What a great example of another successful transformation journey from Best Buy which was heavily struggling with increased pressure from online retailers such as Amazon.
These are my key takeaways what the new CEO Hubert Joly and his team did very well:
- Went to gemba right away and listened to the shop floor problems.
- Focus on people to increase employee engagement. Much research confirms that more engaged employees translate into happier customers and higher financial performance.
- Smartly turned weaknesses into strengths. Best Buy was aware that many are coming to their store to check the product physically and later buy it online. So they took a risky move and matched the prices with Amazon.
- Built strong relationships with clients instead of focus on one-off sale deal.
In this vastly changing world it's sometimes hard for organizations to imagine having a long-term (e.g. 3 years) plan. Some would simply say that it doesn't make sense in their business to think so far ahead.
Well, Amdi Krogh who is currently leading Maersk North Europe Operations office would argue with you for a bit.
Why? Because in 2017 there were similar discussions within Amdi's leadership team, but today after the 3-year breakthrough plan is implemented and shown its impressive results, doubts are gone.
It is an immense pleasure to share with you a story written by Amdi on how Maersk North Europe Operations organization implemented their 3-year breakthrough business plan based on Hoshin Kanri principles.
As an initiator of this plan, I am extremely pleased to see the business results which would have not been possible without hard work of the whole North Europe Operations organization always supported by the dedicated management and leadership teams!
It's December! The time for reflection and set-up of new objectives.
While I like the concept of noting down your New Year's resolutions, too often I hear vaguely defined sentences, which I doubt help people to achieve more.
I believe that New Year's resolutions shouldn't be a long list of actions you want to do, but rather a few personal breakthroughs which will stretch you.
With my experience of using Hoshin Kanri model in business, I wrote a blog post on how to define meaningful New Year resolutions which I think could drive personal breakthroughs.