ATLANTA, June 27, 2016 /PRNewswire/ -- A recent survey conducted by management consulting firm North Highland found that only 10 percent of executives strongly believe that their organization is performing at its full potential. The full report, "The Gold Standard for Faster, Higher, Stronger Performance Improvement: A Playbook," outlines three critical factors that are propelling the performance of today's companies and shares the secrets for effecting the kind of performance improvement that realizes results faster and sets-up success for the long term.
"Our research indicated that while organizations are investing in improvement initiatives, traditional approaches of cost of efficiency fall short of achieving the desired results. The combination of operational excellence, growth and innovation, and people, is what's needed for companies to achieve their full potential. Improving performance in these three categories, incrementally and sustainably, is how companies win today," said North Highland Global Head of Strategy and Performance Improvement Tina Ehrig.
The global study of more than 200 executives also revealed additional insights in how executives view performance improvement:
- The majority of executives indicated that failed performance improvement initiatives cost their organization approximately $26-50 million over the past three years.
- Companies lack consistent key performance indicators (KPIs) with 44 percent of executives saying the metrics of their front, middle and back offices* either don't clearly align to the overarching business KPIs, or don't exist at all.
- Forty-one percent of executives report that innovation at their company is treated like a siloed project, run without accountability to the corporate growth strategy. Further, 57 percent believe their company does not have the capabilities or tools needed to reach their innovation goals.
- Companies still struggle to fill the talent gap, with 55 percent of executives reporting that they believe their organization doesn't possess the talent across all business functions to drive their corporate growth strategy; and 40 percent believe the threat of losing business-critical expertise is higher today than it was five years ago.
For additional research findings and to download the full white paper, click here.
*Front office: sales personnel and corporate finance employees, including marketing and customer service. Middle office: Core business process, including supply chain, core business products/services, development and delivery. Back office: Functions dedicated to running the business such as IT, HR and finance.
About North Highland
North Highland is a global management consulting firm known for helping clients solve their most complex challenges related to customer experience, transformation, performance improvement, and technology and digital. We add value and support our clients across the full spectrum of consulting, from strategy through delivery. We bring the big ideas, then we make them real. North Highland is an employee-owned firm, headquartered in Atlanta, Ga., with more than 3,000 consultants worldwide and 60+ offices around the globe, and has been named as a "Best Firm to Work For" every year since 2007 by Consulting Magazine. The firm is a member of Cordence Worldwide (www.cordenceworldwide.com), a global management consulting alliance. For more information, visit northhighland.com and connect with us on LinkedIn, Twitter and Facebook.
About the Survey
Using its "by-invitation-only" consumer research panel and Valued Opinions panel, Research Now® conducted the online survey of 201 respondents in executive positions of vice president or above from companies with $1 billion or more in revenue. Respondents included those from 18 various industry segments currently employed by companies based in the United States and United Kingdom. The research was conducted May 23 – May 27, 2016.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/organizations-need-to-deliver-on-the-triple-threat-for-success-operational-excellence-growth--innovation-and-people-300290508.html
SOURCE North Highland