​​90% of Companies Struggle to Adapt Quickly to Market Changes, According to Cross-Industry Business Strategy Survey

Quantive, the world’s leading strategy management software and services company, released the findings of its comprehensive study, “The Global State of Strategy 2024.” This extensive research, which surveyed almost 400 business executives from over 20 industry sectors across 12 countries, exposes significant gaps and emerging trends in strategy management amid the challenges of an increasingly volatile market.

Only 10% of businesses can pivot quickly and effectively to adapt to market changes. The findings in Quantive’s Global State of Strategy Report highlight the need to challenge traditional approaches to strategy management.

The study’s alarming revelation that 90% of organizations struggle to adapt quickly to market changes underscores the urgency for new, innovative approaches to strategy management.

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“Our research confirms a critical disconnect in current strategy approaches that stifle adaptability and, ultimately, business performance,” said Carmine Visconti, CEO of Quantive. In this rapidly evolving business landscape, you don’t have time for old-school strategy. The calendar-based, top-down, set-it-and-forget-it approach is woefully inadequate.

Survey Highlights

• Lack of Strategic Agility – 90% of organizations struggle to adapt swiftly to market changes, and only a fraction (10%) claim effective responsiveness within their organization.
• Unrealized Strategic Potential – Only two-thirds of strategic objectives were reported to have been achieved over the past three years, indicating most businesses need help to achieving their most important priorities.
• Strategy Disconnect – Nearly half of the organizations reported poor coordination across different units, which significantly hinders effective strategy execution.
• Dependency on Outsourcing – 74% of respondents rely on external resources for strategic insights and expertise, indicating a gap in internal capabilities in these areas.
• Lack of Timely Feedback Loops – While most leaders (83%) emphasize learning from strategy execution, only 59% of organizations frequently review progress against their stated strategic priorities.

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The Always-On Strategy Advantage

The findings offer actionable insights for businesses aiming to enhance their strategic agility. Organizations that continually adapt their strategies in response to real-time data outperform their peers, with a 68% achievement rate in meeting strategic goals compared to 59% for those who do not. This transformative “Always-On Strategy” model provides a framework that emphasizes continual adaptation and learning from ongoing operations to refine strategic directions. “Strategy is never done. It should always be evolving. Adopting an Always-On Strategy is no longer optional but necessary for thriving and building competitive advantages,” explained Ying Chin, Chief Product Officer at Quantive.

In-depth Survey Methodology

Quantive, in partnership with NewtonX, implemented a robust methodology to ensure comprehensive insights. The survey targeted executives and senior leaders involved in strategic decision-making, providing a granular view of the challenges and practices across different organizational scales and geographical regions.

The full report offers an in-depth analysis and strategic recommendations for enterprises looking to overhaul their strategic approaches to withstand and capitalize on rapid market changes. It is the second in a series of landmark research focused on strategy management and execution practices within large enterprises.