We worked with a top tier, globally recognised financial institution that was looking to continue their high octane growth strategies. Working with one well defined part of the business in particular, we identified that their existing strategy implementation framework was too rigid for their current and future needs. Their strategy was set on a rigid "fire and forget" basis, and they communicated progress in outputs rather than outcomes.
Without a process in place to allow for strategy to be reviewed and reset, a lack of strategic agility created significant risk in an environment that was constantly flexing, thereby putting the continued validity of any long term initiatives into question. And the functional teams operated independently of one another, with no consideration of the impact their changes had on other areas of the business.
The introduction of OKRs, and more generally speaking a more agile mindset, saw immediate changes in the way the teams viewed the organisation. Greater clarity was developed around the connected nature of their functions. Although not easy, they shifted towards outcome based thinking and gained the agility they required to rapidly course correct and adapt initiatives accordingly.
After three complete quarters of implementing the new framework, there was a recognised advantage in fostering closer cross-functional alignment. Teams, who were once isolated in their respective silos, emphasised the need for a more comprehensive approach in operationalising strategic priorities, and actively sought cross functional dialogue. In addition, the implementation of a more rapid strategic cadence ensured that conversations were naturally elevated away from business as usual and focused on outcomes, the pursuit of customer-centric value, and the overall direction of the organisation was kept top of mind.