Spire was honored to participate in a seminar organized by Sumitomo Mitsui Banking Corporation (SMBC) on 15th July, in Singapore. Japnit Singh, Deputy CEO of Spire Group, shared his insights on strategic planning lessons from leading organizations in ASEAN.
Japnit discussed five steps of strategic planning, strategic priorities and tools used by leading organizations in ASEAN.
The strategic planning process can be seen as consisting of five steps, distributed amongst different departments in the organization. These steps are defining the vision, gathering and analyzing data, strategy creation, planning resources & outcomes and finally evaluation and monitoring.
An organization should formulate an overall vision for the future, gather and analyze all the available data and also consider all the available critical items of information while monitoring and evaluating key performance indicators (KPI).
For Singapore-based firms, ASEAN continues to be the most popular region for future business expansion, with Vietnam being the top destination. ASEAN is attractive because of its growth potential and inclusion of emerging markets with a fast growing consumer market as well as middle class.
To facilitate overseas expansion, collaboration with research agencies could be helpful as nearly 40 per cent of Singapore businesses face difficulty with market knowledge and information when engaging in overseas expansion.
Leading organizations use different tools such as the Net Promoter Score (NPS) to assess the level of customer satisfaction and loyalty towards their product or service. RAD analysis is used by companies to segment and prioritize their customers and channel partners.
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