Strategic management encompasses the conceptualization of the business’s objectives and implementing initiatives to attain these targets within the constraints of the business’s resources in conjunction with micro and macro environmental influences. The success of most strategies hinges on the company accessing relevant capabilities and processes, effectively communicating the strategy across business units, integrating the outcomes of the strategy with employee performance metrics, coordinating the process and monitoring milestones.

Strategic questions businesses ask tend to focus on: digital transformation; resource optimisation; improving employee advocacy; evaluating brand relevance and competitive positioning; maximising ROI; generating and leveraging customer insights; identifying opportunities to pivot or broaden product and/or service offerings; re-organising structures to adapt and innovate; evolving customer experience; auditing the competitive landscape; applying behavioural economics tactics to influence consumer actions; formulating marketing strategies; re-engineering business models and re-designing value propositions.

Some examples of strategic actions we have undertaken include:

• Digitalisation of value chains and integrating digital capabilities (distribution, business processes, data collection and management, marketing, analytics, e-commerce and e-service functions).
• Overcoming legacy systems and streamlining workflow processes through automation to improve operational efficiency and costs. E.g. Automate existing manual tasks through mechanised technology, particularly repetitive low-skill based activities; digitise account origination, aid self-service interactions for customer convenience or preference to optimise share of wallet and expand distribution online.

• Leveraging enterprise assets, whether built or acquired, across a group’s different services and businesses, to maximise ROI and minimise duplication. E.g. Connecting the industry ecosystem to improve service delivery and benefit both buyers’ and sellers’ experience through enablement; applying personal financial management tools.
• Rigorously testing in-house technology developments, iterating to improve functionality, and applying analytics to monitor performance. E.g. e-commerce, e-service, content management, inhouse applications (vouchers, loyalty points, payments, money transfers).
• Data analytics and customer experience – Utilising machine learning and other artificial intelligence technologies to mine data into meaningful information. E.g. existing product/services/solution recommendations for customers or extracting insights to develop new offerings and one-to-one marketing etc.
• Behavioural economics applications to position products or services and influence internal as well as external behaviour in relation to perceptions and desired responses. E.g. Priming to motivate salesforce or cultural norms and loss aversion to nudge customer payments.
• Customer experience strategies throughout the customer journey from prospect to client. E.g. Promote loyalty and retention through added value offers and personalised account review.