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Strategic Thinking means developing deep insights into every aspect of your business. It demands the allocation of time and resources, but measuring the return on that investment is a challenge. If you believe that old maxim, “we manage what we measure,” you quickly conclude that most organizations fail at managing Strategic Thinking because they don’t know how to measure it.
Too often companies focus much more on execution—which is easy to measure—at the expense of Strategic Thinking. This is a fool’s errand. Countless experts and academicians agree. They tell us that the need for greater Strategic Thinking is of great urgency. The question, then, is what can we do about it?
First, we must recognize Strategic Thinking as something very different from Strategic Planning. Most companies have some kind of Strategic Planning process while very few have a Strategic Thinking process. Strategic Planning is about turning the choices that form your strategy into an actionable plan. Those choices are made as you are Building Strategy, which, in turn, is informed by the insights born of your Strategic Thinking.