FACTORS LEADING TO SUCCESSFUL CORPORATE STRATEGY IMPLEMENTATION: A CASE OF A LEADING INNOVATIVE BANK IN SOUTH AFRICA

Abstract

Theorists have studied factors that affect strategy implementation in various organisations within various industries for some time now. Most studies have concentrated on industrial factors which are common to most organisations in a particular industry. In this article however the researcher looks at organisation-specific factors that are peculiar to this financial institution as one of the leading innovative banks in Africa. The research consists of a mixed methodology, targeting sixty-three employees of the bank. Exploratory interview technique was employed initially followed by a Likert-scale questionnaire. Findings revealed that the most challenging factor the bank was encountering was misalignment of intent as a result of unclear communication and communication channels that were being used. Communication from upper management down to non-managerial staff was not as clear as upper management believed, leading to challenges on the shop-floor. Although the bank has been consistently successful in its financial performance in a decade or so, this finding among others revealed the importance of alignment as pointed out in literature. The results also revealed room for management to better their performance just by reviewing current processes and procedures in the strategy-creation-implementation-and-management continuum.