All organizational strategies are constantly reviewed and revised. As the internal and external environments of an organization change, so should the company strategy to aid in the survival and growth of an organization. A standard process to evaluate the effectiveness of an organizational strategy is therefore essential. It ensures that the organization is on the right path and is constantly adapting in a dynamic market.
In this post, we will be explaining what strategy evaluation is and how to effectively implement the process.
What is Strategy Evaluation
Strategic evaluation constitutes the final stage of strategic management and is considered one of the most vital steps in the process.
Strategy evaluation is the process by which the management assesses how well a chosen strategy has been implemented and how successful or otherwise the strategy is. To simply put, strategy evaluation entails reviewing and appraising the strategy implementation process and measuring organizational performance.
In the instance, the implementation of the strategy is not taking place as planned, say due to the limitations in the strategy that are blocking the achievement of organizational goals, necessary corrective actions should be identified and applied.
At the end of the evaluation, you’ll have gathered insight to either reformulate the strategy or to plan and develop new ones.
Evaluating the strategy helps improve it, distinguish between what works and what doesn’t, and contribute to the ongoing development and adaptation of the strategy to the changing conditions and complexities in the industry.
Source: Creately.com
