Planview, a global leader in Portfolio Management and Work Management solutions, today published a global report that unlocks how companies are successfully responding to continuous market disruption, accelerating innovation and executing on their business strategies. Based on a first-of-its-kind study, the report, titled “The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed,” uncovers why many companies are challenged to pivot strategy in times of change, and provides pragmatic recommendations for companies to adapt more quickly to shifting conditions and disruptive events, and deliver quality business outcomes.
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“This study was designed to answer a deceptively simple question: Why can some companies quickly adapt and even accelerate strategy execution during times of significant change, and others just get by?,” said Patrick Tickle, Chief Product Officer at Planview. “That question is of utmost importance not only today while we navigate the pandemic but for the foreseeable future. Market disruptions are no longer the exception. Disruption is the norm, and the smartest companies have learned how to not just survive but thrive in environments of constant change.”
Segmenting respondents into categories of Leaders, Challengers and Laggards, a clear picture emerged of what successful companies are doing and that others can replicate, including:
- Prioritizing speed when it comes to making decisions and executing faster
- Implementing technology that delivers faster business insights from data
- Adjusting strategies, funding, and operating plans with short-interval planning cycles
- Improving the prioritization process to realign resources to the most important work
- Utilizing Lean and Agile business practices throughout the organization
This vital report goes beyond just analyzing why some organizations are more successful than others in quickly adapting to market disruptions. It provides a roadmap for how other companies can achieve success, streamline business processes to prioritize speed and quality, accelerate innovation, and improve strategic outcomes.
“Reducing the gap between strategy and execution becomes even more important as the pace of external disruption increases, and this report provides a clear blueprint about how leading companies are doing exactly that,” said Tickle. “We found that the most successful companies are following a similar recipe for success. They are building speed into their business operations to adjust to constant change. They have shorter, more adaptable planning cycles that enable them to respond to shifts in real-time. They remove internal barriers that stand in the way of adaptability. They resist the lure of the status quo. And they use technology and agile processes to build speed and quality into the way they execute on strategy.”
Based on a global benchmarking analysis of nearly 1,000 business and technology professionals at organizations across a wide range of industries around the world, the survey was commissioned by Planview and conducted by independent research firm Lawless Research. Results uncovered why many companies struggle to quickly respond to change and disruption:
- Complex governance or approval processes (38%)
- Unclear or conflicting priorities (33%)
- Lack of resources to complete all approved projects (31%)
- Lack of organizational alignment (departmental silos) (31%)
To read the full report and its detailed set of recommendations, visit: The State of Strategy Execution: Embracing Uncertainty to Adapt at Speed. To get more insights into the best practices utilized by many of the successful companies in the benchmarking study, visit: Managing Transformation: Connect Strategy to Delivery to Dynamic Business Today.
Planview commissioned a survey, undertaken by an independent research organization, Lawless Research, in December 2020. Nearly 1,000 business and technology professionals across multiple countries were surveyed, including: Australia, France, Germany, United States, and the UK. Companies were from a range of industries, including banking and financial, technology, retail, manufacturing, healthcare, business services, government and public sector, travel and hospitality, engineering, and more. The corresponding report provides pragmatic recommendations for business, technology, and finance leaders seeking to create a tight connection between strategy and execution, adapt more quickly to shifting conditions and disruptive events, and deliver quality business outcomes.
Planview has one focus: enabling the transformation journey as organizations rewire strategy to delivery in today’s fast-paced, highly disruptive markets. Our solutions enable organizations to navigate this journey and accelerate on-strategy delivery at enterprise scale. Planview’s full spectrum of Portfolio Management and Work Management solutions create organizational focus on the strategic outcomes that matter and empower teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enable customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, Planview has more than 1,000 employees supporting 4,500 customers and 1.3 million users worldwide. For more information, visit: www.planview.com.