Let's face it, 2016 doesn't look any easier. With the stock market in turmoil and oil prices plummeting, it is safe to assume global CEOs in almost every industry will face a daunting combination of external fiscal pressures, competitive forces, misguided strategies, ineffective business plans and lackluster improvement efforts. In the aftermath of this perfect storm, companies will struggle to reach their goals.
Reaching $50 a barrel was quite a landmark, however some traders are already betting on $20/barrel futures. Industry giants, such as Shell, Premier Oil, Statoil and Canadian Natural Resources, are now abandoning billions of dollars in exploration drilling projects. This current trend has caused a great deal of scrutiny towards capital spending across the energy sector.
Based on our past experience with clients, most internal cost-cutting initiatives are short-term and do not have a significant impact on an organization’s P&L. Once it is evident these initiatives are not viable, executives typically reconsider, abandon or relaunch them at a later date. Delays like these result in lost opportunities and missed chances to gain a competitive edge in the marketplace.
Critical to the success of every bank is creating a healthy balance between outstanding customer service and employee satisfaction. Establishing a customer-first mentality starts with developing a framework of processes, systems and behaviors that support the customer experience.
Safety nowadays is just as relevant in the oil and gas industry as it was 10 years ago. And, while the industry continues to make great strides to reduce the amount of job-related injuries, the reality is the same safety policies and procedures that have been in place for years are simply not enough to prevent fatalities. Based on our depth of experience working with oil and gas executives,
Providers must constantly assess internal operations and measure results to stay ahead of the game. However, our recent findings show that most insurers are not tracking metrics that accurately reflect consumer perception. Without this type of valuable insight, they have no way of knowing what to improve upon from a customer’s perspective.
The ability to run operations at full capacity, and then sustain them, is a major challenge for the mining industry. Vital tasks, such as crushing and transferring minerals, are suffering because people and equipment are not being utilized properly. The end result is low productivity and the high costs that are associated with it. However, our recent findings show that it in many cases it is possible to increase productivity in mining between 20 - 40%, reduce supply costs between 10 - 15% and cut energy costs by 2 - 10% through effective asset management.
Knowledge transfer a must
In the natural resources industry, companies are faced with the daunting challenge of maintaining current production levels despite an industry-wide shortage of skilled workers. For example, the lack of college graduates specializing in mining operations
It seems that the only constant in the insurance industry these days is change. The emergence of new technology and “big data” are altering the way insurance carriers conduct business. Long gone is the time where people relied on an agent to buy an insurance policy.
In several of our recent engagements we have witnessed first-hand the enormous amount of pressure on CEOs to meet the stringent demands of both stakeholders and customers. One such demand that continues to be a top priority for executives is employee productivity.
Organizations dealing with rapid changes are often plagued with inconsistencies that limit production and produce erratic results. So why not devise a plan to stop wasteful practices and become more productive? Sounds easy enough, however gaining employee acceptance of a new approach can be extremely challenging. Two key elements must be considered for a large-scale project such as this to be a viable option: behaviors and change management.
Every year hospitals waste millions of dollars on misused or overused items, such as disposables, general supplies, laundry, uniforms and food. Changing a wasteful culture starts with identifying and correcting processes that that are detrimental to the inventory management process. However, this type of change is easier said than done. It is often difficult for hospital executives to implement a new framework of operations on every floor – they neither have the time nor the resources to execute a plan of this size and scope.
It seems obvious enough that excellent customer service is something every bank, or any public-facing business for that matter, should strive for. With so many options for customers to choose from, customer service is the "x-factor" that banks need to stand out from the crowd. To the average person, banks all look the same from the outside, but it's what's on the inside that will keep them coming back for more.
Due to the influx of patients caused by health care reform, doctors barely have enough time to see patients let alone pharmaceutical sales reps. Since the chances of spending quality time in front of a doctor are now few and far between,
Over the years, many chief executives have voiced their frustration with the process of transforming a vision into reality. One CEO in particular compared it to a high-performance sports car without any gas. By the same token, the "fuel" is often missing from an executive's ability to drive multiple initiatives that move a company forward. The key is overcoming gaps that exist between a company's current state and desired future state.
Recently, a CEO asked us why his attempts to replicate the success of his top performing site in other locations were not working. Product and processes were mostly the same, so what was preventing this from happening?
