All initiatives or projects in your organization should aim at improving the organization and its abilities, hence, they need to be validated by aligning them to one or more key performance areas in your scorecard. In other words, if an initiative or project does not contribute to performance improvement in one or more of your strategic focus areas, it’s probably not worthwhile doing it.
When thinking about initiatives, one might be facing the need for process improvement, product development, technology innovation, market research, customer evaluation or even building managerial and operational skills. In short, any initiative that requires time, attention and/or investment should first of all be strategically validated and subsequently followed up on its deliverables, progress and budget compliance in your scorecard environment.
Management of your initiative portfolio is a key activity. Too often, initiatives ‘live’ for months or even years beyond their true useful life (based upon initial objectives and timeframes). Too many companies refrain from questioning their existing initiatives when the organization’s strategy is redirected. In some cases we encounter situations where companies do not even have a clear view on the number, nature and purpose of their ‘active’ initiatives!
Through integrating your initiatives into your business performance management framework, you will create organizational stability in terms of providing a structure and process for initiating and managing them properly, yet at the same time ensuring agility in terms of strategy related, timely evaluation, redirection and kick off.
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