Challenges of strategy implementation at EcobanK Kenya Limited
In the world of management, increasing numbers of senior people are recognizing that one of the key routes to improved business performance is better implementation. The apathy to strategy implementation can be ascribed to several reasons, among them: greater likelihood of failures in implementing strategies; higher complexity in the process of strategy implementation; strategy implementation being considered to be less glamorous than formulation; and practical difficulties in research involving middle-level managers. The mainstream strategic studies have not considered the banking industry, and conventional thought within the industry has often down played strategy’s significance. The researcher applied a case study. The researcher used both primary and secondary data. Primary data was collected using self-administered interview guide while secondary data was collected by use of desk search techniques from published reports and other documents. The data collected using interview guides which was qualitative in nature, was analyzed using content analysis. The study found that the bank faces the challenge of strategy implementation. Ecobank Kenya limited has its headquarters in Nigeria and branches in Africa and this poses a challenge when it tries to implement its foreign policies in different countries. The policies may work in some countries while they may fail in others. Also time being underestimated, as they have to consult with the headquarters before decisions are made. Increasingly sophisticated customers, poor planning, non involvement of the implementers, inadequate knowhow on the key stages, poor coordination, poor communication, unclear strategic intentions and conflicting priorities are some of the challenges faced by the bank in strategy implementation. The study concludes that the management should be efficient so as to ensure good strategy objective setting, and manage resistance to strategy implementation. The study also concludes that early involvement of firm members in the strategy process helped members understand super-ordinate goals, style, and cultural norms and thus become essential for the continued success of a firm strategy implementation. The study recommends that although Ecobank Kenya Limited has been successful in the strategy implementation, in order to remain profitable and competitive in the market, the bank should continuously train its employees on how the strategy should be implemented, involve staff in decision making and employ efficient communication that avail information on strategy to all stakeholders.