SlideShare a Scribd company logo
1 of 12
Download to read offline
1
ORGANIZATIONAL AGILITY
Why it pays off and how to make it work
2
The most agile companies are
2.7xMORE SUCCESSFUL
than the average of
non-agile firms
AGILITY is an organization’s
ability to make TIMELY,
EFFECTIVE AND SUSTAINED
CHANGES resulting in
performance advantages
Source: goetzpartners; The Agile Performer Index, 2017
Achieving organizational agility
requires the
TRANSFORMATION OF THE ENTIRE
ORGANIZATIONAL BODY
64% of companies are
NOT AGILE PERFORMERS YET
3
Organizational agility pays off, is measurable,
and can be implemented with fitness programs
1) VUCA = volatile, uncertain, complex, ambiguous
2) Return on assets/equity over the last 10 years compared with industry averages
Source: goetzpartners
EXECUTIVE SUMMARY THE “AGILE
PERFORMER INDEX”
1 ORGANIZATIONAL AGILITY IS KEY for being
successful in a dynamic, digitally transformed VUCA1)
world. The challenge for companies is to transform
the entire organization into one AGILE ORGANISM
4 Each assessment starts with an INDIVIDUAL FITNESS
TEST to identify the company’s degree of agility.
The result is benchmarked and HEATMAPS visualize
individual pressure points
2 ORGANIZATIONAL AGILITY CORRELATES with
FINANCIAL PERFORMANCE. The most agile
companies are 2.7 TIMES MORE SUCCESSFUL
than the average of non-agile companies.
2/3 of companies are not yet agile performers
5 INDIVIDUALIZED AGILITY PROGRAMS can be
designed based on a comprehensive use case
repository with inspiring practices from over 60
transformation programs to LEARN FROM THE BEST.
Over 80 actionable measures are available,
categorized in four agility fitness programs
3 Organizational agility is MEASURABLE. 14 tangible
AGILITY FACTORS build the basis for the “AGILE
PERFORMER INDEX”. The ASSESSMENT is deeply
routed in SCIENCE and available for DOWNLOAD
(see QR code)
6 ANALYZE, MOBILIZE, ACT, ADAPT:
Get clear initial GUIDANCE and implementation
adaptable to your experiences. You will receive
HANDS-ON ADVICE in navigating and supporting
the organization’s agile transformation journey
FROM THE START TO THE FINISH LINE
SCOPE OF SURVEY
Broad survey among
285 leading European
companies
FACTORS
Identification of 14 tangible
agility factors that are
organized into four agility
routines
PERFORMANCE
Correlation of degree
of agility and companies’
financial performance2)
PARTICIPANTS
Results reflect the self-
perception of C-level
executives and middle
managers
Download here
Authors:
Sebastian Olbert, Partner
Theresa Walbrach, Associate Consultant
4
Respond to today’s VUCA world by becoming
a truly agile organism
Source: goetzpartners
TODAY’S CHALLENGESKEY QUESTIONS
WHY?
Why does my company need
to become agile in a dynamic,
digitally transformed, competitive
environment?
PAY-OFF?
Do agile companies perform
better than their competitors?
WHAT?
What are the components of a
truly agile organization and how
can my degree of agility be
measured?
HOW?
How can my organizational body
be transformed into an agile
performer?
THE VUCA WORLD
VOLATILITY
contradicts predictability
UNCERTAINTY
is the only certainty
COMPLEXITIY
grows exponentially
AMBIGUITY
drives ignorance
TARGET STAGE OF A COMPANY:
AN AGILE ORGANISM
V
U
C
A
Leadership &
People
Coordination &
Collaboration
Purpose &
Strategy
Value-Added
Operations
Structure
5
Agility pays off – However, 2/3 of companies
are not agile performers yet. What about you?
Source: goetzpartners; The Agile Performer Index, 2017
CORRELATION OF AGILITY WITH FINANCIAL PERFORMANCE IMPLICATIONS
While agility clearly drives financial
PERFORMANCE, improving
organizational agility is often
not trivial
In particular, the current
constitution of the organizational
body needs to be ASSESSED in
order to identify the right starting
points for jumpstarting agile
actions
Furthermore, the organization’s
COMPETITIVE POSITION within
the industry sector should be
ANALYZED using benchmarks to
provide additional insights into
individual improvement areas.
This is critical before switching
gears to strive for better
performance
AGILITY
QUARTILE
4 3 2 1
highlow
PERFORMANCE
Percentage of years when profitability exceeded the industry median within agility quartile
69%
44%
36%
26%
~2.7x
X%
AGILITY
QUARTILE
4 3 2 1
highlow
PERFORMANCE
Percentage of surveyed companiesX%
AGILE
PERFORMER
ENDANGERED
PERFORMER
LAME
DUCK
TRACTION
SEEKER
30%
5%
29%
36%
Manage slack!
Stay ahead!
Catch up!
Avoid inertia!
High marginal
benefit
6
Only what is measured gets done – Start the
transformation with your individual fitness test
Source: goetzpartners
INDIVIDUAL AGILITY PROGRAM DESIGN: ANALYSE – MOBILIZE – ACT – ADAPTKEY STEPS
STEP 1
QUESTIONNAIRE-based self-
assessment of own degree
of agility
 Online, 15 min. to complete
STEP 2
BENCHMARK results within
company (across functions,
regions, hierarchical levels)
and industry peer group.
Define own ambition level
 Workshop-based
STEP 3
Start of individual agility program:
design program, mobilize teams
and begin to realize projects
according to the “ACT & ADAPT!”
principle
 Becoming an agile performer
requires continuous learning
through experiments and
adaptations of the way things
“get done”
FROM CONSTITUTION … … TO PERFORMANCE
Step 3:
TRANSFORMATION
ADAPT
ACT
MOBILIZEANALYZE
Feedback and
re-configurability
Feed forward
Continuous
measurement,
learning and
adjustment
STEP 2:
BENCHMARKING/
TARGET-SETTING
WORKSHOP
STEP 1:
FITNESS
TEST
Work
design
7
FITNESS
TEST
AGILITY
ROUTINES
BENCH-
MARKING
Organizational agility is measured
by 14 clearly defined and tangible factors
1) Based on the methodology of Prof. Dr. Christopher G. Worley, a renowned expert on agility and organizational development teacher at NEOMA
Business School (France) and University of Southern California (USA)
Source: goetzpartners
4 AGILITY ROUTINES ORGANIZE THE 14 AGILITY FACTORS MEASUREMENT
CHARACTERISTICS
ROBUST
Analysis is conducted “inside-in”
by the company’s own workforce,
uncovering in-depth, hitherto
undetected knowledge about the
organization
COMPREHENSIVE
Agility measurement can
incorporate multiple hierarchical
levels (executive to shop floor),
regions and corporate functions
to reflect a differentiated and
comprehensive picture of the
company
MEANINGFUL
The survey questions are deeply
rooted in science1) and highly
standardized across companies
to assure “apples to apples”
comparisons when benchmarking
is conducted against competition
and across the organization
STRATEGIZING PERCEIVING TESTING IMPLEMENTING
 Strategy
 Identity
 Purpose
 Sustainability
 Structure
 Information flow
 Future organization
 Innovation
 Resource deployment
 Learning processes
 Change
 Leadership
 Personal development
 Remuneration
Create environment
where purpose and
strategy are shared,
challenged, and
continuously evolving
Build an organization
with internal and external
links that continually
gather and assimilate
information
Use time-limited,
reversible organizational
structures to conduct a
variety of experiments
Enact change and
measure implementation
in terms of business
outcomes
14 AGILITY FACTORS (BASIS FOR AGILE PERFORMER INDEX)
