The Trifecta of High Performance, High Cadence, and High Engagement
Nov 15, 2023
auto_awesome
Former Chief Information & Digital Transformation Officer at Albemarle, Patrick Thompson, shares the keys to success in Fortune building and the importance of lead and lag metrics. The implementation of Workboard at Albemarle and the benefits of accurate OKRs and General AI are also discussed. The significance of getting the CIO involved in strategy execution is emphasized.
The importance of incorporating lead and lag metrics in strategy execution to drive results and track progress on a weekly basis.
The significance of creating a culture of accountability, rewarding performance, and embracing General AI in strategy and execution processes.
Deep dives
Passion for Strategy Execution
Patrick Thompson, the former CIO of Alba Marl, shares his passion for strategy execution and the impact it has on organizations. He highlights the importance of understanding business first and IT second, and talks about how he combined various frameworks like the Balanced Scorecard, 4DX, and Six Sigma to create his own strategy to execution concept.
The Power of Lead and Lag Metrics
Thompson emphasizes the significance of lead and lag metrics in driving results. He explains that lead metrics are the actions and activities that drive desired outcomes, while lag metrics reflect the actual outcomes. He underscores the importance of tracking lead metrics on a weekly basis to ensure progress towards desired goals. Thompson also highlights the need to pivot and reassess lead metrics if they are not impacting lag results.
The 52-Week March and Weekly Operating Rhythm
Thompson introduces the concept of the 52-Week March, a technique he used to drive results in organizations. He explains how this approach involves setting weekly targets and actively monitoring progress towards them. He emphasizes the power of weekly meetings focused on lead metrics, where experiences are shared and performance is transparently discussed. Thompson also highlights the importance of creating a culture of accountability and rewarding performance.
The Role of Transformation Offices and CIOs
Thompson discusses the evolving role of CIOs and the emergence of transformation offices in driving strategy and execution. He emphasizes the need for CIOs to align with the business and enable execution. He also emphasizes the importance of transparency and alignment across functions and the value of clear customer-centric strategies. Thompson encourages CIOs and transformation offices to embrace General AI and integrate it into their strategy and execution processes.
In this episode, WorkBoard CEO Deidre Paknad is joined by Patrick Thompson, former Chief Information & Digital Transformation Officer at Albemarle, for a special fireside chat live from Accelerate 2023. Patrick has played a pivotal role in building multiple Fortune 500 companies, most recently contributing to the tripling of revenues from $3B to $9B in just two years.
If you've refreshed your strategy for the next year, it's time to be highly intentional about strategy execution, and this episode is not to be missed. Patrick shares the keys to the success of the last five Fortune builds, emphasizing the importance of incorporating both lead and lag metrics, along with maintaining alignment with a 52-week cadence to drive accountability.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode