information, underpinned by subjective effort and clearly defined key performance indicators at each object – or block – in the diagram.
The balanced scorecard is also constantly refreshed, ensuring companies have optimised and up-to-date strategic management capabilities.
3/ Identify drivers of change
Strategy maps help to increase focus and isolate important drivers for change. Identifying key strategic factors helps the business to continually evolve by asking the right questions at the right time.
This helps forge strong links between basic objectives and overall strategic aims.
4/ Better risk assessment
Strategy mapping allows senior executives to consider the potential of internal failures or external influences that could negatively affect strategic priorities.
Each strategic objective on the diagram can be assessed for associated risks, giving managers a clear, visual representation of where problems can arise. This enables them to formulate mitigating solutions before these risks develop to ensure good governance.
5/ Improve strategic flexibility
High-end software, such as StrategyBlocks, incorporates all of the above benefits and facilitates the entire strategy management process using intuitive, customisable dashboards.
Having a centralised strategy platform allows for more flexibility and provides an elegant decision support system for maximising engagement, communication and operational efficiency.