8
Get actionable and easy-to-understand
measures with proven toolset
Source: goetzpartners
TOOL DESCRIPTION
Data entry and first identification
of pressure points via a science-
based FITNESS TEST
Fast classification of individual data
and inter- & intra-company
benchmarking through
ANALYTICAL TOOLS
Individual HEATMAPS provide
executives with the starting points
for the agility transformation
journey
Design of an individual agility
program with proven guidance and
AGILITY TOOLBOX with over 80
actionable and tangible measures
based on over 60 analyzed
transformation journeys
FITNESS TEST
Online questionnaire
(40 questions, 15 min.)
BENCHMARKING TOOL
Comparable degree of agility
along the agility factors
INDIVIDUAL HEATMAPS
Visualization of individual
strengths and weaknesses
AGILITY TOOLBOX
Four basic fitness programs
(80+ measures. 60+ use cases)
Our daily routine inspires employees to
innovate and take appropriate risks…
Question 1
PURPOSE
100
IDENTITY
100
STRATEGY
88
SUSTAIN-
ABILITY
75
84
STRATEGIZING PERCEIVING TESTING IMPLEMENTING
Purpose & Strategy
Leadership & People
Coordination &
Collaboration
Value-Added Operations
Structure
BYINDUSTRY
(HEALTHCARE)
STRATEGIZING PERCEIVING TESTING IMPLEMENTING
Purpose &
Strategy
Leadership
& People
Coordination &
Collaboration
DEEP
DIVE
Value-Added
Operations
9
The Agility Toolbox helps you get the
right fitness program for your organization
AGILITY TOOLBOX AND 4 FITNESS PROGRAMS FITNESS PROGRAMS
BASIC CARDIO WORKOUT
Focusing on the basic constitution
of your organizational agility by
improving collaboration and
decision-making; reduce
hierarchies when possible
MENTAL STRENGTH
Create and communicate a
motivating purpose internalized
by everyone on staff; develop
appropriate leadership capacities
and transform your governance
HR PENTATHLON
Align the entire HR strategy and
life cycle with purpose and
strategy; redesign incentive
systems plus develop and equip
people with the skills required in
the future
INNOVATION JUMP
Create temporary and reversible
organizations; manage with
experiments, feedback loops, self-
reflections, and with a culture of
dialog; realize projects according
to the “Act & Adapt” principle
and create a testing engine
STRATEGIZING PERCEIVING TESTING IMPLEMENTING
Purpose &
Strategy
Leadership &
People
Coordination &
Collaboration
Value-Added
Operations
Structure
4 agility fitness programs
>80 measures identified
>60 agility programs
analyzed
INNOVATION JUMP4
HR PENTATHLON3
MENTAL STRENGTH2
BASIC CARDIO WORKOUT1
10
Learn from the best: Agile companies and
their successful transformation programs
IMPLEMENTABLE AND PROVEN AGILE ACTIONSINSPIRING PRACTICES
USE CASE REPOSITORY
Transformation journeys of more
than 60 agile companies operating
in different …
 Industry sectors
 Countries
 And sizes
… were compiled and analyzed
to assure knowledge transfer
from best-in-class examples.
MEASURE SELECTION
All possible pressure points can
be addressed and countered with
specific actions to help create agile
performer
BASIC CARDIO WORKOUT1
MENTAL STRENGTH2
HR PENTATHLON3
INNOVATION JUMP4
GENERAL ELECTRIC
 … developed a new purpose with lean start-up principles applied to the
global company: Get closer to the customer, increase speed to market,
increase the chance of success and make it easier to get things done
 GE globally reviewed its leadership skill set and changed its governance
GOOGLE
 … has a dedicated unit of 450 people whose job is to come up
with fresh concepts and strategies for creative work environments
that will encourage innovation
 Remuneration systems were redesigned to reward
employees when they assume risk and responsibility
LEGO
 … provides software via the Internet, where the
developer community can create new Lego products
 The enhancement of Lego's mindstorm robot was designed
using this approach of open and collaborative development
SPOTIFY
 … creates “squads” of people who all work together
in one room and follow a long term-mission
 Each squad is self-contained – it has all the capabilities and tools it
needs to design, develop and test products and bring them to market
11
Start your agile transformation journey with us
Source: goetzpartners
WHY GOETZPARTNERS
UNIQUE APPROACH
combines proven academic
research on organizational
agility with entrepreneurial
spirit and a pragmatic
implementation approach
FUNCTIONAL KNOW-HOW
proven track record in the
field of designing, steering
and realizing transformation
programs across multiple
industries
EXCELLENT TEAM
hands-on, creative, skilled and
empathetic professionals to
support you in this journey
STRONG NETWORK
for experts, entrepreneurs,
founders, digital businesses
and top executives who have
started their transformation
journeys
AGILE
PERFORMER
START
CONTINUOUSLY ADAPT
your program, learn from
experience, and reflect on
the way you do things
FITNESS TEST to define
individual pressure points
SCIENTIFICALLY PROVEN
assessment to measure the
individual degree of agility
BENCHMARK your results
within your organization and
against INDUSTRY PEERS
Act and adapt
DESIGN your transformation
program based on a STRONG
USE CASE REPOSITORY to learn
from the best
Mobilize
Analyze
CONTACT
PUBLISHER
Stefan Sanktjohanser
Managing Partner
stefan.sanktjohanser@goetzpartners.com
T +49-89-290725-115
AUTHOR
Sebastian Olbert
Partner
sebastian.olbert@goetzpartners.com
T +49-89-290725-115
MUNICH
Prinzregentenstr. 56
80538 Munich, Germany
LONDON
goetzpartners securities Limited
The Stanley Building
7 Pancras Square
London N1C 4AG, UK
MOSCOW
Gagarinskiy per. 25
119034 Moscow, Russia
ZURICH
Kantonsstr. 1
8807 Freienbach/Zurich, Switzerland
MADRID
Calle Marqués de Urquijo n 30°, piso 1°
28008 Madrid, Spain
BEIJING
Unit 1601, No. 237 Chaoyang North Road
Chaoyang District
100020 Peking, P.R. China
FRANKFURT
TaunusTurm, Taunustor 1
60310 Frankfurt am Main, Germany
MILAN
Piazza Fontana, 6
20122 Milan, Italy
PRAGUE
Melantrichova 17
11000 Prague 1, Czech Republic
SHANGHAI
Unit 2104-05, 1045 Middle Huai Hai Road
200001 Shanghai, P.R. China
PARIS
19, Avenue George V
75008 Paris, France
NEW YORK
7 World Trade Center, 46th Floor
250 Greenwich Street, Suite 4620
New York, NY 10007, USA
DÜSSELDORF
Königsallee 60 B
40212 Düsseldorf, Germany
DUBAI
Central Park Towers OT 37, Floor 37
DIFC, PO BOX 507270
Dubai, United Arab. Emirates
August 2017
This document is copyright-protected. Its reproduction, rental or any other form of distribution or publication – including in extract form – is subject to the consent of goetzpartners. The analyses and assumptions on which this
publication is based were undertaken by the authors to the best of their knowledge and judgment. goetzpartners accept no liability whatsoever for the accurateness of these analyses or assumptions. Where information was taken from
public sources its accuracy and completeness was assumed without any further checking. By its very nature, this publication does not take into account the specific circumstances of individual cases. This document can therefore not
replace individual expert advice or extensive research which should be undertaken by the third party.

