Committing to China: 5 questions MNCs need to ask

In North America and Europe, where the business environment and customer preferences are more mature and tend to be more homogeneous, this approach often makes sense and increases speed and efficiency.

However, given the complexity of the market in China, the importance of relationships and the role of government, there is a premium on local knowledge and adaptability.

Some companies are adapting their entire operating model in emerging markets, for example, by operating a new business unit specifically focused on emerging markets alongside other traditional business units, to be more responsive at the local level.

However, this kind of organizational reshuffle can be distracting and costly. Another option is to bring together a cross-functional team focused on China.

This team should include leaders of business units, corporate functions and your China operations.

Its role shouldn't simply be to rubber-stamp decisions about strategy and investments; it should be actively involved in designing and executing strategy in China, and monitoring progress in the market.

To make this work, investment dollars need to be shifted from business units to the geographic level. Without this money and decision-making authority, the team is simply another layer of bureaucracy.

As the balance of economic power in the global economy continues to shift east and south, China has become a critical battleground for companies across industries.

You should ask yourself whether your company is focusing enough attention on China.

Get it right in China over the next decade and you're likely to be among your industry's leaders; get it wrong and you'll be playing catch-up for the foreseeable future.

Success won't happen overnight, but by following the practical steps laid out in this article, your organization will be more focused on China and better positioned to succeed in this complex and fast-moving market.

The author is the Accenture Greater China chairman.