Many companies are looking to shift their strategies into high gear in order to achieve greater success and profitability. However, this is not an easy task, as only a small percentage of companies are able to make the jump from being average performers to top performers. In fact, over a decade, only 8 percent of companies manage to jump from the middle of the pack to the top quintile, where almost all the economic profit accrues.

Many companies are looking to shift their strategies into high gear in order to achieve greater success and profitability. However, this is not an easy task, as only a small percentage of companies are able to make the jump from being average performers to top performers. In fact, over a decade, only 8 percent of companies manage to jump from the middle of the pack to the top quintile, where almost all the economic profit accrues.

So, what sets these successful companies apart from the rest? Our research shows that many of them have made big moves such as dramatic resource reallocation, disciplined M&A, and radical productivity improvement. These strategic shifts have allowed them to outperform their peers and achieve greater success.

One key aspect of implementing a successful strategy is having a sense of shared ownership in the company's fortunes. This means that everyone in the organization needs to be on board and committed to making the necessary big moves. In order to ensure this level of commitment, it is important to have a clear alignment of incentives. This can be done by developing an "unbalanced scorecard" for incentive plans.

The "unbalanced scorecard" consists of two distinct halves. On the left is a common set of rolling financials that focus on two or three key metrics, such as growth and return on investment. These metrics should connect to the economic-profit goals of the division and the enterprise. On the right is a set of strategic initiatives that underpin the plan. This dual approach ensures that employees are not solely focused on financial metrics, but also on the strategic initiatives that will drive long-term success.

In addition to these insights on strategy, there are also valuable learnings from CTOs and tech leaders on their cloud strategies. Despite questions about value, the primary migration approach for many companies is still lift and shift. This means that companies are simply moving their existing applications and infrastructure to the cloud without making any significant changes or optimizations.

While lift and shift can be a quick and easy way to migrate to the cloud, it may not always be the most effective approach. Companies need to consider the value and benefits they can gain from the cloud, and how they can leverage its capabilities to drive innovation and efficiency. This may require rearchitecting applications and infrastructure to fully take advantage of the cloud's scalability and flexibility.

Another important consideration for cloud strategies is security. Moving to the cloud can introduce new security risks and challenges, and companies need to have a comprehensive plan in place to address these risks. This includes implementing strong encryption, access controls, and monitoring systems to ensure the security of data and applications in the cloud.

Furthermore, companies need to have a clear governance model for their cloud strategies. This includes defining roles and responsibilities, establishing guidelines and policies, and regularly monitoring and reviewing cloud usage. By having a well-defined governance model, companies can ensure that their cloud strategies align with their overall business objectives and that resources are being used effectively and efficiently.

In conclusion, implementing a successful strategy requires making big moves and having a sense of shared ownership in the company's fortunes. By developing an "unbalanced scorecard" for incentive plans, companies can align incentives and ensure commitment to the necessary strategic initiatives. Additionally, when considering cloud strategies, companies should carefully evaluate the value and benefits of different migration approaches, such as lift and shift, and prioritize security and governance to mitigate risks and maximize the benefits of the cloud. By incorporating these insights and learnings, companies can take their strategies into high gear and achieve greater success.