In fact, only about 10 percent of companies believe they have the full complement of capabilities required to win overseas. That's among the findings of the Global Readiness Survey, which was conducted jointly by BCG and IMD business school. The report takes a detailed look at what separates the leaders from the laggards in globalization.

Other findings include:

• Most companies are barely mastering the basics.

• A smart strategy is necessary but insufficient. The winners in globalization also execute better than their competitors.

• Companies struggle with three specific areas overseas: strengthening their go-to-market, logistics, and other value-chain activities; aligning their organization to support the global agenda through, for example, the spread of best practices; and mastering mergers and acquisitions.

• Line managers who run businesses or regions are much more pessimistic about their companies’ global readiness than headquarters staff.

• Mid-sized companies are at the greatest risk in going global. They are less nimble than smaller companies and do not have the scale or systems of larger ones.

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