More Related Content

What's hot

CIPD HRBP Conference Evolution as a function the beyond case study of OD & D
CIPD HRBP Conference Evolution as a function   the beyond case study of OD & D CIPD HRBP Conference Evolution as a function   the beyond case study of OD & D
CIPD HRBP Conference Evolution as a function the beyond case study of OD & D Kate Rand
 
Developing business agility
Developing business agilityDeveloping business agility
Developing business agilityGeof Ellingham
 
Stable long lived team
Stable long lived teamStable long lived team
Stable long lived teamEmiliano Soldi
 
Prague Agile Kitchen, Business Agility
Prague Agile Kitchen, Business AgilityPrague Agile Kitchen, Business Agility
Prague Agile Kitchen, Business AgilityTatiana Solovjova
 
Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...
 Lean Kanban India 2019 Conference | Enabling Business Agility through a simp... Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...
Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...LeanKanbanIndia
 
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...Becoming a high performance organization (Agile, Design Thinking, Lean Startu...
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...Sylvain Mahe
 
Introduction to business agility
Introduction to business agilityIntroduction to business agility
Introduction to business agilityHelen Snitkovsky
 
Business Agility and Organisational Learning
Business Agility and Organisational LearningBusiness Agility and Organisational Learning
Business Agility and Organisational LearningShoaib Shaukat
 
When agile meets governance, risk and compliance (GRC)
When agile meets governance, risk and compliance (GRC)When agile meets governance, risk and compliance (GRC)
When agile meets governance, risk and compliance (GRC)Agile ME
 
Achieving business agility_by_restructuring_the_organization
Achieving business agility_by_restructuring_the_organizationAchieving business agility_by_restructuring_the_organization
Achieving business agility_by_restructuring_the_organizationChandan Patary
 
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...AgileNetwork
 
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...Taleo Research
 
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]Shawn Merritt
 
#FutureSkillmanagement: Is your workforce fit for the digital transformation?
#FutureSkillmanagement: Is your workforce fit for the digital transformation?#FutureSkillmanagement: Is your workforce fit for the digital transformation?
#FutureSkillmanagement: Is your workforce fit for the digital transformation?Marc Wagner
 
Strategic Talent Mobility
Strategic Talent MobilityStrategic Talent Mobility
Strategic Talent MobilityTaleo
 

What's hot (20)

