How can you align IT to the business strategy - Free Essay Example

ABSTRACT In their drive to achieve alignment, CIOs often run head first into a conundrum: How can you align IT to the business strategy when no two people can describe the strategy? Unlike financial plans, which all contain income statements, balance sheets and other uniform elements, there is no single framework for describing a companys strategic plan. And without a common language for discussing strategy, companies can turn into towers of Babel. Leaders might stress different strategic goals causing confusion among the management team and disconnects between management and the rank-and-file employees. The connections that should link internal processes and information systems to customer value and financial goals can be buried and severed. The result? A failure to execute on strategy and a widening gap in IT-business alignment. In this article it shows how to overcome this problem by creating strategy maps of both an enterprises strategy and its IT strategy. A strategy map describes how an organization intends to create value for its stakeholders-the goal of any business strategy. It identifies the specific processes, competencies, cultural attributes and technologies, and how they are connected to satisfying customers and increasing long-term shareholder value. Similarly, the IT strategy map defines how an IT organization delivers value to the business it serves. Strategy maps are not tools for creating strategy; they only describe strategies. However, by using strategy maps, IT and business executives can ensure that the strategies they have chosen are well understood, and se e if their IT strategy is well aligned with their enterprise strategy.. Strategy Maps Strategy means Converting Intangible Assets into Tangible Outcomes A strategy map is an invaluable tool that demonstrates how implementing one strategic theme has an impact on other themes. Corporate strategy views from four perspectives: Financial, Customer, Internal and Learning and Growth. Favor to long term interest if there is an option of long term and short term. There will be a picture of future clients and what best we can offer them. External outcomes like profitability, share price and customer satisfaction all depends on internal business processes, such as learning initiatives and training. Take care of HR and IT department strategies. Before implementing make sure of your strategies for small, medium and long term. 1. How to balance various forces that affect your organization: tangibles, intangibles, current profit and future innovation. 2. How value-added strategies differentiate your firm and your products. 3. How to create and implement a strate gy map and achieve its goals. 4. What the Balanced Scorecard method involves. 5. How other companies have applied the strategy map concept. The powerful concept of measuring the elusive intangibles that affect organizations help them for successful management of business. CEOs instinctively draw arrows to explain their goals. This led to a breakthrough realization: Objectives should be linked in cause-and-effect relationships. The graphic display of these relationships is a strategy map. It expands the concepts of strategic themes and value-creating processes, and explains a system for aligning the organizations strategy with its intangible assets. Keep Your Balance Making the Strategy Map The solution At first glance, it seems daunting is the strategy map, a graphic depiction of strategic objectives and the factors linked to measure assets to them. The map graphs a firms strategy from four related perspectives: financial, employees customer, internal and learning and growth. These four perspectives ensure those capabilities and alignment, the strategy balances tangible versus intangible assets, and short-term needs versus long- information range opportunities. Physically, a strategy map is a single page split into four horizontal bands or rows -for each perspective, plus information listing areas of alignment, such as strategic change. Each band displays its areas priorities with the names circled. These priorities defined by their intangibility, but range from long-term shareholder value on the financial band to the customer value some measure- proposition on the customer band. Arrows link related subjects, up and down, from one band to another. This map grap hic can become complex, but its purpose remains clear: to align the priorities of different domains and to help balance the tangible and intangible elements in the overall strategic plan. The result is one page that describes the companys value proposition and growth strategy, plus the linkages that explain how those objectives will be achieved. The strategy map template acts as a checklist to assure that no element is inadvertently omitted. The map helps your organization align Without its strategic themes. The core assumptions about strategy and business that underlie the strategy map include: 1. Strategy balances contradictory forces- Strategy should re ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ect balance. For example, the important role of intangible assets, such as teaching workers new skills, must not be overlooked for todays  ¬Ãƒâ€šÃ‚ nancial gain. Weigh the present goal of cutting costs and upping productivity versus the long-term goal of future revenue growth. 2. Strategy is based on a differentiated customer value proposition To draft a clear strategy, articulate who your customers are and the unique value proposition that you plan to offer them. This may well be the most essential element of any strategy. 3. Value is created through internal business processes Internal processes lead to external outcomes, such as customer satisfaction or increased sales. These processes include  ¬Ãƒâ€šÃ‚ nancial operations, learning initiatives, training, organizational systems and procedures. Key processes support your differentiating value proposition. 