Question

Discuss the “Synergy Concept” in management during the implementation of strategic initiatives

Answer 1

Synergy concept states that the combined value and performance of two or more parts will be greater than the separate individual parts. Synergy concept combines the efforts, values and performances of various parts to maximize the cooperation and innovation. During the implementations of strategic initiatives, synergy helps in increasing the performance by connecting various departments which helps in connecting their skills and insights, which will complement and support each other. Synergy increases the coordination and communication between the departments to successfully implement the strategic initiatives.

Synergy concept deals with the mergers and alliances of departments or companies. It states that the organisation can achieve more as a group than its parts could in isolation. It helps in combining the skills, experiences, resources and performances of many people together to enhance the performance of company.