What is StratML?Strategy Markup Language ("StratML") is an XML-based vocabulary and schema for representing the information commonly found in business strategy and performance plans. Part 1 is an ISO Standard (ISO17469-1), whilst Parts 2 and 3 are still under development.
What is StratTech?
Technology has transformed almost every aspect of business: CRM for customer relationship management, ERP for records management, email and social media for communications, etc. by contrast, consultants and strategy departments continue to rely on email, spreadsheets, word processors and presentation tools for developing and executing strategy.
However, new tools, like StrategicLearningApp (disclaimer: I am the founder of StrategicLearningApp) are emerging which use technology to improve collaboration, traceability/auditability, security, and, ultimately, scalability in the processes supporting the development and execution of strategy.
Open standards, like StratML, provide an important foundation on which such StratTech tools can be built.
Use cases for StratML in the private sectorMuch of what has been published regarding StratML to date focuses on the public and charity sectors. However, I believe that the implications within the private sector are far more wide-reaching.
I can imagine several use cases for StratML (or future extensions or variations of it) in the private sector.
- Consolidating strategy and performance plans in large organisations / conglomerates.
- Submitting strategy and performance plans / prospectuses in the private equity and venture capital sectors.
- Submitting strategy and performance plans / prospectuses to rating agencies and stock markets.
- Submitting commercial loan applications.
- Submitting strategy and performance plans to third-party certification agencies. (Such as Corporate Social Responsibility ("CSR") and other standards bodies.)
- Submitting fund mandate and performance data to investment platforms.
- Making strategy and performance plans directly available to fund managers and investment analysts.
Each of these processes requires the creation, transmission and processing of information typically found in strategy and performance plans. As such, StratML could improve them by increasing consistency and making it possible to transmit the information directly from one computer system to another, eliminating the need for people to resort to time-consuming and error-prone cut-and-paste.
I invite you to contact me if you would like to discuss how StratTech and/or StratML could help your business.