To stay healthy, every aspect of a business needs feedback loops. Top performing companies are not only good at accepting feedback, they deliberately ask for feedback. Closing the feedback loop: Managing the performance of performance management. One of the major uses of this process is for quality management. Team specialization: When figuring out who on your team will be part of your strategic implementation plan, be sure to review their areas of strength and expertise. According to the Society for Human Resource Management 2015 Employee Job Satisfaction and Engagement Report, 55% of employees reported that communication between employees and senior management was very important to them. Definition of the System. Feedback can also be very motivating and energising. Feedback on an employee's performance should be an ongoing process, something they can access and gain benefit from continually. Here are 5 reasons why and how feedback is of great importance in our professional and private lives: 1. It can keep us going Feedback comes in different forms, positive and negative, however, no matter what, it should always be constructive. There are many benefits of strategic management and they include tangible financial results and intangible cultural and behavioral aspects. Control and Feedback Loop is Driven by Metrics: Once the ideal state of the process is decided through analytics, it has to be expressed in terms of metrics. No strategy exists in a vacuum. Harness the Power of Feedback Loops for Better Strategy Design and Delivery. for it in the process of planning and working on a project. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy. And they know that feedback is helpful only when it highlights weaknesses as well as strengths. The second major process of strategic management is implementation, which involves decisions regarding how the organization's resources (i.e., people, process and IT systems) will be aligned and mobilized towards the objectives. Study on Importance of Strategic Management. Feedback is the cheapest, most powerful, yet, most underused management tool that we have at our disposal. Make room (and plan time!) Feedback is an important part of the strategic planning process and one way this is achieved is through the course compass plan. In fact, it should be present at every step.