Monitoring and evaluation are necessary to measure the success of strategies from "summary" of The Power of Strategy Innovation by Robert E. JOHNSTON,J. Douglas BATE
To truly understand the effectiveness of any strategy, it is essential to have a system in place for monitoring and evaluating its progress. Without this ongoing assessment, it is impossible to know whether the strategy is achieving its intended goals or if adjustments need to be made. Monitoring allows for real-time tracking of performance, giving organizations the opportunity to identify issues or areas of improvement early on. By assessing key performance indicators and other relevant data, decision-makers can gain valuable insights into the strategy's impact and make informed decisions moving forward. Evaluation, on the other hand, provides a more comprehensive review of the strategy's overall success. This process involves analyzing the data collected during monitoring to determine the strategy's effectiveness in achieving its objectives. Evaluation allows organizations to assess the outcomes of their strategies and identify any unintended consequences or areas of improvement. By conducting a thorough evaluation, organizations can learn from their experiences and apply these insights to future strategic initiatives. Together, monitoring and evaluation form a critical feedback loop that helps organizations learn and adapt in a constantly changing environment. Without these processes in place, organizations risk operating blindly, unable to measure the impact of their strategies or make informed decisions. Monitoring and evaluation provide the evidence needed to justify strategic decisions, demonstrate accountability to stakeholders, and drive continuous improvement.- Organizations can ensure that their strategies are on track and delivering the desired results. These processes enable organizations to identify what is working well and what needs to be adjusted, allowing them to stay agile and responsive in a dynamic marketplace. Ultimately, monitoring and evaluation are essential tools for measuring the success of strategies and driving ongoing innovation and growth.
