You're facing a major business challenge. How can you use strategic thinking to overcome it?

In my experience, I've found defining the problem as the first step in strategic thinking to be crucial for tackling major business challenges. Clear problem definition helps identify risks and develop effective mitigation strategies. By understanding the challenge, its implications, and desired outcomes, I assess potential impacts on financial, operational, and reputational fronts. I rely on analytical tools like the problem statement, the 5 whys, and the SMART criteria to overcome challenges. Personally, I start with the problem statement, offering a structured approach to articulate the current situation, desired state, and the gap between them. I have had huge success with this approach.

Sometimes people define a problem statement in absolute isolation. An initial thought or challenge cannot be defined as problem statement for an organisation. Like our goals our problems has to be SMART. To define a SMART problem statement it is very important to collaborate at the very beginning. It is important to share pain points, with the relevant teams together, so that everyone can contribute with their relevant specialised skill sets at the definition stage itself. It has 2 benefits: 1. The problem statement will be SMART with everyone’s input. 2. Specific people will take specific ownerships. From the definition stage only, everyone will have the full picture and the end goal. That brings clarity and eventually saves a lot of time.

Actually, a SWOT analysis would be of great help. However, there must be open heartedness in listing down the causes. The top must look seriously at what the bottom feels, analyse so that the problem or problems can be identified. The top should not decide and direct the bottom to execute.

In my opinion understanding the root cause of the problem is important. Also verifying it if needed. Many at times we have failed to identify the root cause, which means every aspect after that is irrelevant. Once the real problem is identified it is then important to break it down of needed and then looking at solutions to solve it followed by action plan and time-line.

Ce qui ne se mesure pas ne s’améliore pas: il faut objectiver le problème, les enjeux, les risques. Est-on vraiment face à un problème ?

Don’t focus on the “How” at the start. That will eliminate potential possibilities. Look at options and work backward with questions about what needs to be true for the possible solution to work.

Part of exploring all possibilities is to gather as much information about each particular option in order to make an informed decision. You have to consider all possibilities of outcomes and be prepared for any deviations that come with each option. A great way to do this is to assess the risks with each option, and balance it with the costs needed to reduce the risk to an acceptable level. The more you explore a particular option the better equipped you will be to make a decision.

Shatter the cosmic boundaries of convention and let your strategic mind soar through infinite realms of possibility. Unleash the fury of brainstorming, a maelstrom of unbridled ideation that defies the shackles of judgment. Wield the arcane arts of mind mapping, weaving intricate tapestries of thought that bind the universe of solutions at your command. Gaze into the kaleidoscope of scenario analysis, where alternate futures await your mastery. Embrace this odyssey of exploration, for only by traversing the uncharted expanses of creativity can you forge a strategy that will eclipse even the brightest stars in the business firmament.

I particularly like the use of brainstorming sessions and scenario analysis. It brings on board different perspectives to the problem requiring solution

After defining the issue, we started looking at potential solutions. This required benchmarking against peers in the industry, market research, and brainstorming meetings. To regain market share, we might have expanded into new markets, varied the products we offered, or improved our marketing strategies.

In order to overcome a major business challenge using strategic thinking, I would utilise the following sequence of analysis : 1. Define the challenge. 2. Gather information. 3. Identify goals. 4. Generate options. 5. Evaluate options. 6. Select a strategy. 7. Implement the strategy. 8. Adapt and iterate as needed. Another important dimension that must be considered is an emergent vs deliberate strategy when deciding the approach!

The need for a multi-domain evaluation approach became clear in my journey of embedding AI into our compliance platform, which serves a multitude of sectors, including banking, insurance, mobility, legal, and more. As such, we've adapted tools like SWOT, decision matrices, and cost-benefit analysis, enriching them with insights across these diverse industries. This multidimensional approach allows us to assess each strategy's viability not just financially but also in terms of technological innovation, regulatory compliance, and market demand across sectors. By evaluating options through this comprehensive lens, we ensure our strategies are robust and tailored to each sector's unique challenges and opportunities.

Ascend to the celestial realm where options are weighed against the cosmic scales of strategic judgment. Let the sacred rituals of SWOT analysis, decision matrices, and cost-benefit alchemy guide your path. Wield the double-edged sword of feasibility and desirability, slicing through the veil of uncertainty to reveal the beating heart of viability. Only by navigating the intricate nebulae of pros and cons, opportunities and threats, can you distill the quintessential elixir – the one true option that will propel your enterprise towards galactic dominance. Embrace this crucible of evaluation, for it is here that stratospheric visions are forged into indomitable realities.

