Research and Development
One minute briefing
- 70% of change initiatives fail
- Strategic change is key to competitive edge, so we researched why and how to improve success rates.
- Nine out of ten industry professionals agree ‘strategic change’ differs to ‘BAU change’, and it matters.
- A good start is pivotal, with almost 90% of the solutions to the most common problems being best addressed near the start.
- Just over 40% of the solutions related to soft skills.
- Accomplish’s services are aligned with the findings of this research and with the needs of the investment industry:
“A good start is pivotal … rushing straight into detailed planning creates the illusion of accuracy”
– Seasoned technology professional
The difference matters because, from the outset, a strategic change brings greater challenges that are not major features of BAU change. This means mis-diagnosis of your situation can be an early mistake and cause of the low success rate
We then found that people wrestle with common problems relating to strategic change:
- Unclear ambition
- Inadequate planning
- Lost momentum
- Capability gaps
- Change fatigue
The good news is that straightforward solutions exist. The trick is that almost 90% of the solutions to the most common problems are best addressed near the start, before detailed planning.
This sequencing means that a good start is pivotal, which implies that the cause of inadequate planning is ‘rushing at it’ before you have created the conditions for success.
And for those of you who may have felt ‘soft skills were for the weak’, we found that just over 40% of solutions relate to soft skills.
How does Accomplish compare?
Accomplish’s methodology for managing strategic change incorporates the solutions to the common problems.
These findings support the Accomplish framework, confirm its key assumptions, and have enabled us to further align our core capabilities with the needs of investment firms.
Contact us to see how we have helped others achieve strategic change.
Do you want to read the full story? You can download the pdf of our complete research report here.