Strategic Monitoring-Setting Key Performance Indicators

Strategic Monitoring-Setting Key Performance Indicators

Strategic monitoring is a process that includes measuring the progress of the strategies being used to achieve a specific outcome. One of the things involved in the process is setting key performance indicators. Key performance indicators are the quantifiable metrics used to determine progress against specific objectives (Appleton, 2017). The key performance indicators in strategic monitoring determine whether the strategies are working as expected and identify areas for improvement. The second thing involved in the process is decision-making. The strategic monitoring team must decide what should be done to ensure the strategy functions as expected. The third thing is preparing strategic performance reports, evaluating the current performance level of the selected strategies and recommending how to strengthen the strategies.

One of the events that might be identified through creating a strategic monitoring plan is government regulations that could impact an organization’s operations and ability to maintain a competitive advantage. According to Govender et al. (2019), government regulations influence the strategy used by an organization to achieve its goals by creating challenges or opportunities. Therefore, strategic monitoring can help to determine the regulations that could impact the effectiveness of a selected strategy and opportunities that can be leveraged to strengthen it. The second event is a change in consumer behaviour that could affect the organization’s success. Strategic monitoring can help determine whether an organization’s strategy positively or negatively impacts the demand for its products or services and what can be done to increase demand. The third event is trends that could impact an organization’s operations and success. Strategic monitoring can help identify trends affecting the organization’s performance and how it should adjust its operations to respond to them.

References

Appleton, L. (2017). An overview of key performance indicators. Libraries and Key Performance Indicators, 61–72. https://doi.org/10.1016/b978-0-08-100227-8.00009-1

Govender, K., Draai, E., & Taylor, D. (2019). The influence of legislation and regulation on strategy in public entities. Journal of Reviews on Global Economics, 8, 449–457. https://doi.org/10.6000/1929-7092.2019.08.38

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What is strategic monitoring and what is involved in this process?

Strategic Monitoring-Setting Key Performance Indicators

Describe the different events that might be identified through the creation of a strategic monitoring plan.