Our client had years of experience building and operating large capital assets. They had recently completed a multibillion-dollar plant but were experiencing operational performance that was lagging industry best practices. They needed to reset the business unit's vision as an operating asset, align key metrics to support the vision, and ensure they captured the opportunities needed to drive asset performance.
By implementing all tenets of the Key by BCG approach, we first identified current performance, conducted competitive benchmarking, and sized the performance gap that would need to be overcome for the client to become a top quartile player. Next, we set up a process to collect ideas from across the organization and prioritize these ideas into initiatives. The known opportunities were consolidated and new opportunities identified. For each initiative the value was quantified, the business case was developed, and the implementation plan validated. Cross-functional teams were established to drive visibility and accountability. A project team was set up to engage and empower the organization to achieve targets that aligned to vision, new culture, and desired employee behaviors.
The Key by BCG digital platform was employed throughout the process to provide a single solution for performance management. Over 350 ideas were initially captured with more than 200 actionable initiatives prioritized for progression. From these, the top 20 initiatives alone represented the anticipated 3-year savings of +$300MM.