CIPD HRBP Conference Evolution as a function the beyond case study of OD & D
CIPD HRBP Conference Evolution as a function   the beyond case study of OD & D CIPD HRBP Conference Evolution as a function   the beyond case study of OD & D
CIPD HRBP Conference Evolution as a function the beyond case study of OD & D
 
Developing business agility
Developing business agilityDeveloping business agility
Developing business agility
 
Stable long lived team
Stable long lived teamStable long lived team
Stable long lived team
 
Business agility
Business agilityBusiness agility
Business agility
 
Prague Agile Kitchen, Business Agility
Prague Agile Kitchen, Business AgilityPrague Agile Kitchen, Business Agility
Prague Agile Kitchen, Business Agility
 
High value HR slides Paul Kearns/IHRM keynote 11 jun14
High value HR slides Paul Kearns/IHRM keynote 11 jun14High value HR slides Paul Kearns/IHRM keynote 11 jun14
High value HR slides Paul Kearns/IHRM keynote 11 jun14
 
Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...
 Lean Kanban India 2019 Conference | Enabling Business Agility through a simp... Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...
Lean Kanban India 2019 Conference | Enabling Business Agility through a simp...
 
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...Becoming a high performance organization (Agile, Design Thinking, Lean Startu...
Becoming a high performance organization (Agile, Design Thinking, Lean Startu...
 
Introduction to business agility
Introduction to business agilityIntroduction to business agility
Introduction to business agility
 
Business Agility and Organisational Learning
Business Agility and Organisational LearningBusiness Agility and Organisational Learning
Business Agility and Organisational Learning
 
When agile meets governance, risk and compliance (GRC)
When agile meets governance, risk and compliance (GRC)When agile meets governance, risk and compliance (GRC)
When agile meets governance, risk and compliance (GRC)
 
Achieving business agility_by_restructuring_the_organization
Achieving business agility_by_restructuring_the_organizationAchieving business agility_by_restructuring_the_organization
Achieving business agility_by_restructuring_the_organization
 
Business Agility
Business AgilityBusiness Agility
Business Agility
 
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...
Agile Mumbai 2020 Conference | Drive Business agility by building a responsiv...
 
Undercurrent 2.0
Undercurrent 2.0Undercurrent 2.0
Undercurrent 2.0
 
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...
Strategic Talent Mobility: Connecting Personal Potential to Organizational Go...
 
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]
Who's_Afraid_of_the_Enterprise_Learning_Function_in_Feb_2011_T+D[1]
 
Lean HR - Optimising Your Team, Resources and Processes
Lean HR - Optimising Your Team, Resources and ProcessesLean HR - Optimising Your Team, Resources and Processes
Lean HR - Optimising Your Team, Resources and Processes
 
#FutureSkillmanagement: Is your workforce fit for the digital transformation?
#FutureSkillmanagement: Is your workforce fit for the digital transformation?#FutureSkillmanagement: Is your workforce fit for the digital transformation?
#FutureSkillmanagement: Is your workforce fit for the digital transformation?
 
Strategic Talent Mobility
Strategic Talent MobilityStrategic Talent Mobility
Strategic Talent Mobility
 

Similar to Organizational Agility Pays Off

Change Agility
Change AgilityChange Agility
Change AgilitySaman Sara
 
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...Achieving Escape Velocity in Your Digital Transformation Through Product Thin...
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...VMware Tanzu
 
How do i know agile is working for me or not an executives dilemma
How do i know agile is working for me or not an executives dilemmaHow do i know agile is working for me or not an executives dilemma
How do i know agile is working for me or not an executives dilemmaArchana Joshi
 
sustainable-high-performance-stefano
sustainable-high-performance-stefanosustainable-high-performance-stefano
sustainable-high-performance-stefanoWilson Stefano Junior
 
Transformation for Excellence
Transformation for ExcellenceTransformation for Excellence
Transformation for ExcellenceImprova
 
Exploring Agile Transformation and Scaling Patterns
Exploring Agile Transformation and Scaling PatternsExploring Agile Transformation and Scaling Patterns
Exploring Agile Transformation and Scaling PatternsMike Cottmeyer
 
Agile Development Methodologies for Highly Regulated Organizations
Agile Development Methodologies for Highly Regulated OrganizationsAgile Development Methodologies for Highly Regulated Organizations
Agile Development Methodologies for Highly Regulated OrganizationsCelerity
 
Product management deck
Product management deckProduct management deck
Product management deckAkiva Weiss
 
Time to join the revolution: Agile change in financial services
Time to join the revolution: Agile change in financial servicesTime to join the revolution: Agile change in financial services
Time to join the revolution: Agile change in financial servicesAccenture Insurance
 
Integrated Improvement Model
Integrated Improvement ModelIntegrated Improvement Model
Integrated Improvement ModelGareth Stone
 
How to improve your organization's performance with Dawn
How to improve your organization's performance with DawnHow to improve your organization's performance with Dawn
How to improve your organization's performance with DawnInterfacing
 
Improve success of your organization
Improve success of your organizationImprove success of your organization
Improve success of your organizationAndrea Tomasini
 
Administration of Continuous Improvement Initiative
Administration of Continuous Improvement InitiativeAdministration of Continuous Improvement Initiative
Administration of Continuous Improvement InitiativeMaurice Spann, LSSBB
 
Performance Management Cycle
Performance Management CyclePerformance Management Cycle
Performance Management CycleRamesh Dasary
 

Similar to Organizational Agility Pays Off (20)

Organisation change readiness assessment paper
Organisation change readiness assessment paper Organisation change readiness assessment paper
Organisation change readiness assessment paper
 
Change Agility
Change AgilityChange Agility
Change Agility
 
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...Achieving Escape Velocity in Your Digital Transformation Through Product Thin...
Achieving Escape Velocity in Your Digital Transformation Through Product Thin...
 
