Improving Your Implementation Capabilities
It is no secret that implementation matters. What may be less apparent is why and how your organization can improve its own implementation capabilities. In a recent global survey by McKinsey & Company, it was found that the top quartile of all implementers of change initiatives and strategies were almost five times more likely than those in the bottom quartile to say they ran successful change efforts over the past five years. Furthermore, these top performers scored 30% higher on financial performance indices and retained twice the value gained from total opportunities two years after implementing the change.
Demonstrating that improved business results can be achieved through key best practices, seven were found to be common among the world's top implementers. The top three were:
- Ownership and Commitment. Leaders dedicated their time and energy to supporting change not only within their organizations, but themselves as well.
- Prioritization and Planning. Managers had employees spend most of their time working on the organization’s priorities and communicating at all levels on which actions and outcomes were the most important.
- Accountability. Managers focused on superior performance through tight monitoring, conducting regular performance discussions, and regularly assessing employees performance against individual goals and targets.
The other key capabilities included effective program management, the long term sustainability of changes, continuous improvement, and the provision of adequate resources and capabilities to implement the required changes. For many organizations today concerned about their ability to successful execute on planned initiatives, the authors noted that there was a clear path to improving implementation capabilities: understanding the practices that matter, prioritizing them in your organization, and building them out systematically.
For further insights on the topic, we encourage you to view the full article at Mc Kinsey & Company here.