With all the changes that have occurred in the business landscape over the past decade, it’s become ever more difficult for CEOs and COOs to devote time and energy to executing strategy within their company’s. As a result, CEOs are appointing CSOs for their organization. Wikipedia defines a Chief Strategy Officer (CSO) or chief strategist as “an executive who is responsible for assisting the chief executive officer with creating, communicating, executing and sustaining strategic initiatives within a company or agency.”
“Chief Strategy Officers are responsible for the critical jobs that are the most important aspects of successful strategy execution:
- Must communicate and implement a company’s strategy internally and externally so that all employees, partners, suppliers and contractors understand the companywide strategic plan and how it carries out the company’s overall goals.
- Must drive decision-making that creates medium and long-term improvement.
The CSO position is becoming popular amongst many large multinational Fortune 500 companies, including Panasonic, Accenture, Cisco Systems, Nortel Networks, Hyperion Solutions Corporation, Cognos and Global Healthcare Resource, each of who have created CSO positions in their top management teams.”
But what if your company isn’t one of the Fortune 500 and doesn’t have the resources to hire a full-time CSO? What can you do to improve strategy execution in your organization without hiring a senior level executive to take on that role? There are now strategy execution management systems that exist. Strategy execution management systems can greatly improve your chances of success in carrying out your strategic plans. You can learn more about these systems in the next series of blog posts.