WCM Newsletter
WCM NewsletterWCM Newsletter
WCM Newsletter
 
How do i know agile is working for me or not an executives dilemma
How do i know agile is working for me or not an executives dilemmaHow do i know agile is working for me or not an executives dilemma
How do i know agile is working for me or not an executives dilemma
 
How to build Change Capability - Agility
How to build Change Capability - AgilityHow to build Change Capability - Agility
How to build Change Capability - Agility
 
sustainable-high-performance-stefano
sustainable-high-performance-stefanosustainable-high-performance-stefano
sustainable-high-performance-stefano
 
Transformation for Excellence
Transformation for ExcellenceTransformation for Excellence
Transformation for Excellence
 
Exploring Agile Transformation and Scaling Patterns
Exploring Agile Transformation and Scaling PatternsExploring Agile Transformation and Scaling Patterns
Exploring Agile Transformation and Scaling Patterns
 
Agile Development Methodologies for Highly Regulated Organizations
Agile Development Methodologies for Highly Regulated OrganizationsAgile Development Methodologies for Highly Regulated Organizations
Agile Development Methodologies for Highly Regulated Organizations
 
Product management deck
Product management deckProduct management deck
Product management deck
 
VerSteeg - Reset reboot recover
VerSteeg - Reset reboot recover VerSteeg - Reset reboot recover
VerSteeg - Reset reboot recover
 
Time to join the revolution: Agile change in financial services
Time to join the revolution: Agile change in financial servicesTime to join the revolution: Agile change in financial services
Time to join the revolution: Agile change in financial services
 
Integrated Improvement Model
Integrated Improvement ModelIntegrated Improvement Model
Integrated Improvement Model
 
How to improve your organization's performance with Dawn
How to improve your organization's performance with DawnHow to improve your organization's performance with Dawn
How to improve your organization's performance with Dawn
 
Improve success of your organization
Improve success of your organizationImprove success of your organization
Improve success of your organization
 
PDSA Cycle
PDSA CyclePDSA Cycle
PDSA Cycle
 
Administration of Continuous Improvement Initiative
Administration of Continuous Improvement InitiativeAdministration of Continuous Improvement Initiative
Administration of Continuous Improvement Initiative
 
Performance Management Cycle
Performance Management CyclePerformance Management Cycle
Performance Management Cycle
 
Balancedscorecard
BalancedscorecardBalancedscorecard
Balancedscorecard
 

Recently uploaded

Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...
Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...
Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...Pooja Nehwal
 
Simplifying Complexity: How the Four-Field Matrix Reshapes Thinking
Simplifying Complexity: How the Four-Field Matrix Reshapes ThinkingSimplifying Complexity: How the Four-Field Matrix Reshapes Thinking
Simplifying Complexity: How the Four-Field Matrix Reshapes ThinkingCIToolkit
 
LPC Warehouse Management System For Clients In The Business Sector
LPC Warehouse Management System For Clients In The Business SectorLPC Warehouse Management System For Clients In The Business Sector
LPC Warehouse Management System For Clients In The Business Sectorthomas851723
 
Board Diversity Initiaive Launch Presentation
Board Diversity Initiaive Launch PresentationBoard Diversity Initiaive Launch Presentation
Board Diversity Initiaive Launch Presentationcraig524401
 
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)jennyeacort
 
VIP Kolkata Call Girl Rajarhat 👉 8250192130 Available With Room
VIP Kolkata Call Girl Rajarhat 👉 8250192130  Available With RoomVIP Kolkata Call Girl Rajarhat 👉 8250192130  Available With Room
VIP Kolkata Call Girl Rajarhat 👉 8250192130 Available With Roomdivyansh0kumar0
 
Farmer Representative Organization in Lucknow | Rashtriya Kisan Manch
Farmer Representative Organization in Lucknow | Rashtriya Kisan ManchFarmer Representative Organization in Lucknow | Rashtriya Kisan Manch
Farmer Representative Organization in Lucknow | Rashtriya Kisan ManchRashtriya Kisan Manch
 
LPC Operations Review PowerPoint | Operations Review
LPC Operations Review PowerPoint | Operations ReviewLPC Operations Review PowerPoint | Operations Review
LPC Operations Review PowerPoint | Operations Reviewthomas851723
 
Fifteenth Finance Commission Presentation
Fifteenth Finance Commission PresentationFifteenth Finance Commission Presentation
Fifteenth Finance Commission Presentationmintusiprd
 
Unlocking Productivity and Personal Growth through the Importance-Urgency Matrix
Unlocking Productivity and Personal Growth through the Importance-Urgency MatrixUnlocking Productivity and Personal Growth through the Importance-Urgency Matrix
Unlocking Productivity and Personal Growth through the Importance-Urgency MatrixCIToolkit
 
Measuring True Process Yield using Robust Yield Metrics
Measuring True Process Yield using Robust Yield MetricsMeasuring True Process Yield using Robust Yield Metrics
Measuring True Process Yield using Robust Yield MetricsCIToolkit
 
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...AgileNetwork
 
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证jdkhjh
 
Reflecting, turning experience into insight
Reflecting, turning experience into insightReflecting, turning experience into insight
Reflecting, turning experience into insightWayne Abrahams
 
Introduction to LPC - Facility Design And Re-Engineering
Introduction to LPC - Facility Design And Re-EngineeringIntroduction to LPC - Facility Design And Re-Engineering
Introduction to LPC - Facility Design And Re-Engineeringthomas851723
 
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why Diagram
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why DiagramBeyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why Diagram
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why DiagramCIToolkit
 

Recently uploaded (17)

Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...
Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...
Pooja Mehta 9167673311, Trusted Call Girls In NAVI MUMBAI Cash On Payment , V...
 
