A business intelligence strategy is just not alone. There are many factors affecting it. Let’ classify them. Basically, there are intrinsic factors and extrinsic factors working when we are talking about any business intelligence strategy. The third factor affecting the professional business strategy are the leaders who prepare, optimize, standardize, and guide them.
According to Henry Mintzberg, a globally known academic and author of different books on business and management, a strategy lies between emergent and planned strategies continuum. The professional business strategy can be learned. Yes! But learn business strategy only from the avant-garde of the strategy institute. No lesser. Because professional business strategy is something which has its sphere of influence as the whole corporate world and the complete business standardization.
The strategy institute which teaches professional business strategy incorporates a curriculum which will take care of all the details regarding the intrinsic factors and extrinsic factors. To learn business strategy from the strategy institute means they will help you comprehend how you as a leader can affect the business proceedings through the right implementation of business intelligence strategy. That is why the biggest of management houses hire professionals who learn business strategy from the strategy institute which is a master in its field.
Let’s talk about the intrinsic and extrinsic factors of the business intelligence strategy:
The Internal Environment:
Decision Makers: There are different decision makers such as leaders, employees, and entrepreneurs. The process of decision-making is important to strategy formation and the businesses where hierarchy is etched strongly in the management, only top leaders are designated to decide about the important activities related to the business.
Resources: The available sources at hand with different organizations also decide what type of strategies whether planned or emergent will be initiated in the organization. The leaders then have to strategize the resources of the organization according to the strengths and weaknesses that they have.
Lifecycle Stage and History: The crises and the successes that a company has faced in the past decide the future planned and emergent decisive strategies. The strategies evolve based on the formal, cooperative, and analytical process. The crises decide the changes in strategies, structures, and attitudes.
Cultural Values: The cultural values in the organization drive the motivation of the workplace. The competition, the talent management activities, and the training provided to people are also responsible for the internal dynamics of any organization. It is also essential to being in the good books of suppliers, customers, family, peers, bankers, and regulatory authorities.
The External Environment:
General Environment: There are different kind of environments that affect the businesses such as economic, socio-cultural, political, legal, technological, and ecological components which decide how the strategist will respond.
External Stakeholders: The stakeholders such as customers, suppliers, government agencies, and unions are responsible for the decision-making process. The organizations are very much dependent on the outside factors for the sale of products and services and their legitimacy which influence the decisions of the managers.