The Execution Premium

CHAPTER ONE

INTRODUCTION

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”¹

MANAGING STRATEGY DIFFERS from managing operations. But both are vital, and need to be integrated. As strategy authority Michael Porter has noted, “Operational effectiveness and strategy are both essential to superior performance … but they work in very different ways.”²

A visionary strategy that is not linked to excellent operational and governance processes cannot be implemented. Conversely, operational excellence may lower costs, improve quality, and reduce process and lead times; but without a strategy’s vision and guidance, a company is not likely to enjoy sustainable success from its operational improvements ...