Simplifying Complexity: How the Four-Field Matrix Reshapes Thinking
Simplifying Complexity: How the Four-Field Matrix Reshapes ThinkingSimplifying Complexity: How the Four-Field Matrix Reshapes Thinking
Simplifying Complexity: How the Four-Field Matrix Reshapes Thinking
 
LPC Warehouse Management System For Clients In The Business Sector
LPC Warehouse Management System For Clients In The Business SectorLPC Warehouse Management System For Clients In The Business Sector
LPC Warehouse Management System For Clients In The Business Sector
 
Board Diversity Initiaive Launch Presentation
Board Diversity Initiaive Launch PresentationBoard Diversity Initiaive Launch Presentation
Board Diversity Initiaive Launch Presentation
 
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)
Call Us🔝⇛+91-97111🔝47426 Call In girls Munirka (DELHI)
 
VIP Kolkata Call Girl Rajarhat 👉 8250192130 Available With Room
VIP Kolkata Call Girl Rajarhat 👉 8250192130  Available With RoomVIP Kolkata Call Girl Rajarhat 👉 8250192130  Available With Room
VIP Kolkata Call Girl Rajarhat 👉 8250192130 Available With Room
 
Farmer Representative Organization in Lucknow | Rashtriya Kisan Manch
Farmer Representative Organization in Lucknow | Rashtriya Kisan ManchFarmer Representative Organization in Lucknow | Rashtriya Kisan Manch
Farmer Representative Organization in Lucknow | Rashtriya Kisan Manch
 
sauth delhi call girls in Defence Colony🔝 9953056974 🔝 escort Service
sauth delhi call girls in Defence Colony🔝 9953056974 🔝 escort Servicesauth delhi call girls in Defence Colony🔝 9953056974 🔝 escort Service
sauth delhi call girls in Defence Colony🔝 9953056974 🔝 escort Service
 
LPC Operations Review PowerPoint | Operations Review
LPC Operations Review PowerPoint | Operations ReviewLPC Operations Review PowerPoint | Operations Review
LPC Operations Review PowerPoint | Operations Review
 
Fifteenth Finance Commission Presentation
Fifteenth Finance Commission PresentationFifteenth Finance Commission Presentation
Fifteenth Finance Commission Presentation
 
Unlocking Productivity and Personal Growth through the Importance-Urgency Matrix
Unlocking Productivity and Personal Growth through the Importance-Urgency MatrixUnlocking Productivity and Personal Growth through the Importance-Urgency Matrix
Unlocking Productivity and Personal Growth through the Importance-Urgency Matrix
 
Measuring True Process Yield using Robust Yield Metrics
Measuring True Process Yield using Robust Yield MetricsMeasuring True Process Yield using Robust Yield Metrics
Measuring True Process Yield using Robust Yield Metrics
 
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...
ANIn Gurugram April 2024 |Can Agile and AI work together? by Pramodkumar Shri...
 
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证
原版1:1复刻密西西比大学毕业证Mississippi毕业证留信学历认证
 
Reflecting, turning experience into insight
Reflecting, turning experience into insightReflecting, turning experience into insight
Reflecting, turning experience into insight
 
Introduction to LPC - Facility Design And Re-Engineering
Introduction to LPC - Facility Design And Re-EngineeringIntroduction to LPC - Facility Design And Re-Engineering
Introduction to LPC - Facility Design And Re-Engineering
 
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why Diagram
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why DiagramBeyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why Diagram
Beyond the Five Whys: Exploring the Hierarchical Causes with the Why-Why Diagram
 