4. Strategy consists of simultaneous, complementary themes Pursue several themes simultaneously. Each strategy involves at least one strategic theme from each of the four internal clusters so that you push multiple themes forward simultaneously. 5. Strategic alignment determines the value of intangible assets This perspective drives the growth of your companys intangible assets: the human capital of your skilled, talented, trained employees; the information capital vested in your data, systems and technology base; and the organization capital that resides in your leaders, teams, know-how, internal coordination and corporate culture. Strategy and Internal Operations Every organization has four internal operational clusters, each encompassing several internal systems. Internal operations ultimately will determine how you create and maintain value. Your strategy map will help you focus on a few internal processes strategic themes that are critical to your overall success and your distinct value proposition. The four internal business-process clusters are: Operations management These operating procedures and systems produce and deliver your goods and services. Many companies focus on this area, although by itself, operational excellence is not a sufficient long-term strategy, especially in a changing marketplace. Operations management includes building and nurturing ties to your suppliers, turning out goods and offering services, getting your products and services to the consumer, and handling any risks involved. Customer management This involves identifying which customers to pursue, shaping your value proposition to them, marketing to acquire them, keeping them and enhancing your relationship with them over time to earn more pro ¬Ãƒâ€šÃ‚ ts. Innovation- Innovate to remain competitive. Avoid the risk that a competitor will eventually imitate some aspect of your value proposition, at which point your product or service may become a commodity. Innovation involves four key processes: 1) Identify opportunities for new products and services; 2) Manage the research and development portfolio; 3) Design and develop the new products and services; 4) Bring the new products and services to market. Regulatory and social These activities encompass legal provisions and societal norms. Companies that fail to comply with such rules and customs face costly litigation and possible shutdowns. This cluster includes environmental and health concerns, safe practices, workforce policies, and social and civic responsibility. Studies say that some 66% of organizations do not relate their strategies to their human resources and IT practices, so they probably are not realizing a full return on their investments in these areas. In contrast, organizations that align their human capital and growth maintain high readiness and  ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡exibility. They can mobilize to respond to change. Unique Value in the Marketplace To assure that your products have unique positions and extra value (and never become commodities), consider the following strategies. Make sure your strategy map depicts the themes that support whichever value-added approach your company selects from this list: Low total cost strategy The primary goal of such companies as Southwest Airlines, Dell Computer and Wal-Mart is to deliver low total cost. This involves quality and price, since defects and returns increase the customers expenses. These  ¬Ãƒâ€šÃ‚ rms minimize costs by limiting their stock while offering enough products to satisfy most clients fully. A strategy map for this approach has several unique characteristics, including proven relationships with extremely dependable suppliers. These companies must offer short response times, ease of consumer access and simple ordering. This may mean online ordering (Dell, Amazon) or it may mean rapid check-in (airlines, car rentals). These  ¬Ãƒâ€šÃ‚ rms must have a keen understanding of which products address the broadest range of consumer demand. Because they tend to be followers rather than leaders, they seek efficiency and invest relatively little in technological research and development. Product leadership strategy Sony, Intel and Analog Devices, for instance, emphasize product leadership and innovation, as do several biotech and pharmaceutical  ¬Ãƒâ€šÃ‚ rms. These organizations strategic maps stress being the  ¬Ãƒâ€šÃ‚ rst to bring signi ¬Ãƒâ€šÃ‚ cant innovations to market. These companies cater to early adopters or lock buyers into speci ¬Ãƒâ€šÃ‚ c technical systems. Their operations management processes must be strong and nimble to accommodate new products. Pro ¬Ãƒâ€šÃ‚ t margins from original products have to cover the increased costs of innovation. These companies learn from their best customers and educate consumers about using new products. Because their strategy depends on having technologically adept employees, these  ¬Ãƒâ€šÃ‚ rms seek the best talent and nurture their people. Complete customer solutions Like IBM, Mobil and Goldman Sachs, these companies emphasize long-term customer relationships. They bond with their customers and can generate high pro ¬Ãƒâ€šÃ‚ t margins. Their hallmarks are complete not partial solutions and superb service even after the sale. They strive for high customer retention and measure their customers lifetime printability. Their research focuses on understanding customers future needs and their operations management encourages frequent customer interaction. Their IT departments create elaborate databases describing customers buying patterns and product preferences. Lock-in strategies These companies fortify their consumer base by making it very costly for customers to switch to other networks. For example, Apple computer owners who switch to an IBM clone with a Windows system lose their ability to run much of their current software. Lock-in strategies require superb innovation. These companies draw new customers by reducing their switching costs, while keeping their current customers by raising theirs. Due to high revenues, these  ¬Ãƒâ€šÃ‚ rms often experience less pressure to cut operational costs. To implement a dynamic strategy, de ¬Ãƒâ€šÃ‚ ne three elements on your strategy map: Quantify your goals -Set strategic targets. Verify your maps cause-effect links. De ¬Ãƒâ€šÃ‚ ne the time line -To be sure your value-added proposition is workable and sustainable over time, determine how it will generate value in short-, medium- and long-term periods. Select initiatives -Prioritize your organizations actions, programs and initiati ves, including investments in order to achieve its goals within the required time frames.Because strategy maps provide a snapshot view of your organizations overall strategic posture, you can use them to develop action plans. Take these six steps: 1. De ¬Ãƒâ€šÃ‚ ne the shareholder/stakeholder value gap This gap is the difference between your current performance and your targeted future aspirations. 