Corporate strategy and development efforts steady a company’s aim to hit a variety of targets, and to inform on potential mergers and acquisitions. Some of the activities that power these efforts include risk analytics, competitor analysis, SWOT analysis, SMART goal setting, and more. And it all hinges on consumer and market intelligence.
When a company is performing corporate strategy and development activities, it looks across all aspects of and impacts to its organization to measure their specific value add. It’s a holistic approach that aims to better understand and improve the total value of the organization.
What does this entail?
Important Factors Effecting Corporate Strategy and Development
A professional interested in their career trajectory would consider several factors: Higher education, networking, character development, career change, physical development, and others depending on the desired focus.
Similarly, when performing corporate strategy and development, an organization’s leadership has to consider all angles: internal revenue growth rate data; external market conditions; resources and their optimal allocation; and it has to establish a balance between risk and return.
Broadly speaking, these are the functions of a corporate strategy and development effort:
- Resource allocation – focused on people and capital. The leadership matches people with positions and determines talent acquisition. It also distributes capital across the various internal business functions and allocates the appropriate amount to external opportunities such as mergers and acquisitions. This can often result in teams competing against each other rather than working together in a siloed organization. It’s hard to keep the shared company mission top-of-mind when budget is on the line.
- Organizational structure – geared towards the creation of an optimal hierarchy and relationship between business functions. Management determines how decisions are made and establishes protocols on how reporting is done. It also assigns responsibilities and outlines how much autonomy each business unit needs to have. At leading organizations, there is also a clear focus on collaboration, with resource allocation tied to achieving collaborative targets.
- Project management – aimed at ensuring efficient deployment of programs and completion of projects. The decision makers decide which projects the organization is going to undertake, as well as the extent to which each team is going to be involved. They also determine entry into new markets and strategic partnerships.
- Risk management – directed towards the balance between overall risk and return. The decision makers evaluate the various lower-level strategies to get a holistic view of the organization’s risk exposure. They also determine the best approaches to pursue the desired returns, including incentives to managers and other employees.
And once we know what they’re doing, we can turn to how, which are fairly intuitive considering our list about, but they ensure successful corporate strategy and development. They are:
1. Intelligence Gathering
To formulate a strategy, the organization needs to have accurate, timely, and transparent information. This comes from data collected on consumers and the industry. This data must be drawn from both consumer and market data sources – and aggregated for analysis. Only then is it truly valuable to decision makers.
2. Competitor Monitoring
To the extent that corporate strategy and development needs to be aligned with the market, the state of one’s competition is an important bit of intelligence to gather and monitor! Not only do emerging competitors threaten to limit the organization’s expansion, but they can also typically present opportunities for growth through strategic partnerships. Therefore, the organization needs to have up-to-date information on not just the state of competition in the market but also on individual competitors
3. Consistent Risk Analysis
To get a deeper understanding of the pursued return, the associated risk must be considered. The organization should perform a comprehensive risk analysis looking at all existing and potential threats to its mission. This ties in with competitive analysis and organizations will want to understand investments, market movements and patents that are happening in the space, as well as intel around how investors, consumers and market are reacting to this news. If a competitor has already gone down this path and failed, knowing how to improve on their missteps is just smart business.
4. Periodic Resource Evaluation
Together with capital, people are the most important resource for any organization. Resource management is monitoring an organization’s resources to see if they truly track towards the attainment of set goals. Decision makers set up systems to ensure the best use of these finite resources, of course, but having dashboards that help monitor this is helpful, so it stays top-of-mind
5. AI-powered, Ongoing Strategic Analysis
To measure is to improve. It is just as important to start with a strategy that works. That said, it isn’t always straightforward to determine a workable strategy. Testing it out and making iterations as they go is the hallmark of an organization preparing to win. Thus, strategic analysis involves following a data-driven plan, and then as assessing the performance over time and pivoting as needed.
With the factors of corporate strategy and development in mind, let us find the top tools to help you perform these processes.
Intelligence Gathering: NetBase Quid®
Considered by many as a foundational tool, NetBase Quid® is the platform you need to gather the necessary consumer and market data detailed above. The platform employs powerful, advanced AI technology to access and analyze data from thousands of sources bringing you a comprehensive view of the market as well as an in-depth understanding of your target customers.
Using NetBase Quid®, you can pull data from social media, news media, forums, review sites, company websites, and more. The consumer intelligence side of the platform is designed to help you dig deep into what makes consumers act the way that they do. It is equipped with a sentiment analysis feature built on Natural Language Processing (NLP) technology that reveals their likes, dislikes, wants, and needs by breaking down their conversations in ways most tools struggle to replicate.
