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Strategy are typically developed to assist a business in gaining a competitive advantage in the market. Even the best-designed and implemented strategy, however, is prone to becoming obsolete as a result of changes in the organization's external and internal environments. The term "sustainability" refers to the process of reducing the amount of waste produced by a business. The review process consists of three activities: examining the firm's basic foundations, measuring and comparing results, and implementing corrective actions (Noe, Hollenbeck, Gerhart, & Wright, 2003).
Taking corrective action is the most important activity throughout the strategy evaluation process and should be done well to ensure the company's performance conforms to plan. Taking corrective actions requires making changes within the firms to reposition the company competitively for the future. Changes that can be undertaken may include altering the organization’s structure, revising objectives, or allocating resources differently (Noe, Hollenbeck, Gerhart, & Wright, 2003). The activity does not require a complete overhaul of the existing strategies. Thus it may be cheaper than an examination of the underlying firm bases.
Furthermore, the need for strategy evaluation is driven by changes in the external and internal environment of the organization. The activity of taking corrective action ensures that the company remains on track to achieve its goals and objectives by enhancing the firm’s ability to adapt successfully to the changing environment (Noe, Hollenbeck, Gerhart, & Wright, 2003). Additionally, employees in the company can accept the change because it provides them with a cognitive understanding and awareness of actions needed to implement the change.
Unlike measuring and comparing firm’s results where an individual may alter the results to impress the management, corrective action points out areas that require adjustment. The firm is therefore aware of the necessary changes in their strategy which helps them to be in a better position to capitalize on their internal strengths, take advantage of the external opportunities while reducing external threats and improving their internal weaknesses (Noe, Hollenbeck, Gerhart, & Wright, 2003). Therefore, corrective actions is a critical activity because it strengthens the company’s competitive position in the industry.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2003). Gaining a competitive advantage. Irwin: McGraw-Hill.
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