2. Reconcile the customer value proposition De ¬Ãƒâ€šÃ‚ ne your buyers and their wishes. 3. Establish the time line for sustained results Show the phases and time periods during which the value gap will be narrowed and eventually eliminated. 4. Identify the strategic themes What are the critical processes your strategy depends on? 5. Identify and align intangible assets De ¬Ãƒâ€šÃ‚ ne your degree of readiness, identifying the readiness gap you intend to bridge with new programs. 6. Identify and fund strategic initiatives to execute the strategy Authorize the funding to support your plan. Installing a Balanced Scorecard approach takes more than objectives arrayed on a strategy map. Allocate resources and set strategic initiatives in motion to accomplish those goals. If executing your overall strategy is tantamount to winning the war, each strategic theme represents a battle. Now, move from planning to implementation and onto succes

Med School Early Admissions What You Need to Know

If you are absolutely certain that you want to pursue a medical education, applying to early admissions programs (EAPs) can give you the freedom to pursue any major. The Icahn School of Medicine’s FlexMed Program accepts students in the second semester of their sophomore year from all majors—the more diverse, the better. Flexmed’s only requirements prior to submitting an application include: †¢ 2 semesters of college biology, or †¢ 2 semesters of college chemistry, or †¢ 2 semesters of college physics. (This section was updated May 2018) You don’t need to take any additional prereq courses or the MCAT. FlexMed does use SAT scores to evaluate students and high school transcripts as well as any grades you’ve earned so far in college. The program is only open to sophomores. If you already have a Bachelor’s Degree, you are not eligible to apply. You can take one or two years off before starting medical school. Foreign applicants are welcome to apply, but there is no financial aid available to you. To gain an acceptance to an EAP, including Icahn’s FlexMed, here are three tips: 1. Highlight your experience with collaboration and team building. Showcase team sports, debate teams, or any other form of collaboration to illustrate how well you work with others. Medicine is like a team sport. It’s very much about being able to communicate quickly and effectively with people of all backgrounds, ethnicities, languages, religions and sexualities. Any way that you can demonstrate your sensitivity to others and the success of your collaborations can help you become a more competitive applicant. 2. Seek as much clinical experience as possible in different areas of medicine. It is absolutely necessary to demonstrate your commitment to medicine. The best way to do so is to gain lots of valuable clinical experience. Shadowing is considered the most passive form of clinical experience. Look for more active forms of clinical work. You can teach nutrition to middle school children, educate high school students about safe sex, or volunteer in a hospital. There are many different types of clinical experience; they don’t have to be in a hospital setting to be considered clinical. By exploring as many different areas as you can, you will not only be gaining valuable information about the areas you prefer, but also you will be able to prove by your years of service that you know exactly what you’re getting yourself into. 3. Demonstrate a commitment to academic excellence. EAPs evaluate applicants based on the strength of their academic record as well as their SAT scores. Once accepted into a program, one of the requirements is that you maintain a GPA of 3.5 or higher, for most programs including FlexMed. Since they accept students of all majors, your grades will hold that much more weight. You can also improve your application by winning academic awards or recognition, by completing research projects or publishing articles, or by pursuing special interests in related fields. To review, EAPs are looking for candidates who: †¢ Are certain about a career in medicine †¢ Can demonstrate diversity through ethnicity, background or fields of study †¢ Have significant clinical experience †¢ Are team players †¢ Excel academically Using these three strategies will significantly improve the strength of your application. For more assistance, you are welcome to contact me or one of my colleagues to assist you on an individual basis. EAPs offer wonderful opportunities to broaden your interests while working towards your medical degree. Alicia McNease Nimonkar worked for 5 years as the Student Advisor Director at the UC Davis School of Medicine's postbac program where she both evaluated applications and advised students applying successfully to med school and other health professional programs. She has served Accepted's clients since 2012 with roughly a 90% success rate. She has a Master of Arts in Composition and Rhetoric as well as Literature.  Want Alicia to help you get Accepted? Click here to get in touch! Related Resources: †¢ Am I Cut Out for a Combined BS/MD Program, a free guide †¢ 5 Easy Ways to Improve Your Medical School Profile Early On †¢ How to Get the Most Out of Working With a Med School Admissions Consultant