With market intelligence, you get to see all the movements within your industry. You can view the ongoing innovations, developing partnerships, emerging technologies, as well as who is causing the movements, in real time. NetBase Quid® also partners with LexisNexis to cover the expansive global news arena. The icing to the cake is the Intelligence Connector – a feature that allows you to solve your business intelligence problems by offering a cohesive view of the entire conversation in by importing everything into your own, proprietary business intelligence dashboard.
Competitor Analysis: Rival IQ
Rival IQ is specialized for social media competitive intelligence. This means you can run a complete head-to-head analysis against your competitors across all the popular social media channels including Facebook, Instagram, Twitter, and TikTok. The tool is jam-packed with features to help you develop a sound corporate strategy with a clear view of what is going on at all times.
With Rival IQ’s competitive benchmarking, you can understand your industry averages and compare your success to that; because your metrics don’t mean that much when you don’t have an accurate comparison. So, the tool allows you to gather and update exceptional industry-wide competitive data, which is an impossible task to do manually.
Real-time alerts on your competition allow you to see everything they are up to: They make a new post, you’re there – they correct a typo in the caption, you will see. That’s how dedicated the tool is. And apart from helping you conduct competitor analysis, Rival IQ will help you track and boost your own posts, improve engagement, and perform social media audits.
Risk Analysis: RiskNav
Developed by The MITRE Corporation (an non-profit low-profile organization), RiskNav was designed to facilitate risk management at a project or enterprise level. Originally created for the U.S. government, the tool has over the past 17 years been licensed to commercial companies to help them manage their risk space.
With RiskNav, you can collect, collect, analyze, and present risk data to your team members. The information is presented graphically in three dimensions i.e. risk priority, probability, and mitigation status. It also displays in tabular form showing key information related to each particular risk for easy interpretation. It also lets you filter and sort the risk space so you can focus on the biggest risks.
With this tool, you can be sure of covering all your bases during corporate strategy and development.
Resource Management: Scoro
Resource management is a multi-faceted process. That is why you need a tool like Scoro to help you streamline these facets including project breakdown, time allocation, and resource sharing. Additionally, the tool presents a visual overview of each member’s workload. This is important as it allows you to move the project along without delays or other work inefficiencies.
Among its most impressive features, Scoro has a customizable key performance indicator dashboard that you can customize for your team’s needs. It also boasts a very usable interface designed to make managing the many aspects of your business or project in one place a breeze. Moreover, it has best-in-class reporting capabilities to keep you updated on the progress of your projects.
Other features include time-tracking, quoting and invoicing templates, and contact management. Scoro will help you keep track of your resources during the corporate strategy and development and afterwards when undertaking various projects.
Strategy Evaluation: InetSoft
To evaluate your strategy, you will need to keep track of all aspects of your organization. This is why you need a performance dashboard to update you on the progress, surprises, and milestones. InetSoft allows you to build your own performance dashboards so you can customize them to suit your needs. For instance, you can track the performance of two business branches on two different locations. When there is an unexpected development, for example, you can look into the causes and take the necessary actions.
The performance dashboard converts your organization’s numerical data into visual presentations (graphs, etc.) to make it easy to process. With InetSoft, you can design these dashboards in simple drag-and-drop fashion and you have total control over the relevant metrics for your business.
Overall, these tools help you manage ongoing evaluation of your corporate strategy and development. Here are some other considerations too have in mind as you go:
Evaluate Your Corporate Strategy and Development Efforts
Harvard Business Review lists six criteria for evaluating a corporate development strategy. We are going to list them in question format, but you can read about the entire process on the HBR blog. Here are the questions to ask:
- How do individual policies relate and integrate with the overall business goals?
- Is the strategy designed in the context of what is happening outside the organization?
- Can the available resources sustain the proposed strategy?
- Has the degree of risk been determined accurately and deemed acceptable?
- Does the strategy fit into the desired time horizon?
- What has the corporate strategy and development process contributed to the organization?
These six questions will help you answer the one most important: Does the strategy work? This answer requires unbiased intel that will give the real answer – we know a place that offers just that!
To perform corporate strategy and development, you will need all the relevant consumer and market intelligence data sources available. NetBase Quid® allows you to reach across the internet for data, and to analyze it to find insights you can use to direct your strategy. And a strategy lacking data-direction is just a bunch of guesswork. Reach out for a demo today to experience the full power of NetBase Quid® and get your strategic efforts aligned with metrics that matter.