In bad times as well as good, organisational agility is a key to profitability, says new study
The importance of rapid decision-making and execution is particularly striking among respondents in the C-suite. Fifty-two percent of all CEOs and 50% of CIOs polled say that agility is a vital way to differentiate their companies. Yet 27% of survey respondents say that their organisation is at a competitive disadvantage because it is not agile enough to cope with fundamental shifts in their markets.
The study identifies several obstacles to improved business responsiveness. Executives who took the survey cite slow decision-making, conflicting departmental priorities, risk-averse cultures and silo-based information as the main impediments.Indeed, more than 80% of respondents have undertaken one or more major steps to improve agility since 2006, but 34% say they have failed to deliver the desired benefits. Other findings of the survey include:
· Mid-size companies seem to be more nimble than small or large ones. Forty-four percent of respondents believe that mid-size companies are more agile than large and small firms. The flatter hierarchies of many mid-size companies compared with large firms probably improves the flow of information and the speed of decision-making. Indeed, more than two-thirds of mid-size companies responding to the survey believe that they are moderately agile and have the business information to support their primary job responsibilities.
· Sales, marketing and customer service are the most agile. By contrast, finance, information technology (IT) and human resources (HR) are seen to be among the least agile departments of global organisations. This is significant, given the fact that finance, IT and HR play important roles in heightening efficiency, knowledge transfer and innovation.
Organisational agility: how business can survive and thrive in turbulent times is available free of charge at www.eiu.com/sponsor/emc/orgagility
About the survey
This survey, conducted by the Economist Intelligence Unit in December 2008 and January 2009, included responses from 349 business executives around the world. Sixty came from the UK, 59 from France, 53 each from Germany and Singapore, 49 from the US, 46 from Australia, 18 from Canada and 11 from New Zealand. Executives from 19 different industries took part in the survey, 44% of whom had annual revenue of US$500m or less and 31% had revenue of US$5bn or more. Board members and C-level respondents comprised 43% of respondents, while senior directors and department heads made up an additional 31%. The survey included responses from a range of business functions and industries.
About the Economist Intelligence Unit
The Economist Intelligence Unit is the business information arm of The Economist Group, publisher of The Economist. Through our global network of more than 650 analysts and contributors, we continuously assess and forecast political, economic and business conditions in more than 200 countries. As the world's leading provider of country intelligence, we help executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies.
EMC is a registered trademark of EMC Corporation and its subsidiaries. All other trademarks are property of their respective owners.
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