Economist Impact Research Finds 85% of Organizations’ Ability to Adapt Falls Short
Planview, a global leader in Portfolio and Value Stream Management, today announced the findings of a global study, “Bridging the gap: turning strategy into reality,” conducted by Economist Impact, the research arm of The Economist,and commissioned by Planview. The study uncovers common disconnects in strategy implementation leading to failures in critical digital initiatives. The findings show a stark reality: if businesses do not accelerate efforts to close the gap between strategy and action, the consequences are significant: wasted work, sunk costs, failed digital transformations, and the threat of becoming obsolete.
“With economic uncertainties, market disruptions, the rapid advancement of technologies like AI, and the growing digitalization imperative impacting every industry, the pace of change and complexity of decision-making is growing exponentially. Organizations across the globe are experiencing the realities of ‘adapt, evolve, or die.’ Yet only 15% of executives are confident in their company’s ability to adapt to change,” said Razat Gaurav, CEO at Planview. “Companies must be able to prioritize their initiatives in a capital and capacity-constrained environment, quickly analyze and adapt their project and product initiatives, making critical decisions that drive important outcomes. The key is connecting company strategy and how work is executed across the business.”
Alarmed by the inefficiency and waste in digitalization, Economist Impact undertook a global survey of 600 executives across seven countries and six industries. Among the findings revealed in the report, only 14% of executives expressed confidence in their company’s decision-making governance. Other key findings include:
- 84% of executives need to improve data-driven decision-making.
- 1/3 report challenges related to process, metrics, and data as critical hindrances in evaluating the progress of initiatives tied to business strategy.
- Most respondents think their organization needs to improve accountability in strategy implementation (86%) and goal setting and performance-monitoring systems (84%).
- Critically, only 20% of executives are confident in the resources allocated for implementation.
The Economist Impact research outlines an interconnected and interdependent framework for driving change to address these disconnects. Serving as a blueprint for bridging the strategy-implementation gap, the report is focused on five recommendations —alignment, accountability, resourcing, agility, and culture.
“When there is total clarity at the top around strategy, it becomes possible to ensure that it cascades effectively throughout the organization, up, down, and sideways,” said Rhonda Hiatt, corporate strategy consultant. “And that allows executives to ensure that everyone is marching in the same direction.”
Get the report to read the recommendations in full. Download here.
3 Bridging the gap: turning strategy into reality. The survey, developed by Economist Impact and commissioned by Planview, was fielded across seven countries (Australia, France, Germany, New Zealand, Singapore, United States and the United Kingdom) and six industries (business & professional services, financial services, healthcare & life sciences, IT/technology, manufacturing, retail & FMCG). Most surveyed companies have annual revenues above US $1 billion.
These findings derive from desk research and a global survey conducted by Economist Impact in April and May 2023 of 600 executives across seven countries (Australia, France, Germany, New Zealand, Singapore, United States and the United Kingdom) and six industries (business & professional services, financial services, healthcare & life sciences, IT/technology, manufacturing, retail & FMCG). Findings were supplemented by insights derived from a series of expert interviews. To learn more about the research methodology and detailed results, go here.
More about Economist Impact: it combines the rigor of a think-tank with the creativity of a media brand to engage an influential global audience. Economist Impact partners with corporations, foundations, NGOs and governments across big themes including sustainability, health, and the changing shape of globalization to catalyze change and enable progress.
