A report by the Economist Intelligent Unit 2017 uncovered some startling facts about businesses struggle to convert strategy into a tangible thing such as a new product, brand, service or change. This report surveyed 500 senior executives with companies revenues of circa €1.1 billion worldwide. The executive summary is here https://www.brightline.org/resources/eiu-report/ and you can get the full report by the Economist Intelligence Unit report here also.
The essential elements are:
‘responses confirm that implementation shortfalls are widespread and corrosive: 90% of respondents admit that they fail to reach all their strategic goals because they don’t implement well, and 53% agree that inadequate delivery capability leaves them unnecessarily exposed to competitors’
‘On average, organizations fail to meet 20% of their strategic objectives because of poor implementation.’
59% of survey respondents admit that their organizations “often struggle to bridge the gap between strategy development and its practical, day-to-day implementation”.
‘The best companies combine a dynamic and flexible delivery capability with long-term vision. They are adept at moving quickly to make necessary changes while avoiding short term distractions and overreaction to transient shifts in the environment.’
The last point is interesting. The best companies are essentially agile in nature and probable employ a PMO meaning they recognise the value of project management for the delivery of their change.
Project Management is proven to assist business deliver on their strategies and change. The Project Management Office should not hold businesses back but excel in the support of the businesses need to change.