One of the most common issues for corporate executives is their organizational inability to translate strategy to execution. A survey of global CEOs reports that execution is the #1 challenge they face.
An HBR article from Bain's Michael Mankins shared that executives believe they lose 40% of their strategy's potential value due to breakdowns in execution.
And that is assuming companies even have a strategy. The absence of a coherent strategy (an annual budget is not a strategy) is even more common than failure to execute on a strategy.
So how can CEOs (and their companies) overcome this? How can they realize the value that is left on the table through execution that is not fully aligned with strategy?
The answer is simple: good product management. Or, more specifically, the strategic and business role of product management.
Too often, product management is defined as a technology role, a sort of secretary for agile teams. Making sure customer requests and executive mandates are logged in the ticketing system. And that surely misses most of the value of product management.
The Strategic and Business Role of Product Management