Strategic management presentation for master.pptx

Strategic management
Financial security is top of mind for most healthcare organizations. However, they face evolving challenges including inflation, rising labor expenses, and staff shortages. In an uncertain economic climate, more healthcare leaders are seeking ways to secure a solid financial future, but many don’t know where to start.

Surprisingly, the first step toward improving financial performance doesn’t always start with assessing the organization’s balance sheet. Instead, health systems should consider unlocking hidden data, or “dark data” — potentially beneficial information collected during day-to-day operations that is often left unused or under-utilized.

Strategic management refers to a branch of management that deals with an organization’s strategic objectives. This may include the development of the organization’s vision, outlining its operational objectives and coming up with and implementing the organization’s strategies. It may also include the formulation and application of deviation corrective measures where necessary. Strategic management process should not be confused with strategic planning process, a related but completely different branch of management. This article seeks to answer the question “what is strategic management process” Before venturing deeper, first let us define strategic management process.

The Philosophy of the Strategic Management Process
To define the strategic management process, look at it as a philosophical approach to doing business. This is a blanket terminology that refers to a process by which managers come up with, and implement an operational strategy that grants the organization a competitive advantage. The upper management of an organization must first use data analytics to think strategically, then use the strategic management process to put the thought into action.

So, what is strategic management process?

Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.

The way different organizations create and realize their management strategies differ. As a result, there are different models of SMP that the organization can adopt. The right model depends on various factors including:

The existing culture of the organization.
Market dominance of the organization.
Leadership style.
The organization’s experience in creating and implementing SMPs.
Industry and competition.
Why is Strategic Management Process Important?
The primary purpose of strategic management process is to help the organization achieve a sustainable strategic competition in the market. When properly conceived and implemented, SMP creates value for the organization by focusing on and assessing opportunities and threats, then leveraging its strengths and weaknesses to help it survive, grow, and expand. Strategic man

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2. Strategic Management 6. 6.1 - Levels of Planning 6.2 - Strategic Planning and Strategic Management 6.3 - The Strategic Management Process 2 2

3. What is Strategic Management ? 3 3

4. Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. https://balancedscorecard.org/strategic-planning-basics 4 4

5. Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. https://balancedscorecard.org/strategic-planning-basics 5 4

6. Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. https://balancedscorecard.org/strategic-planning-basics 6 4

7. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and other circumstances change. https://balancedscorecard.org/strategic-planning-basics 7 5

8. Approaches to Strategic Management 8 6

9. Approaches to Strategic Management 9 6

10. Approaches to Strategic Management 10 6

11. Approaches to Strategic Management 11 6

12. Approaches to Strategic Management 12 6

13. There are two main approaches to Strategic Management: Prescriptive Approach Descriptive Approach 13 7

14. A prescriptive approach to strategic management focuses on how strategies should be  developed ,   while a descriptive approach focuses on how strategies should be  put into practice.   https://www.coursera.org/articles/strategic-management 14 8

15. A prescriptive approach to strategic management focuses on how strategies should be  developed ,   while a descriptive approach focuses on how strategies should be  put into practice.   https://www.coursera.org/articles/strategic-management 15 8

16. A prescriptive approach to strategic management focuses on how strategies should be  developed ,   while a descriptive approach focuses on how strategies should be  put into practice.   https://www.coursera.org/articles/strategic-management 16 8

17. A prescriptive approach to strategic management focuses on how strategies should be  developed ,   while a descriptive approach focuses on how strategies should be  put into practice.   https://www.coursera.org/articles/strategic-management 17 8

18.  The prescriptive model is more top-down, based on SWOT analysis. The descriptive model is more guided by experimenting with different methods to find solutions and learning from experience. It applies Agile methodology to strategic management. https://www.coursera.org/articles/strategic-management 18 9

19. Types Of Strategy 19 10

20. One way of thinking about strategic management is to classify the management focus into three types of strategy: • A business strategy  is a high-level plan where you outline how your organization will achieve its objectives. • Operational strategies  are much more specific plans where you detail what actions to take to achieve the desired results. • Transformational strategies  involve making radical changes to your organization to achieve significant improvements. https://www.coursera.org/articles/strategic-management 20 11

21. Benefits of strategic management The strategic management process helps an organization's leadership plan for its future goals. Setting a roadmap and actionable plan ensures that employees and leaders know where they're going and how to get there in the most efficient, cost-effective manner. It is a work in progress, so strategic plans should continuously be evaluated and adjusted as the market outlook changes. https://www.coursera.org/articles/strategic-management 21 12

22. Benefits of strategic management The strategic management process helps an organization's leadership plan for its future goals. Setting a roadmap and actionable plan ensures that employees and leaders know where they're going and how to get there in the most efficient, cost-effective manner. It is a work in progress, so strategic plans should continuously be evaluated and adjusted as the market outlook changes. https://www.coursera.org/articles/strategic-management 22 12

23. Benefits of strategic management The strategic management process helps an organization's leadership plan for its future goals. Setting a roadmap and actionable plan ensures that employees and leaders know where they're going and how to get there in the most efficient, cost-effective manner. It is a work in progress, so strategic plans should continuously be evaluated and adjusted as the market outlook changes. https://www.coursera.org/articles/strategic-management 23 12

24. Financial benefits: Increase market share and profitability. Prevent legal risk. Improve revenue and cash flow. Non-financial benefits: Relieves the board of directors of responsibilities. Allows for an objective review and assessment. Enables an organization to measure progress throughout time. Provides a big-picture perspective of the organization's future. https://www.coursera.org/articles/strategic-management 24 13

25. Financial benefits: Increase market share and profitability. Prevent legal risk. Improve revenue and cash flow. Non-financial benefits: Relieves the board of directors of responsibilities. Allows for an objective review and assessment. Enables an organization to measure progress throughout time. Provides a big-picture perspective of the organization's future. https://www.coursera.org/articles/strategic-management 25 13

26. Financial benefits: Increase market share and profitability. Prevent legal risk. Improve revenue and cash flow. Non-financial benefits: Relieves the board of directors of responsibilities. Allows for an objective review and assessment. Enables an organization to measure progress throughout time. Provides a big-picture perspective of the organization's future. https://www.coursera.org/articles/strategic-management 26 13

27. Financial benefits: Increase market share and profitability. Prevent legal risk. Improve revenue and cash flow. Non-financial benefits: Relieves the board of directors of responsibilities. Allows for an objective review and assessment. Enables an organization to measure progress throughout time. Provides a big-picture perspective of the organization's future. https://www.coursera.org/articles/strategic-management 27 13

28. 6.1 - Levels of Planning 28 14

29. The Three Levels of Planning https://scoreplan.com.br/blog/strategic-planning-levels/ 29 15

30. The Three Levels of Planning https://scoreplan.com.br/blog/strategic-planning-levels/ 30 15

31. The Three Levels of Planning https://scoreplan.com.br/blog/strategic-planning-levels/ 31 15

32. The Three Levels of Planning https://scoreplan.com.br/blog/strategic-planning-levels/ 32 15

33. Strategic, tactical, and operational. These are the three levels of planning that work interdependently and harmoniously to ensure the success of the organization in the short, medium, and long term. https://scoreplan.com.br/blog/strategic-planning-levels/ 33 16

34. Strategic, tactical, and operational. These are the three levels of planning that work interdependently and harmoniously to ensure the success of the organization in the short, medium, and long term. https://scoreplan.com.br/blog/strategic-planning-levels/ 34 16

35. Strategic, tactical, and operational. These are the three levels of planning that work interdependently and harmoniously to ensure the success of the organization in the short, medium, and long term. https://scoreplan.com.br/blog/strategic-planning-levels/ 35 16

36. Strategic, tactical, and operational. These are the three levels of planning that work interdependently and harmoniously to ensure the success of the organization in the short, medium, and long term. https://scoreplan.com.br/blog/strategic-planning-levels/ 36 16

37. Briefly, we can think that the strategic level is responsible for the overall direction of the company, while the tactical level translates this direction into specific actions. The operational level, on the other hand, has the role of ensuring that daily activities are carried out efficiently. https://scoreplan.com.br/blog/strategic-planning-levels/ 37 17

