Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success. Strategic management is generally thought to have financial and non-financial benefits. A strategic management process helps an organization and its leadership to think about and plan for its future existence.
Strategic management is based around an organization’s clear understanding of its mission; its vision for where it wants to be in the future; and the values that will guide its actions. The process requires a commitment to strategic planning, a subset of business management that involves an organization’s ability to set both short- and long-term goals. Strategic planning also includes the planning of strategic decisions, activities and resource allocation needed to achieve those goals.
Having a defined process for managing an institution’s strategies will help organizations make logical decisions and develop new goals quickly in order to keep pace with evolving technology, market and business conditions. Strategic management can, thus, help an organization gain competitive advantage, improve market share and plan for its future. Effective communication, Data collection & Analysis and organizational culture also play an important part in the strategic management process