Planview has one mission: to build the future of connected work, from ideas to impact. Planview helps organizations accelerate the achievement of what matters most, supporting our customers from need to speed, from passion to progress, and from overhead to optimization. Our connected platform of solutions underpins the business and digital transformations of more than 4,500 customers globally, including 59 of the Fortune 100. Planview empowers enterprises to improve time-to-market and predictability, increase efficiency to unlock capacity, and ensure their most strategic initiatives deliver the desired business outcomes. Learn more about our portfolio at planview.com, and connect with us on LinkedIn and Twitter.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Media Relations for Planview
Director of Corp. Comms
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
BuildRI Announces Top 2023 Responsible Investment Programs of European Alternative Investors30.11.2023 22:46:00 CET | Press release
BuildRI, a leading provider of responsible investment insights, is pleased to unveil the leading responsible investment programs within the European alternative investment sector for the year 2023. Throughout the course of the year, BuildRI's team of seasoned analysts has assessed multiple alternative investment firms, employing a comprehensive set of 32 responsible investment and Environmental, Social, and Governance (ESG) criteria. These criteria encompass the integration and maturity level of responsible investment policies, programs, and practices adopted by these firms. It is worth noting that the evaluation criteria are closely aligned with industry-leading ESG and responsible investment standards and frameworks. The data utilized for evaluation is primarily sourced from publicly-disclosed or self-reported information. Comprehensive rankings, benchmarking data, and additional information about each leading firm is available on the BuildRI platform for its members. The leading res
Mary Kay Expands to Hungary, Elevating Beauty and Empowerment in Central Europe30.11.2023 19:03:00 CET | Press release
Mary Kay Inc., the iconic beauty brand and global advocate for women’s empowerment, is thrilled to announce its expansion into Hungary, a strategic move that marks the company's latest foray into the European market. This expansion coincides with Mary Kay's milestone 60th anniversary, underscoring its enduring legacy of offering unparalleled entrepreneurship opportunities and high-quality skincare and color cosmetics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231130602889/en/ With Hungary’s rich cultural tapestry, vibrant heritage, and dynamic economy, Mary Kay Inc. is set to introduce a range of initiatives aimed at bolstering the economic empowerment of Hungarian women. (Credit: Mary Kay Inc.) Mary Kay Hungary's operations will be overseen from the Mary Kay Czech Republic's offices in Prague. To celebrate this momentous expansion, events in both Prague and Budapest have been arranged. This expansion builds upon the br
Q4 Inc. Announces Fourth Quarter 2023 Q4 Platform Release30.11.2023 18:00:00 CET | Press release
Q4 Inc. (TSX: QFOR) (“Q4” or “the Company”), the leading capital markets access platform, announced today its fourth quarter 2023 release of innovative enhancements to the Q4 Platform that will continue to deliver value to their clients through seamless workflows, insights, and analytics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231130813795/en/ Q4 Issuer Dashboard Q4 Platform Release: Fourth Quarter 2023 Issuer Dashboard: Improved Web Management App Issuers can now use the Web Management app to make accelerated website updates and have greater visibility into the status of their web requests. The homepage also gives them direct access to highlighted critical alerts, including activist engagements, and real time updates on events. Engagement Analytics App: Smarter Insights Through the Engagement Analytics app, Investor Relations Officers (“IROs”) will now have access to historical data on investor engagement to more ea
ISFC to Focus on Central Role of Forestry Sector at COP2830.11.2023 17:56:00 CET | Press release
The International Sustainable Forestry Coalition (ISFC) will be representing some of the world’s largest companies engaged in sustainable forestry at COP28, and will be promoting the role of forestry and land-use in the global climate transition. Nations must find a way to reduce emissions by 43% by 2030 if we are to avoid the worst effects of climate change. With greater investment, forestry and land management could contribute up to 25% of the emissions reductions needed to reach net zero. It is widely expected at COP that there will be more focus on the role that sustainably produced timber can play in the built environment, and ISFC will be taking a leading role in these discussions and promoting the expanded contribution of the forestry sector to the decarbonization of the global economy. Dr. David Brand, Convening Chair of ISFC and Executive Chair of New Forest, commented, “The global climate effort requires expanded investment in sustainable land-use and sustainable materials in
Aviz Networks Expands Funding to $10M With New Investments From Accton, Cisco Investments and Wistron30.11.2023 16:32:00 CET | Press release
Aviz Networks, a leader in open networking software for cloud-scale infrastructures serving telecom and enterprises, today announced it has added Cisco Investments to its latest funding expansion, joining existing investors, Moment Ventures, Accton and Wistron. This funding round, now reaching $10M, will accelerate customer momentum for Aviz’s multi-vendor, GenAI-based networking stack along with adoption of SONiC based open networking. Aviz helps organizations achieve the performance and cost benefits of hyperscale networks by removing complexity and supplying AI-driven management features as part of a breakthrough Networking 3.0 software stack. Aviz’s stack supports the fast-growing SONiC open-source network OS (NOS) as well as multi-NOS environments and leverages the power of large-language-models (LLMs) to deliver unparalleled choice and capabilities. The company has seen rapid growth over the past 12 months, scaling its number of customers, revenue, and operational headcount to me