Can your organization adapt quickly in today’s volatile environment?
Do specific practices and mindsets make companies inherently better able to adapt to change quickly?
To find out how some companies accelerate innovation and thrive as business fluctuations occur, while others “get by,” Planview commissioned a global benchmark study in December 2020 to assess how organizations are adapting to change in uncertainty.
The findings and insights are revealed in the report – “The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed“.
Nearly 1000 business professionals from across the globe rated their organization’s responsiveness in terms of ‘how fast’ and ‘quality of outcomes’ in each of the five core areas of adapting strategy execution:
- Pivoting strategies and plans
- Reallocating funding and budgets
- Reprioritizing work execution and delivery
- Realigning people and teams
- Accessing and analyzing data for decision making
By creating agility within and across each interconnected area of strategy execution, companies can move faster and adapt with confidence when disruptions happen, or new opportunities appear.
5 key findings were revealed – read on to learn more about highlights from the study.
Based on quickness and quality ratings across the five strategy-to-execution process areas, respondents were assigned a Strategy Execution Index score and categorized as:
- Strategy Execution Laggards – Slower to respond to change and, at times, struggle to move forward
- Strategy Execution Challengers – Moving forward, but in starts and stops, unable to perform at speed consistently
- Strategy Execution Leaders – The fastest organizations with the highest quality outcomes
Leaders are driving speed across strategy-to-execution, outperforming the rest. Challengers and laggards have a choice: prioritize speed or risk losing customers and falling behind swifter competitors.
Leaders outperform in exceeding financial targets and strategic objectives. They also exceed in their ability to deliver new, innovative products and services.
Results show that Leaders are investing to adapt faster, while Challengers are less motivated to improve decision making and execute on-strategy at speed.
Strategy Execution Leaders are:
more likely than Challengers to
exceed financial targets
more likely than Challengers to
exceed strategic objectives
more likely than Challengers to
exceed delivery of innovative products and services
62% of Strategy Execution Leaders, who already reported going fastest with the highest quality outcomes, stated they strongly agreed with the statement: “To ensure its success, my organization needs to make decisions and execute faster than it currently does.” (vs. 24% Challengers, 34% Laggards)
Respondents reported the following as the top three tangible benefits from investing in accelerating adaptation to change:
- Improved customer satisfaction (59%; Leaders: 66%)
- Improved employee satisfaction, retention, and recruiting (48%; Leaders: 56%)
- Improved execution efficiency and repeatability (42%; Leaders 45%)
Companies face an average of three barriers in adapting to change. Complex governance/approval processes, unclear/conflicting priorities, and lack of resources for approved projects top the list.
These risks and barriers bring pressure and hinder organizations from successfully achieving on-strategy execution.
Decline in growth
Lost opportunities to competitors
Decreased customer retention
Major loss of profit
Executives are confident that teams are working on the right things, and teams are more confident that their work aligns with strategy.
These findings raise the question “What are leaders are doing differently to achieve their success?” Download the report “The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed” to learn more.
- Not At All
- Not Very
Download the report “The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed” to learn more.
More key findings from the benchmark report
- Nearly 85% of companies are leveraging some form of Lean or Agile practices. Leaders are more likely to be undergoing an enterprise-wide Agile transformation.
- 81% say gathering and analyzing the information they need is painful. Leaders indicate accessibility is 3x less painful.
- The majority of respondents reported that they are primarily using desktop or internally developed tools for planning, funding, and prioritization. 50% of Leaders will implement technology for automation and efficiency in the next year.
- Discover the four practices that set Leaders apart to move faster in adapting strategy execution and improving performance.
To thrive, every organization must continuously improve, regardless of their current Strategy Execution Index score.
Download the report for insights along with specific recommendations on how you can shift mindsets, processes, and technology for accelerating on-strategy and on-time delivery.Learn more • The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed
How does your organization compare?
Review the key findings and best practices of Strategy Execution Leaders, recommendations to accelerate on-strategy delivery, and learn how the most successful organizations are:
- Creating agility within and across each interconnected area of strategy execution
- Moving faster and adapting with confidence when disruptions happen, or when new opportunities appear
- Adjusting their strategies and executing on their plans at speed to achieve quality outcomes for the business
Accelerate On-Strategy Delivery at Scale with Planview
The results are clear: The disconnected mix of tools in use – primarily internally developed or point solutions – is slowing down strategy execution.
To be fast at shifting strategy but not at reprioritizing work or resources does not result in organizational speed. The five strategy execution competencies integrated with the right technology must work in concert to enable the decisions that allow your enterprise to accelerate on-strategy delivery.
What if you had a platform that gives you a clear view into your strategic initiatives and empowers your organization to deliver desired outcomes faster?
Planview’s unique platform brings together:
- Executive line of sight
- Adaptive portfolio prioritization and funding
- Flexible capacity and resource planning
- Tools that empower teams to deliver faster, no matter how they work
Partner with Planview to build agility and increase responsiveness in your organization – today and into the future.Learn more • Managing Transformation
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