The first step of problem solving is to define the problem. Although this may sound trivial, in many cases it is not. Many people and organisations rush in to tackle a problem by finding a solution, without previously knowing that the problem really is. So, to achieve a solution, one first has to fully understand the problem. Once the problems have been clearly defined, the most important factor in solving it is creativity. Creativity is required in order to create a ask the right questions about the problem and find the correct and appropriate answers to them, creativity is necessary in order to provide “out of the box” ideas and suggestions and creativity is what defines the process of finding a new way in doing things. Brainstorming is a very popular way to solve a problem and it is a characteristically creative method. It involves the rapid exchange of ideas, Continue reading
Modern Management Approaches
Synergy Map
The Synergy Map method was developed in 1998 by Martin Eppler. It can be used to find synergies between various activities or goals. The synergy map facilitates the visual discussion of the main goals and sub-goals necessary to move the implementation of a strategy forward during a particular time frame. In this method, goals and activities are defined and prioritized and then introduced into a timing circuit. The objectives will be distributed on the circle according to their temporal component, ie, short, medium and long term and permanent. With the connection of the individual targets are shown with arrows indicating the synergies and conflicts. Each identified goal synergy (i.e., how one goal can help another or how two goals can be used for mutual benefits) and each goal conflict are captured as arrows on the map that connect two goals. The Synergy Map can be used on a personal level Continue reading
Developing the Internal Capability for Change Management
One of the fundamental challenges facing leaders today is how to regularly transform the business through major change initiatives, with minimum disruption. Change is changing: it is becoming more frequent, radical and complex. Research suggests that 70% of projects fail to secure their anticipated benefits because organizations install new systems, processes or practices, but fail to implement the change fully–people are not sufficiently personally committed to the new ways of working to sustain them. Developing the internal capability for Change Management is an essential step in assuring the successful implementation of any change project. It is also a factor that will enable the organization to continue to optimize its performance in response to changing service demands and new strategic drivers. To develop the internal process management capability organizations should: Define the roles in Change Management, and where possible, involve the future change managers in the analysis and re-design Establish and Continue reading
An Introduction to Blue Ocean Strategy
Blue Ocean Strategy Blue ocean strategy was coined by professors W. Chan Kim and Renee Mauborgne in their book “Blue Ocean Strategy: How to Create Uncontested Market Space and the Make Competition Irrelevant” (2005). Based on 15 years of research, the authors used 150 successful strategic moves spanning 120 years of business history and across 30 industries to bring the Blue Ocean Strategy theory to life. This strategy gives a new approach to the formation of new business strategies for all businesses. Blue ocean strategy is a way to make the competition irrelevant by creating a leap in value for both the company and its customers. Blue ocean strategy is to defined, in red oceans, existing industries and businesses, an unknown market space that has never been tapped by any player in the current industry. In Red oceans, competition is severe; existing players try to outperform their rivals by using Continue reading
Case Study on Corporate Entrepreneurship: Steve Jobs of Apple
Corporate Entrepreneurship is broadly described as the process whereby an individual or a group of individuals, in association with an existing organization, create a new organization or instigate renewal or innovation within that organization. This definition includes two aspects of CE, a new business creation within existing organizations and renewal of the current strategy of the corporation. The vital notion is that corporations must capitalize on the entrepreneurial thinking of the managers to chase future evolution under changing and uncertain environments. Overall, studies suggest that Corporate Entrepreneurship activities are composed of three areas: idea generation, selection, and implementation or retention. Autonomy is an integral and central part of CE. Under conditions of change and uncertainty, providing autonomy to enterprising managers and encouraging them to elaborate on their own experience and ideas is a more promising approach than formal strategy development that relies solely on top management. It has been argued Continue reading
Human Resource Metrics
Human Resources once considered a field focused on soft skills, has undergone an unprecedented change. HR now deals with complex data that can be analyzed to provide valuable information and insight and is swiftly becoming an essential means to add strategic value. The HR world is buzzing with the transformative potential of HR analytics. This field has developed at the intersection of computer science, engineering, decision making, and statistics and assists in organizing, analyzing, and making sense of uncertain situations. It has become evident that integrated and strategic HR practices considerably improve bottom-line performances. Therefore, appropriate Human Resource Metrics must be developed and applied in order to specifically illustrate the value of HR practices and activities, particularly relative to accounting profits and market valuation of the organization. This task has proven to be far more complex than anticipated, given the difficulties of measuring human assets/capital. Because HR largely deals with Continue reading