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My assumption is that it refers to the ongoing review & updating of a company's strategic plan. Rather than do it once every few years and have its value diminish over time, a better approach is to have the leadership revisit it frequently using whatever framework or model suits them best (e.g. Porter's Five Forces).
That was very helpful
in addition to the Five Forces, often PESTLE analysis is done to understand the influences of the organisational context on strategy.
PESTLE stands for 6 areas any organization should look at for disruptions:
For example, the pandemic, supply chain problems (like the bulker blocking the Suez Canal), Sanctions and natural disasters (like Pakistan floods) have an impact on strategy. Monitoring the environment and signposts is input to the continuous refreshment of strategy.
How do you start?
Take your current strategy and decide what assumptions for it or key elements to monitor (less than 10) - these may be called signposts. Then start monitoring these signposts and when you identify a change, and you judge it to be relevant for the integrity of your strategy, start thinking about adapting your strategy.
Example: your strategy is to grow revenue for a certain product, and you decided to move to new markets. An assumption is it is viable to start business in those markets and to move products/parts to them. Now Brexit happens, or sanctions against Russia, or ... The relevant signposts might be described as free flow of products and compliance (with sanctions or EU market standards).
Both comments above are very valuable. First, it is important to understand what strategy is: is "the way" organizations answer to environmental stimuli in order to achieve the three main objectives which are survive, growth and develop. This is because organizations are open and adaptable systems (not software systems). So, you need to define what will be a component inside "the way". It does mean to pay attention to functions and process and go ahead from that. To understand the environment tools like PESTLE (above in @Thomas comment) for external environment, Porter´s Five Forces (above in @Kiron comment) for more "local" environment can be used. Then for internal environment you can use McKinsey 7S Model that will help you to create a first sketch of the organizational architecture (business architecture mainly). I wrote an article for the PMI time ago about the matter and I participated in conferences and putting this in practice. I am writting about my personal experience just to put on the table that is not something academic, is something that can help you to put all this in the practice quickly.
I think it is reviewing of strategy.
I have found that what works best is that our strategy document is a living document. As a team we go back to that strategy document to update it every quarter. When you talk about a refresh, I believe what you are talking about is a refresh of the current strategy that you have in place? I will first ask that you take a look back and see what didn't go well with your original strategy what you would like to see change and then sit down with a subject matter expertise on strategy- formulate what you want to do go through a process of evaluation then prioritize getting everyone on your team to align and move forward with an intentional well thought out implementation of the strategy
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