Due to the present global nature of business, no strategic business activity can be convincingly implemented till business intelligence is gathered from different people working in the organization. This includes discussions on cost reduction, new product development, revenue growth or innovations. One of the time-honoured traditions at executing this is through cross-functional teams. While these have become permanent fixtures in companies, their effectiveness is a matter of much debate. The corporate strategy consulting wing of PwC conducted a study according to which a mere six percent of such teams’ members agree wholeheartedly to their success. To best improve the work of such cross-functional teams, complete advocacy and support is needed from the senior executive team. Plus, clear performance measuring metrics and goals need to be spelled out. A formal knowledge transfer process has to be initiated.

Source:https://www.strategy-business.com/blog/Reimagining-Effective-Cross-Functional-Teams?gko=d02f2

Uploaded Date:18 August 2018