What is strategy implementation?

- Okay. So we've talked about strategy. Now we move on to strategy implementation. Strategy implementation is defined as the execution of the organization's strategic plan to achieve its long-term goals, and objectives. It is a process of turning plans into actions to achieve desired outcomes. The success of an organization depends on the implementation of their strategies. Danish company, Orsted used to be one of the most call-intensive companies in Europe responsible for one third of Denmark's total carbon emissions. In 2008, they set a long-term goal to become one of the most sustainable companies, and embark on a green business transformation. Some of the key things they did, they defined an aspirational vision on how the company can contribute to a more sustainable world. They explain how the transformation creates value for each of their key stakeholders including employees. They set medium term ambitious targets to guide the transformation and drive faction. As a result of this successful implementation, in 2019, they will rank the world's most sustainable energy company with almost all profits coming from renewable energy . Survey after survey reveals that strategy implementation is a top priority for executives, but decades of research reports that between 60 to 90% of organizations fail at strategy implementation. There are several recent strategy implementation fail. First, leaders lack implementation competencies like strong decision-making. Next, a poorly-defined or selected strategy may fail to get generate value. Also, the organization's business model is not flexible and relies on its past success. Too often, cultural challenges are ignored. Another reason is lack of buying on the new strategy from key stakeholders. Employees are not engaged. And last, there's often inadequate implementation planning and control. One of the best explanation of strategy implementation comes from Steve Jobs. He said that "Many leaders think that a really great idea is 90% of the work." And the problem with that is that there is just a tremendous amount of work between a great idea and a great product. Designing a product is keeping 5,000 things in your brain, and every day you discover a new problem or a new opportunity to fit those things together a little differently. And it's that process that is the magic. The magic is the implementation that I want you to achieve.