Organizational Agility Pays Off

  • 1. 1 ORGANIZATIONAL AGILITY Why it pays off and how to make it work
  • 2. 2 The most agile companies are 2.7xMORE SUCCESSFUL than the average of non-agile firms AGILITY is an organization’s ability to make TIMELY, EFFECTIVE AND SUSTAINED CHANGES resulting in performance advantages Source: goetzpartners; The Agile Performer Index, 2017 Achieving organizational agility requires the TRANSFORMATION OF THE ENTIRE ORGANIZATIONAL BODY 64% of companies are NOT AGILE PERFORMERS YET
  • 3. 3 Organizational agility pays off, is measurable, and can be implemented with fitness programs 1) VUCA = volatile, uncertain, complex, ambiguous 2) Return on assets/equity over the last 10 years compared with industry averages Source: goetzpartners EXECUTIVE SUMMARY THE “AGILE PERFORMER INDEX” 1 ORGANIZATIONAL AGILITY IS KEY for being successful in a dynamic, digitally transformed VUCA1) world. The challenge for companies is to transform the entire organization into one AGILE ORGANISM 4 Each assessment starts with an INDIVIDUAL FITNESS TEST to identify the company’s degree of agility. The result is benchmarked and HEATMAPS visualize individual pressure points 2 ORGANIZATIONAL AGILITY CORRELATES with FINANCIAL PERFORMANCE. The most agile companies are 2.7 TIMES MORE SUCCESSFUL than the average of non-agile companies. 2/3 of companies are not yet agile performers 5 INDIVIDUALIZED AGILITY PROGRAMS can be designed based on a comprehensive use case repository with inspiring practices from over 60 transformation programs to LEARN FROM THE BEST. Over 80 actionable measures are available, categorized in four agility fitness programs 3 Organizational agility is MEASURABLE. 14 tangible AGILITY FACTORS build the basis for the “AGILE PERFORMER INDEX”. The ASSESSMENT is deeply routed in SCIENCE and available for DOWNLOAD (see QR code) 6 ANALYZE, MOBILIZE, ACT, ADAPT: Get clear initial GUIDANCE and implementation adaptable to your experiences. You will receive HANDS-ON ADVICE in navigating and supporting the organization’s agile transformation journey FROM THE START TO THE FINISH LINE SCOPE OF SURVEY Broad survey among 285 leading European companies FACTORS Identification of 14 tangible agility factors that are organized into four agility routines PERFORMANCE Correlation of degree of agility and companies’ financial performance2) PARTICIPANTS Results reflect the self- perception of C-level executives and middle managers Download here Authors: Sebastian Olbert, Partner Theresa Walbrach, Associate Consultant
  • 4. 4 Respond to today’s VUCA world by becoming a truly agile organism Source: goetzpartners TODAY’S CHALLENGESKEY QUESTIONS WHY? Why does my company need to become agile in a dynamic, digitally transformed, competitive environment? PAY-OFF? Do agile companies perform better than their competitors? WHAT? What are the components of a truly agile organization and how can my degree of agility be measured? HOW? How can my organizational body be transformed into an agile performer? THE VUCA WORLD VOLATILITY contradicts predictability UNCERTAINTY is the only certainty COMPLEXITIY grows exponentially AMBIGUITY drives ignorance TARGET STAGE OF A COMPANY: AN AGILE ORGANISM V U C A Leadership & People Coordination & Collaboration Purpose & Strategy Value-Added Operations Structure
  • 5. 5 Agility pays off – However, 2/3 of companies are not agile performers yet. What about you? Source: goetzpartners; The Agile Performer Index, 2017 CORRELATION OF AGILITY WITH FINANCIAL PERFORMANCE IMPLICATIONS While agility clearly drives financial PERFORMANCE, improving organizational agility is often not trivial In particular, the current constitution of the organizational body needs to be ASSESSED in order to identify the right starting points for jumpstarting agile actions Furthermore, the organization’s COMPETITIVE POSITION within the industry sector should be ANALYZED using benchmarks to provide additional insights into individual improvement areas. This is critical before switching gears to strive for better performance AGILITY QUARTILE 4 3 2 1 highlow PERFORMANCE Percentage of years when profitability exceeded the industry median within agility quartile 69% 44% 36% 26% ~2.7x X% AGILITY QUARTILE 4 3 2 1 highlow PERFORMANCE Percentage of surveyed companiesX% AGILE PERFORMER ENDANGERED PERFORMER LAME DUCK TRACTION SEEKER 30% 5% 29% 36% Manage slack! Stay ahead! Catch up! Avoid inertia! High marginal benefit
  • 6. 6 Only what is measured gets done – Start the transformation with your individual fitness test Source: goetzpartners INDIVIDUAL AGILITY PROGRAM DESIGN: ANALYSE – MOBILIZE – ACT – ADAPTKEY STEPS STEP 1 QUESTIONNAIRE-based self- assessment of own degree of agility  Online, 15 min. to complete STEP 2 BENCHMARK results within company (across functions, regions, hierarchical levels) and industry peer group. Define own ambition level  Workshop-based STEP 3 Start of individual agility program: design program, mobilize teams and begin to realize projects according to the “ACT & ADAPT!” principle  Becoming an agile performer requires continuous learning through experiments and adaptations of the way things “get done” FROM CONSTITUTION … … TO PERFORMANCE Step 3: TRANSFORMATION ADAPT ACT MOBILIZEANALYZE Feedback and re-configurability Feed forward Continuous measurement, learning and adjustment STEP 2: BENCHMARKING/ TARGET-SETTING WORKSHOP STEP 1: FITNESS TEST Work design
  • 7. 7 FITNESS TEST AGILITY ROUTINES BENCH- MARKING Organizational agility is measured by 14 clearly defined and tangible factors 1) Based on the methodology of Prof. Dr. Christopher G. Worley, a renowned expert on agility and organizational development teacher at NEOMA Business School (France) and University of Southern California (USA) Source: goetzpartners 4 AGILITY ROUTINES ORGANIZE THE 14 AGILITY FACTORS MEASUREMENT CHARACTERISTICS ROBUST Analysis is conducted “inside-in” by the company’s own workforce, uncovering in-depth, hitherto undetected knowledge about the organization COMPREHENSIVE Agility measurement can incorporate multiple hierarchical levels (executive to shop floor), regions and corporate functions to reflect a differentiated and comprehensive picture of the company MEANINGFUL The survey questions are deeply rooted in science1) and highly standardized across companies to assure “apples to apples” comparisons when benchmarking is conducted against competition and across the organization STRATEGIZING PERCEIVING TESTING IMPLEMENTING  Strategy  Identity  Purpose  Sustainability  Structure  Information flow  Future organization  Innovation  Resource deployment  Learning processes  Change  Leadership  Personal development  Remuneration Create environment where purpose and strategy are shared, challenged, and continuously evolving Build an organization with internal and external links that continually gather and assimilate information Use time-limited, reversible organizational structures to conduct a variety of experiments Enact change and measure implementation in terms of business outcomes 14 AGILITY FACTORS (BASIS FOR AGILE PERFORMER INDEX)