After generating a range of possible solutions, the next step is to evaluate each option from a risk management standpoint. This evaluation should involve assessing the potential impact, likelihood, and potential mitigation strategies for each identified risk associated with the proposed solutions. By critically analyzing the risks and benefits of each option, you can make an informed decision regarding which strategy or combination of strategies is most suitable for managing the identified risks effectively

Following the generation of viable options, we assessed each one according to its viability, possible consequences, and compatibility with our strategic goals. To evaluate each option’s viability, we performed risk assessments, cost benefit evaluations, and scenario planning. Our ability to rank the most promising options for execution was made possible by this thorough review procedure.

Once the best strategy has been determined, it is crucial to develop an implementation plan and execute it effectively. This involves setting clear objectives, defining key performance indicators, and allocating necessary resources to ensure the successful execution of the chosen strategy. From a risk management perspective, it is important to monitor the implementation process closely, identify any new risks that may arise during execution, and promptly address them to prevent potential negative impacts on the organization.

At our startup and previously in banking, we've effectively managed multiple project streams by combining Gantt charts for overall planning with agile methodologies, mainly Scrum, for execution. Gantt charts clearly visualize timelines and milestones, while Scrum ensures flexibility and iterative progress. Leveraging an adequate task management tool, such as Jira, has been vital to tracking tasks, planning sprints, and fostering team collaboration. This hybrid approach enables structured yet agile project management, aligning with the dynamic needs of our AI compliance platform and ensuring timely delivery and adaptability across sectors.

Let the cosmic fires of execution forge your strategic vision into an unstoppable force that obliterates obstacle and adversity. Harness the ancient powers of Gantt charts, dashboards, and PDCA cycles to choreograph a celestial dance of roles, responsibilities and relentless progress monitoring. Become the architect of your plan's manifest destiny, guiding it through the perilous nebulae of uncertainty with the unwavering hand of a interstellar conqueror. Embrace the totality of this odyssey, for it is only through the seamless union of stratospheric thinking and meteoric implementation that you can etch your triumph across the endless cosmos of business supremacy.

Before agreeing to a plan, ensure its execution does not create another problem. Stick to he execution plan and monitor the result, consider developing a lessons learnt log to document how the problem was solved. It may be useful in the future

En la ejecución del plan, resulta útil descomponer el plan en tareas mas simples y encadenadas que permitan un seguimiento y corrección sobre la marcha. Un tablero Kanban para el seguimiento de estas tareas con los responsables puede ser de mucha ayuda. —— During the execution phase of the plan, it is useful to decompose the plan into simpler, chained tasks that allow monitoring and correction on the fly. A Kanban board to track these tasks with their responsible can be very helpful.

Strategic thinking goes beyond a linear approach to problem-solving. It involves reframing challenges, leveraging strengths, and embracing a mindset of innovation and adaptation. I’ve seen one key aspect often overlooked is the power of reframing the problem. We can reframe the challenge in a way that we benefit from leveraging on our strengths, rather than worrying about our shortcomings. Further, using future-focused techniques like scenario planning, we can preempt potential issues, adapt to changing circumstances and be better prepared to face challenges.

In facing business challenges, strategic thinking highlights the importance of engaging stakeholders and embracing continuous learning. Early and frequent engagement ensures our strategies meet real-world needs, while a commitment to learning keeps us ahead of technological and regulatory changes. This approach, focusing on collaboration and adaptability, is crucial for overcoming obstacles and driving forward, making our business resilient and innovative.

Facing a business challenge, strategic thinking involves analyzing market trends, leveraging unique strengths, and adapting products to meet evolving consumer needs, thus driving growth and innovation. For instance, to revive its brand, a textile firm: 1. analyzed trends, 2. collaborated with designers, 3. used digital marketing to revive its brand, showcasing adaptability and strategic planning.

When confronted with a major business challenge, the first step to take is to assess the challenge, so as to understand its dimensions, impacts, occurrences and possible mitigations. After the assessment, it will then be easy to understand its root cause, and other characteristics, considering that the assessment would include both quantitative and qualitative evaluations, to establish its severity, conditions for resolution, occurrence frequency, etc. In terms of determining the type and extent of mitigation required, this depends on the nature of the challenge. The objective is to mitigate the impact of the challenge on the business, through transferring, enhancing, avoiding, or accepting the challenge going forward.

To further enhance a feedback culture: 1. Provide feedback training for effective communication. 2. Integrate feedback into regular processes like performance evaluations. 3. Communicate transparently about feedback outcomes and actions taken. 4. Use user-friendly feedback platforms to streamline the process. 5. Define metrics to measure feedback effectiveness. 6. Encourage leadership engagement in feedback initiatives to set an example.