38. Strategic planning  can be considered the highest level among the three, as it involves definitions that impact the company as a whole. Its main objective is to answer the questions: “where are we?” and “where do we want to go?”. https://scoreplan.com.br/blog/strategic-planning-levels/ 38 18

39. Tactical planning  relates to the implementation of everything that has been defined at the strategic level. In other words, this is where goals are transformed into concrete and executable actions. https://scoreplan.com.br/blog/strategic-planning-levels/ 39 19

40. Tactical planning  relates to the implementation of everything that has been defined at the strategic level. In other words, this is where goals are transformed into concrete and executable actions. https://scoreplan.com.br/blog/strategic-planning-levels/ 40 19

41. Tactical planning  relates to the implementation of everything that has been defined at the strategic level. In other words, this is where goals are transformed into concrete and executable actions. https://scoreplan.com.br/blog/strategic-planning-levels/ 41 19

42. Tactical planning  relates to the implementation of everything that has been defined at the strategic level. In other words, this is where goals are transformed into concrete and executable actions. https://scoreplan.com.br/blog/strategic-planning-levels/ 42 19

43. Tactical planning  relates to the implementation of everything that has been defined at the strategic level. In other words, this is where goals are transformed into concrete and executable actions. https://scoreplan.com.br/blog/strategic-planning-levels/ 43 19

44. Operational planning works on the daily activities of the organization and focuses on answering the question: “how will we execute our goals and tactical plans?”. Thus, it must respect and reflect the guidelines already established in the previous levels. https://scoreplan.com.br/blog/strategic-planning-levels/ 44 20

45. Strategic Planning and Strategic Management 6.2 45 21

46. Strategic management involves developing and implementing plans to help an organization achieve its goals and objectives. This process can include formulating strategy, planning organizational structure and resource allocation, leading change initiatives, and controlling processes and resources.  https://www.coursera.org/articles/strategic-management 46 22

47. Strategic planning involves identifying business challenges, choosing the best strategy, monitoring progress, and then making adjustments to the executed strategy to improve performance. Tools like SWOT (strengths, weaknesses, opportunities, and threats) analysis are used to assess where opportunities and threats lie between the organization, its competition, and the overall market. https://www.coursera.org/articles/strategic-management 47 23

48. 6.3 - The Strategic Management Process 48 24

49. 5 steps of the strategic management process It's common to view the strategic management process as a five-step process. The steps are identification, analysis, formation, execution, and evaluation. 1. Define the direction. Identifying the direction and specific goals is the initial stage of the strategic management process. This step involves identifying goals and determining what needs to happen to achieve them. https://www.coursera.org/articles/strategic-management 49 25

50. 2. Analyze the current situation. The second step is analysis and research. Using tools like SWOT analysis and examining the organization's resources, including budget, time, people (staff), and more, you'll gain a better understanding of how to leverage what's working and get rid of what's not. 3. Outline the strategy and plan of action. Next is formulating a strategy and plan of action based on situational analysis. This step involves crafting a specific and realistic plan to help the organization achieve its goals. https://www.coursera.org/articles/strategic-management 50 26

51. 4. Execute the plan. Executing the plan is the fourth step in the strategic management process. This step involves putting the plan into action and monitoring its progress. You may have to adjust the plan as circumstances change, especially if you take a more descriptive approach to strategy. 5. Evaluate the plan. Evaluation is the fifth and final step in the strategic management process. Here, you'll assess whether the organization has achieved its goals. If not, you can adjust your plan and implement it in innovative ways. Feedback and analysis are essential to evaluation and preparing for an optimal business future. https://www.coursera.org/articles/strategic-management 51

52. "Commit to the LORD whatever you do, and he will establish your plans" Proverbs 16:3 52

53. This verse underscores the importance of aligning one's plans with God and seeking divine guidance in the planning process. In strategic management and planning, this principle can be applied by ensuring that organizational goals and strategies are not only well thought out but also aligned with core values and ethical principles. By committing our actions and plans to a higher purpose, we can find assurance and confidence that our efforts will be supported and guided towards success. "Commit to the LORD whatever you do, and he will establish your plans“. Proverbs 16:3 53

54. The End… 54