In our technology strategy discussion, it’s crucial for technology executives to stay updated on strategy management and its application to different initiatives. Governance plays a critical role. Having a governance strategy is key to the overall technology strategy.
8. Develop Governance – to facilitate and enforce strategy execution
This could be an evolved version of the previous governance mentioned in Step 1 – Develop Charter. Establishing a strong governance structure ensures effective execution, communication, monitoring, and review of the plan once it is implemented. Governance usually includes the following:
- Appointing one person who will be the owner and in charge of the plan.
- Identifying people who will take care of the strategy plan; the core Program team.
- Identifying those who will participate and facilitate its execution within IT and Business; the virtual team.
- Appointing one or more stakeholders to steer and monitor, the executive steering committee.
- Determining the rhythm of collaboration amongst stakeholders via meetings, committees, workshops, reviews.
- Defining controls via standards, policies, and processes (such as change management).
Strong governance, physically tangible and empowered by top leadership with clear authorities, is vital for effectiveness.