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Technology Watch Knowledge Base |
Strategic Reflection and Intellectual Capital Identification in a Chem |
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PROBLEM STATEMENT |
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The instability and the growing complexity of the world in which the company evolves fosters managers' desires to streamline the internal processes and the way they are piloted in order to: - develop the reactivity and adaptability of the company, - guarantee greater control over the realisation of their strategic objectives. The main objective of the test case was to construct the strategic reflection in the company by importing the necessary methods & tools for analysis permitting them to : -recognise the global issues facing the company, - bring into focus the pertinence, feasibility and attractiveness of all possible scenarios in order to reach a complete diagnosis that will allow the company to elaborate a long term strategic program. The Strategic reflection is an essential aspect of a successful management. It is a process that gives attention to designing, implementing and monitoring plans for improving organisational effectiveness and decision-making. |
Some of the main issues that the company has to face are: - In the mid term (2008) the ‘White Book of the Chemical Industry’ will rule the chemical industry (products, manufacturing processes, etc). - Increasing environmental concerns. - Even greater focus in the Health and Safety aspects. Need of formal prevention plans. - Increased influence of knowledge management and strengthen of the communication networks. - Lack of specialised personnel to cover company’s needs mainly in the laboratories and in the manufacturing process. |
IMPROVEMENT APPROACH |
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Strategic planning is both a present and a future look at the organisation and its related environment. It’s the process of thinking about the company as an integrated whole - a process during which your “planning team” considers three key questions: - Where are we today? - Where do we wish to arrive, and when? - How do we get from here to there? The main steps that were performed in order to achieve the Strategic Reflection and identify Intellectual Capital were: 1. Company’s SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. 2. Company’s main successes identification. 3. Classification and association of the main success factors. 4. Detection and prioritisation of the critical processes . 5. Identification of the core competencies, i.e. the set of the most strategically significant and value-creating skills within the organisation. |
6. Identification , feasibility and attractiveness of all possible scenarios. - Identification of the new scenarios temporary horizons ( 5–10 years). - SWOT analysis of each potential scenario. - Performance-Importance Matrix -Identification of the main Strengths, Weaknesses to focus on. 7. Define an Action Plan to support strengths and eliminate weaknesses. 8. Prioritise the scheduled actions. 9. Implement Action Plan and control the outputs. |
BENEFITS |
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The most significant benefit lies in the redirection of the management’s attention from tasks to opportunities. The direct results of the approach were the discovery of business insights and the use of those insights to try to create a competitive advantage. Further quantitative benefits will arise from the implementation of the designed Action Plan. Estimated annual savings, about 15.450€, have been calculated taking into account that one of the output of the study will be a better use of human resources that will have a direct impact over quality cost savings and delivery flexibility reducing the stocks financial cost. Taking into account the estimated annual savings the expected payback is of 22 months. |
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