Organisations with concrete corporate strategies will remain competitive in their respective industries. An effective corporate strategy guides an organisation’s activities with a strong mission statement, vision statement, organisational goals and values.
A SWOT analysis is an analytical framework that documents an organisation’s strengths, weaknesses, opportunities and threats.
These insights would allow organisations to devise relevant strategies to remain competitive in the marketplace. They may also be used to align a company’s operations with its current strategies.
Internal and external audits provide analytical insights about an organisation's finances, operations and governance.
Internal audits present an overview of an organisation’s current state of affairs, whilst external audits verify internal reports about an organisation’s financial health to its stakeholders and the government.
According to Kaplan and Norton, who have published an article in an issue of the Harvard Business Review, an organisation may use frameworks, systems and processes to devise strategies that would enable them to remain competitive in the marketplace.