To execute change management, organizations must set up and develop systems, and focus staff on the change, according to experts and a recent study on the issue.

Unfortunately, too many companies have failed to adopt this approach.

A recent report from New York-based Towers Watson, Change and Communication ROI Study, finds nearly two-thirds (65 percent) of companies with the best change-management results follow a formal, systematic process, compared with just 14 percent of companies that are mostly ineffective at change management.

It also found that, when it comes to properly managing organizational change, "many companies have a difficult time getting it right," says Kathryn Yates, global leader of communication consulting at Towers Watson. "In fact, our research shows that less than half stay on schedule, come in at -- or under -- budget or hold people accountable for deadlines.

"[Given] the effect change management can have on the bottom line, there is plenty of reason for [companies] to learn how the best [ones] manage change."