  • 8. 8 Get actionable and easy-to-understand measures with proven toolset Source: goetzpartners TOOL DESCRIPTION Data entry and first identification of pressure points via a science- based FITNESS TEST Fast classification of individual data and inter- & intra-company benchmarking through ANALYTICAL TOOLS Individual HEATMAPS provide executives with the starting points for the agility transformation journey Design of an individual agility program with proven guidance and AGILITY TOOLBOX with over 80 actionable and tangible measures based on over 60 analyzed transformation journeys FITNESS TEST Online questionnaire (40 questions, 15 min.) BENCHMARKING TOOL Comparable degree of agility along the agility factors INDIVIDUAL HEATMAPS Visualization of individual strengths and weaknesses AGILITY TOOLBOX Four basic fitness programs (80+ measures. 60+ use cases) Our daily routine inspires employees to innovate and take appropriate risks… Question 1 PURPOSE 100 IDENTITY 100 STRATEGY 88 SUSTAIN- ABILITY 75 84 STRATEGIZING PERCEIVING TESTING IMPLEMENTING Purpose & Strategy Leadership & People Coordination & Collaboration Value-Added Operations Structure BYINDUSTRY (HEALTHCARE) STRATEGIZING PERCEIVING TESTING IMPLEMENTING Purpose & Strategy Leadership & People Coordination & Collaboration DEEP DIVE Value-Added Operations
  • 9. 9 The Agility Toolbox helps you get the right fitness program for your organization AGILITY TOOLBOX AND 4 FITNESS PROGRAMS FITNESS PROGRAMS BASIC CARDIO WORKOUT Focusing on the basic constitution of your organizational agility by improving collaboration and decision-making; reduce hierarchies when possible MENTAL STRENGTH Create and communicate a motivating purpose internalized by everyone on staff; develop appropriate leadership capacities and transform your governance HR PENTATHLON Align the entire HR strategy and life cycle with purpose and strategy; redesign incentive systems plus develop and equip people with the skills required in the future INNOVATION JUMP Create temporary and reversible organizations; manage with experiments, feedback loops, self- reflections, and with a culture of dialog; realize projects according to the “Act & Adapt” principle and create a testing engine STRATEGIZING PERCEIVING TESTING IMPLEMENTING Purpose & Strategy Leadership & People Coordination & Collaboration Value-Added Operations Structure 4 agility fitness programs >80 measures identified >60 agility programs analyzed INNOVATION JUMP4 HR PENTATHLON3 MENTAL STRENGTH2 BASIC CARDIO WORKOUT1
  • 10. 10 Learn from the best: Agile companies and their successful transformation programs IMPLEMENTABLE AND PROVEN AGILE ACTIONSINSPIRING PRACTICES USE CASE REPOSITORY Transformation journeys of more than 60 agile companies operating in different …  Industry sectors  Countries  And sizes … were compiled and analyzed to assure knowledge transfer from best-in-class examples. MEASURE SELECTION All possible pressure points can be addressed and countered with specific actions to help create agile performer BASIC CARDIO WORKOUT1 MENTAL STRENGTH2 HR PENTATHLON3 INNOVATION JUMP4 GENERAL ELECTRIC  … developed a new purpose with lean start-up principles applied to the global company: Get closer to the customer, increase speed to market, increase the chance of success and make it easier to get things done  GE globally reviewed its leadership skill set and changed its governance GOOGLE  … has a dedicated unit of 450 people whose job is to come up with fresh concepts and strategies for creative work environments that will encourage innovation  Remuneration systems were redesigned to reward employees when they assume risk and responsibility LEGO  … provides software via the Internet, where the developer community can create new Lego products  The enhancement of Lego's mindstorm robot was designed using this approach of open and collaborative development SPOTIFY  … creates “squads” of people who all work together in one room and follow a long term-mission  Each squad is self-contained – it has all the capabilities and tools it needs to design, develop and test products and bring them to market
  • 11. 11 Start your agile transformation journey with us Source: goetzpartners WHY GOETZPARTNERS UNIQUE APPROACH combines proven academic research on organizational agility with entrepreneurial spirit and a pragmatic implementation approach FUNCTIONAL KNOW-HOW proven track record in the field of designing, steering and realizing transformation programs across multiple industries EXCELLENT TEAM hands-on, creative, skilled and empathetic professionals to support you in this journey STRONG NETWORK for experts, entrepreneurs, founders, digital businesses and top executives who have started their transformation journeys AGILE PERFORMER START CONTINUOUSLY ADAPT your program, learn from experience, and reflect on the way you do things FITNESS TEST to define individual pressure points SCIENTIFICALLY PROVEN assessment to measure the individual degree of agility BENCHMARK your results within your organization and against INDUSTRY PEERS Act and adapt DESIGN your transformation program based on a STRONG USE CASE REPOSITORY to learn from the best Mobilize Analyze
  • 12. CONTACT PUBLISHER Stefan Sanktjohanser Managing Partner stefan.sanktjohanser@goetzpartners.com T +49-89-290725-115 AUTHOR Sebastian Olbert Partner sebastian.olbert@goetzpartners.com T +49-89-290725-115 MUNICH Prinzregentenstr. 56 80538 Munich, Germany LONDON goetzpartners securities Limited The Stanley Building 7 Pancras Square London N1C 4AG, UK MOSCOW Gagarinskiy per. 25 119034 Moscow, Russia ZURICH Kantonsstr. 1 8807 Freienbach/Zurich, Switzerland MADRID Calle Marqués de Urquijo n 30°, piso 1° 28008 Madrid, Spain BEIJING Unit 1601, No. 237 Chaoyang North Road Chaoyang District 100020 Peking, P.R. China FRANKFURT TaunusTurm, Taunustor 1 60310 Frankfurt am Main, Germany MILAN Piazza Fontana, 6 20122 Milan, Italy PRAGUE Melantrichova 17 11000 Prague 1, Czech Republic SHANGHAI Unit 2104-05, 1045 Middle Huai Hai Road 200001 Shanghai, P.R. China PARIS 19, Avenue George V 75008 Paris, France NEW YORK 7 World Trade Center, 46th Floor 250 Greenwich Street, Suite 4620 New York, NY 10007, USA DÜSSELDORF Königsallee 60 B 40212 Düsseldorf, Germany DUBAI Central Park Towers OT 37, Floor 37 DIFC, PO BOX 507270 Dubai, United Arab. Emirates August 2017 This document is copyright-protected. Its reproduction, rental or any other form of distribution or publication – including in extract form – is subject to the consent of goetzpartners. The analyses and assumptions on which this publication is based were undertaken by the authors to the best of their knowledge and judgment. goetzpartners accept no liability whatsoever for the accurateness of these analyses or assumptions. Where information was taken from public sources its accuracy and completeness was assumed without any further checking. By its very nature, this publication does not take into account the specific circumstances of individual cases. This document can therefore not replace individual expert advice or extensive research which should be undertaken by the third party.