A great question here; 'Can large companies be successful with less process and more delegated strategic thinking?'
Strategic development and strategic planning are very different. The horizons are vastly different, and the level of thinking is more constrained with development. The advantage of formal strategic planning is enormous - often the best ideas are ones you've discounted or not even thought of.
Are you undertaking strategic development? strategic planning? opportunistic strategic decision making? What level is the strategic thinking in your organisation? An understanding of these questions will help you to define the best way forward for your business.
They discovered that successful companies managed to carefully and thoroughly link strategic and operational decision making absent the process but with the prevalence of five management attributes: - A well-understood conceptual framework that sorts out the interrelated types of strategic issues. The framework is defined by tomorrow’s strategic issues rather than by today’s organizational structure. - Strategic-thinking capabilities that are widespread throughout the company, not limited to the top echelons. - A process for negotiating trade-offs among competing objectives that involves a comparison of initiatives against each other to ensure scarce resources go where they can create the best returns. - A performance-review system that focuses the attention of top managers on key problem and opportunity areas - A motivational system and management values that reward and promote the exercise of strategic thinking.