What’s The Effect of Strategic Management on Corporate Performance?
There are hundreds of management books in today’s marketplace that talk about strategic management. While these books are helpful to think philosophically about managing resources in global organizations, they don’t always provide practical information on how strategic management affects corporate performance.
After all, your organization is different than every other organization in the world. You have different resources, different business units, different needs, different challenges, different currencies, and even different languages that need to be considered when performing strategic management.
The challenge is being able to view resources, assess the availability of resources, and then measure how resource-based decisions impact the performance of your organization.
For many organizations, they lack visibility to understand the status of resources. Then, of course, they cannot accurately perform strategic management. Uninformed input leads to unproductive output.
What’s The Solution To Enhance Strategic Management?
Today’s global organizations need to think critically about the software platforms they use to support strategic management. Specifically, are you using Excel spreadsheets, outdated software platforms, or legacy applications for corporate performance management (CPM)?
We understand how difficult it is to manage a fragmented approach when a business unit in the United States is using spreadsheets and a business unit in Europe is using legacy applications to perform the same function.
The data becomes unreliable, the comparability is virtually non-existent, and your internal processes are constantly having to be reviewed and changed to try to find a common ground. The result is lost time and unreliable data when simply trying to complete a standard monthly financial consolidation.
The solution is a modern, unified software platform that creates uniformity for each business unit spread across the globe. The platform that we recommend is OneStream, the proven alternative to fragmented legacy applications that is designed to simplify processes for the most sophisticated, global enterprises.
Using a Unified Platform to View Resources
A unified platform such as OneStream allows you to take a deep dive into the resources available for each business unit. You can achieve very granular views at the level required by your management team to support strategic management.
These granular views are reliable because the OneStream XF platform houses the data in a reliable, unified, and consistent format, unlike other solutions that force-fit data into a cube or relational structure that can negatively impact performance.
Using a Unified Platform to Assess Resources
With the proper view of resources, management can assess how to deploy the available resources in each business unit. This is a game-changer for many organizations that would like to advance from reactive assessments to proactively maneuvering resources.
Instead of viewing performance from a past quarter and trying to adjust resources after the fact, the OneStream platform allows you to make the proper assessment in real-time and then make adjustments.
In today’s fast-paced and globally-competitive marketplace, strategic management is not truly strategic if it’s happening too late.
Using a Unified Platform to Measure Results
Faster access to more reliable data is powerful for your management team. You can measure performance, decide which business units need more resources to improve performance, and make strategic decisions that lead to improved business results.
Bring Business Units Together to Support Strategic Management
Having access to a software platform that supports integrated business planning is a transformative experience for many global organizations.
Also, it’s the end of a battle to find common ground in an environment of fragmented CPM applications and manual processes. It’s the start of a new journey to achieve uniformity that leads to better strategic management.
To find out more about how to make the transition to OneStream, contact our CPM consulting firm. As a Platinum implementation partner, we understand the nuances of global organizations striving for effective strategic management to positively impact corporate performance.
We’re available to help your organization achieve more through a unified approach!