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Role of the corporate strategy role on achieving successful Sustainability Procurement Program:
A corporate strategy names both the goals that an organization wants to achieve and devises the means for it to achieve them. More specifically, a corporate strategy defines the nature of the operations of a company, and how the business processes of a company reflect the aims of the company. In doing so, strategic management restricts the approved programs of an organization which are chosen by leaders based on the resources of the company and the external environment in which it is competing.
The effectiveness of a corporate strategy depends on its being an effective means of allocating the capital of a company, setting market standards and enhancing the competitive position of an organization, as well as increasing shareholder value to something beyond the number of its physical assets.
A department for Corporate Strategy acts as a coordinating body, designing and executing plans that meet the priorities of individual departments as well as achieving overall corporate objectives.
Allocates resources to businesses:
A corporate strategy is a technique that a company uses to guide its resource allocation to the best business investment opportunities available. An organization measures the success of each business unit through strategic planning and budgeting processes. The organization acquires and divests assets based on its conclusions, and updates capital allocations. Leaders assign company resources based on the desirability of the market opportunities of each business unit, which defines the planning objectives. A program of this magnitude wouldn't have succeeded without the key resources being allocated such as training its huge workforce, huge capital involved to carry out this program, conducting supplier meet/review, awarding partners, etc.
Sets expectations:
A corporation communicates its corporate strategy to individual business units to drive output and sets out the aspirations of internal and external stakeholders, or those involved in a company's success. Corporate targets are based on key areas such as market position, competitiveness and performance for which tangible goals are set, such as achieving a specific market share or financial return on investment. It is through perceptions that stakeholders align their actions with strategic goals and take on particular roles to ensure the successful execution of a corporate strategy. When initially started in 2013 only 45% of the questionnaire was filled up but in 2014, 81% of the questionnaire was filled up. This indicates that suppliers were informed properly about the importance of this program and also the particular outcome of this program. Awarding suppliers conveys a clear message of what the company expects from its strategic partners.
Enhanced profitability
The corporate strategy is about growth and profit results for a company. The strategy, therefore, determines the industries in which a company is involved, and how the business units organize and conduct their operations to boost the competitive position of a company. Often times, a small mistake is being looked down upon but one doesn't understand the significance of this mistake unless it accumulate to make up a big sum. Thus by focusing on a particular strategy and walking over short term goals helps organisation to minimize those mistakes and increase profitability.
Encouraged shareholders to participate
Based on a corporate strategy, business units will raise investor interest beyond the amount of their physical and intellectual assets to something. By making rational strategic choices about the market a company plans to pursue, allocating its resources, leveraging organizational skills and competitive advantages for the business unit, the likelihood increases that business unit operations are effective in raising the value of a company. Encouraging shareholders to participate in such a program by showing them added value did add a huge part to the success of the program.