Global challengers have nearly quintupled their overseas revenue from 2005 through 2014.

In short, the problem isn’t strategic planning. It’s that most companies lack an effective strategic-planning process.

Nearly all Chief Strategy Officers we surveyed agree that, in the next five years, disruptive innovation will upend their industries and threaten today’s incumbents. It is astonishing then, that only a small number of Chief Strategy Officers—just 20%—feel that they are highly prepared for that prospect.