In order to achieve its objectives and goals, an organization must constantly evaluate, plan, monitor, and assess various factors through the process of strategic management. This process enables organizations to assess their current situation, develop strategies, put those strategies into action, and assess the effectiveness of the chosen management approaches.
Strategic management is often seen as having both financial and non-financial benefits. It assists an organization and its leaders in considering and planning for the future. This process helps to guide the direction of the organization and its employees. Instead of being a one-time event, effective strategic management involves ongoing planning, monitoring, and evaluation of the organization’s actions, leading to increased efficiency of operations, market share, and profitability.
Effective communication, corporate culture, and data collection are key factors in the strategic management process. Poor communication and a negative organizational culture can cause a misalignment between the organization’s strategic management plan and the actions taken by its different business units and departments. Therefore, part of the process of managing strategies involves analyzing cross-functional business decisions before implementing them to ensure they are consistent with the overall strategic plans.
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