The short answer is that a critical success factor is an expected success one is seeking. However, when it comes to using Critical Success Factors, hereafter named CSF, in the context of strategy, the meaning and use is somewhat more pre-defined and formal. 

Major digital strategy trends are emerging in the way strategy is formulated, executed, and governed. In 2023 and beyond, traditional ways of working with strategy will give way to a totally different set of processes, measurements, reporting, and governance. The old “spreadsheets and status meetings” method is already obsolete. This will require changing habits and replacing them with new ways of tracking the progress of business strategies. 

In today’s Volatile, Uncertain, Complex and Ambiguous world, the way leaders manage their strategy process becomes ever more important. Yet as this importance grows, we are still faced with the gloomy picture painted by research, that three out of four strategies tend to provide fewer results than planned or even outright fail. Some are never really carried out as such but remain just as high level visionary documents without any intention to execute accordingly. In this article we will outline some strategy models and concepts that have been most commonly used over the years. The intention is to point to a simple and straightforward process useful for managing your strategy on-the-go in times of rapid and fundamental change.

Strange as it may seem, but more attention has often been placed on the subject of developing a strategy, strategic analysis and planning, rather than actually how to bring these brilliant strategies to life. It’s a bit like creating a detailed and impressive exams revision plan, but then not actually revising in a concerted and effective fashion.

Old-fashioned Strategy Execution Management methods for high-level, long-term goals (that often stay in the planning stages for months, if not years) grow even less effective every day. There‘s no time for 20th century management tools in our increasingly Volatile, Uncertain, Complex and Ambiguous (VUCA) environment.