Importance of Strategy Implementation
Strategy implementation is one of the most important functions of strategic management. It is a procedure that puts plans and strategies into action to reach desired goals. It is important for a number of reasons. These reasons are as follows:
Achievement of objectives: Strategy implementation is important for the achievement of organizational objectives. Mere crafting a strategy is not sufficient for achieving organizational objectives; it needs to be implemented properly.
Utilization of money and effort: For the formulation of strategies, a significant amount of money and efforts are invested. With the implementation functions, this investment is justified.
Evaluation of the strategy: Whether the formulated strategy is appropriate or not, can be judged only by its implementation. It the objectives are achieved properly then it can be said that the strategy formulation task has been done correctly.
Identification of loopholes: It helps identify the loopholes in strategy formulation. Only the proper implementation of strategy can ensure correct identification of mistakes and lapses.
Taking corrective measures: Implementation of strategy guides the strategic manager to initiate corrective measures.
Measuring manager’s efficiency: Good strategy and good strategy implementation and execution are the most trustworthy signs of good management. So, strategy implementation helps measure management’s efficiency of an organization.
Increasing competitive capabilities: Good strategy plays an important role in increasing the competitive capabilities of an organization. This can be ensured only by the effective implementation of a strategy.
So, there are the various reasons for which strategy implementation is important.