Organisations spend £4bn on strategy consultancy in Europe each year. Despite this investment, 95% of employees do not understand the strategy and 90% of strategies fail to deliver their intended results. Curium Solutions wanted to find out why.
Curium Solutions Founding Director Andy Dawson says, “Transformation, or change, is the vehicle through which organisations deliver their strategy, so do they have the ability to change quickly and effectively? Can they turn their strategies into reality?”
A new report from award-winning change consultancy Curium Solutions has the answer. Its survey of 100 c-suite and senior professionals investigated the strategic priorities organisations have committed to, the threats to executing them and their ability to deliver sustainable and demonstrable change.
The top three strategic priorities are: revenue growth (15%), operational efficiencies (13%), and reducing cost and improving customer service (both 12%). Standing in the way of achieving these priorities are: insufficient skills (17%), ability to deliver sustainable change (16%), and lack of investment (15%).
According to respondents, their organisations set out with the right intentions, with 74% agreeing that change initiatives are aligned with organisational strategy. That confidence soon wanes.
Only 21% of respondents are confident in the metrics used to assess change projects; almost 70% do not believe that their organisation can communicate change effectively; and less than one-third think that their organisation has an effective change management team.
“Our research shows that organisations begin the change journey with confidence. Governance and plans are in place, and the majority have visible and active leadership,” explains Andy Dawson.
“But, along the road, something goes awry. Enthusiasm wanes, timetables slip, people carry on as before, and projects that could have delivered real strategic benefit and competitive advantage end up side-lined. Our survey shows that many organisations are still to find the right transformation formula.”
For more results, download the full report at www.curiumprod.wpengine.com/news-and-views
Curium helps organisations to make their strategies a reality; to avoid the pitfalls often encountered, and transform their businesses through cultural, operational and individual change.