By translating complex business aspirations into clear task lists for teams, strategic roadmapping offers organizations and brands the surest path forward in times of uncertainty
- What is strategic roadmapping?
- Advantages and benefits of strategic roadmapping for manufacturers, enterprises and entrepreneurs
- How to unleash strategic roadmapping
With business transformation stepping us as the buzzword for a time of unprecedented disruption and market turbulence, strategic roadmapping has emerged as a need of the hour. Transformation programs require leaders to reset their compass by thinking big and bold. Strategic roadmapping links that thinking to on-the-ground execution. In other words, it helps organizations go from where they are today to where they want to be tomorrow along the shortest, quickest and most profitable route possible. How? By translating the business ambition into an easy-to-follow, step-by-step guide.
Strategic roadmapping is also key when considering the importance of following the four pillars mandated by the World Economic Forum and International Business Council (WEF/IBC) for stakeholder capitalism: Governance, planet, people, and prosperity. When adopted into the core of the business, these considerations hold the potential to unlock unique, significant and sustainable value, and strategic roadmapping offers businesses a gateway to reach that coveted destination.
A compass to navigate uncertainty
Strategic roadmapping captures the key outcomes a business wants to achieve (within a stipulated time horizon) and visualizes a clear path for leaders and teams. Strategic roadmapping is often confused with planning, but the two are not quite the same. While a plan concentrates more on the micro-details and nitty-gritty of HOW, strategic roadmapping focusses more on the WHAT and WHY. That is, it considers WHAT the desired changes are, and exactly WHY they are important. The HOW is looked at only through the lens of broad milestones. In summary, one can define strategic roadmapping as an integrated approach that links transformational vision to executional discipline, while aligning the organization's diverse capabilities and resources to attain desired goals by unlocking breakthrough value.
Strategic roadmapping is often confused with planning, but the two are not quite the same
Strategic roadmapping takes several forms. Market roadmapping outlines the business ambition in terms of market share, positioning and brand differentiation. Technology roadmapping features goals related to tech leadership, competitive edge and growth. Product roadmapping focuses on agile product development, resilience and profitability. Vendor roadmapping recommends best alliances and associations based on complementary strengths and common visions.
Advantages and benefits of strategic roadmapping for manufacturers, enterprises, and entrepreneurs
Pivoting around opportunities with agility in a rapidly evolving market ecosystem, while avoiding pitfalls and staying true to values, can be a complicated balancing act. Strategic roadmapping strives to make it easier. 61% of executives say their company fails to execute strategic plans. According to the Boston Consultancy Group, only 30% of digital transformations succeed in reaching their targets. Strategic roadmapping can fill that gap by bridging the two ends of thought and action. Here are some of the big benefits of strategic roadmapping for businesses, brands, and entrepreneurs:
Only 30% of digital transformations succeed in reaching their targets. Strategic roadmapping can fill this gap by bridging the two vital ends of thought and action
- Strategic roadmapping demystifies the complex layers of business aspiration, simplifying them into actionable to-dos that clarify what must be done at each step of the transformational journey.
- Strategic roadmapping customizes and prioritizes activities, projects and initiatives that need to be undertaken within a finite timeframe, lending structure and method to the process of business transformation.
- Strategic roadmapping aligns all the moving parts of the business and brings all stakeholders on the same page, achieving cohesion across rank and file and ensuring minimal loss in translation between leadership aspiration and the rest of the team.
- Strategic roadmapping identifies strengths and opportunities, underlines challenges and weaknesses, outlays inputs (effort, time and resources required), suggests corrective measures, maps talent to role, outlines accountabilities and recommends alliances and partners.
- Strategic roadmapping also helps an organization improve efficiency in day-to-day functions like target setting, decision making and budget management.
- Strategic roadmapping is important for obtaining buy-ins from the C-suite for new initiatives and goals, and for pitching prototypes or business models to angels and investors for the purpose of fundraising.
- Strategic roadmapping is also an excellent way for an organization to showcase philosophy, culture and ‘big purpose’ both internally and externally. Loudly and clearly conveying to the world what a company stands for reinforces both the business brand and the recruiter brand.
How to implement strategic roadmapping in businesses
It is said that the process of strategic roadmapping is more important than the roadmap itself. Strategic roadmapping is an iterative and ongoing process. Milestones planned often act as pivots of turnarounds or transformation as business climate, goalposts and urgencies change on short notice. That said, it is possible to lay out a broad process – with steps – for creating a strategic roadmap. Here is a tentative sequence of steps and actions one can customize and consider for strategic roadmapping of the enterprise, brand or startup.
- Articulate the ambition.
- Underline the values, philosophy, and purpose.
- Build the vision and mission statement.
- Check for resonance with business DNA, organizational purpose, and team culture.
- Do a SWOT analysis - of Strengths, Weaknesses, Opportunities and Threats.
- Do a PEST analysis of Position (in market), Environmental factors, Social trends and Technological developments.
- Pay particular attention to competitor analysis.
- Play to strengths while remaining alert to weaknesses.
- Evaluate and take into account time, effort and funds that must be invested to foster change.
- Define major objectives, top priorities, and long-term goals.
- Figure out what success looks like and translate it into efficient metrics and KPIs.
- Now break those down further into nuggets of short-term targets, tactics, and tasks – including special programs, initiatives and projects.
- Communicate the strategic roadmap externally and internally.
- Provide platforms and opportunities for ideas and talent to make an impact.
- Bake in clarity, agility, governance, and resilience at every step.
- Think big, act small: Deploy your strategic roadmap in short phases (instead of going all in at once) to keep things manageable.
- Monitor progress, refine approaches, redo.
Unleash exponential growth by adopting 3D and augmented reality (AR) technologies via strategic roadmapping
3D and augmented reality (AR) technologies are fast emerging as a tailor-made pivot for businesses looking to nail the trifecta of sales, cost optimization and customer delight – and thus reboot growth in the new reality. The numbers speak for themselves. Outcomes across vital parameters like sales, decreased return rates and user engagement have risen by a remarkable 700% across industries after 3D and AR tech adoption. Nine out of ten mid-sized brands are turning to 3D and AR to achieve heightened efficiencies across a wide variety of functions and purposes – from advertising and outreach to product development and training. The mobile augmented reality market is expected to explode to $36 billion by 2026.
Strategic roadmapping can help your enterprise, small-medium business or startup adopt 3D and AR tech to experience shackle-free growth. To find out how, book a demo with our experts today.