I think a lot would be required. I disagree with LordKalvert as his solutions do not address the root causes of poor A-H performance in WWI.
Certainly, any attempt to abolish the dual monarchy, disband parliament and rule by decree would lead to political instability and civil war; not a recipe for regeneration of the state. Ithink any attempt to do so would cause the collapse of the state. Hungary would likely gain independence, and Germany maybe took over Austria. At best, it is so politically risky that no one could say how it would turn out. Certainly the idea that Franz-Joseph would turn AH around as an efficient dictator does not seem to fit.
The major reasons for AH's poor military performance were:
1) Division of the army into three - an Austrian Landwehr, a Hungarian Honved, and a Common Army. Without a unified system, there is going to be great disparity between the units especially once attrition starts due to combat.
2) The AH Army did not speak a common language. While the officers had German, the enlisted men might speak German, Hungarian, Czech, South Slavic, Polish, Romanian, and Italian. That complicated things greatly. Hard to disband units and incorporate them them together. You can't exactly take your Polish speaking troops in a decimated unit and transfer them to the unit that speaks Italian.
3) Poor leadership throughout the officer corps.
4) AH neglected the military throughout the late 18th century. Both the Austrian and Hungarian parliaments neglected the common army, but even for their own forces, AH overall spent much less than the other great powers. Per capita expenditure was less than Italy and on par with Russia.
5) Still wedded to an obsolete doctrine despite some improvements and modernization.
Overall, AH had supply problems, poor leadership, bad organization, and was just unprepared for a major war.
Some of the problem is based on domestic political institutions, so it is hard to create a unified command without a lot of hand waving. However, if there was some kind of joint parliament defense committee, some of the problems might have been avoided.
AH would have needed to spent a lot more on its armed forces in the decades prior to WWI.
There would need to be a purge of the dead wood in the officer corps, and a system set up to identify promising candidates for promotion, especially among non-Germans.
Pride would need to be swallowed, and AH would need to engage in major military reform, likely under tutelage of Berlin.
All of this is theoretically easy to do, and extremely difficult in practice. The Habsburg Empire still remembered its glory days and lived in delusion.