In an online survey of 800 executives conducted by The McKinsey Group consultancy, fewer than half of respondents reported satisfaction with their company's development of strategic planning.
- Of those who reported that their company implemented a formal strategic process, 79 percent were satisfied with strategy execution.
- Only 23 percent of respondents said that a formal strategic process drives important decision making at their company.
- The majority, at 52 percent, credited small senior groups with making critical strategic decisions.
Notably, there's a strong correlation between monitoring of strategic plans and executive approval of those plans, according to the study.
- Still, only 56 percent of respondents overall reported that their company monitors its strategic initiatives.