A dialogue process for choosing value-creating strategies

A dialogue process for choosing value-creating strategies

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Article ID: iaor20002745
Country: United States
Volume: 29
Issue: 6
Start Page Number: 16
End Page Number: 28
Publication Date: Nov 1999
Journal: Interfaces
Authors: ,
Keywords: health services
Abstract:

A decision process has proven effective in three activities that are key to value creation: choosing an excellent strategy, actually bringing about change, and operating effectively with the new strategy. The dialogue is between a decision board and the strategy team as they work through six steps of a decision process. This process is focused on alternatives and implementation and is founded in decision analysis. Strategy frameworks and structuring tools are key to assessing the business situation. Risk and value trade-offs are made explicit, leading to concrete proposals to add value and reduce risk. Explicit plans for action are developed as the strategic alternative is chosen. Companies have developed strategy insights using this process, as we illustrate with examples from the pharmaceutical industry.

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