Background
Once a proud standalone entity, a German medical device maker had been recently acquired by an American Fortune 500 entity, known globally for its distribution of high-quality products, services and solutions to leading global industries, including biopharma, healthcare, education, and advanced technology and applied materials. Two significant dilemmas were presented:
- Strategic Divergence: A discernible boundary was sought between the strategic pursuits of the German entity and its overarching American parent. It was desired that the combined strengths of both be leveraged, ensuring that they augmented, rather than competed against, each other's capabilities.
- Post-Pandemic Dynamics: A sudden increase in demand, attributed to the Covid-19 pandemic, had been observed and leveraged. New CAPEX had been allocated to sustain the pandemic demand. While this surge was welcomed, an awareness existed about the imperative to sustain such growth. Thus, exploration into new avenues—ranging from products to markets—was deemed necessary.
Our intervention
Spanning 30 weeks, a detailed strategy along with the action plan and team set-up was laid out. At the helm of this was the Project Management Office (PMO) which facilitated discussions and managed the project activities through multiple working groups which had been set-up. Regular discussions were facilitated by the PMO among these specialized working groups. Feedback was routinely provided to the steering committee, which comprised executive vice presidents and the CEO.
Key leading questions
- What are the alternatives that could sustain growth for the business on the mid to long-run?
- In which markets shall the company play and how can they beat the competition?
- Who are the partners and facilitators of our initiatives? How can the company win faster?
- What does the company need to improve on? What capabilities and capacities should be developed?
- How could this plan be implemented? Who needs to get involved?
The blueprint for the intervention was as follows:
- Strategic Scrutiny: Comprehensive audits of markets, competitors, and customers were undertaken, illuminating possible growth trajectories and impediments; followed with what-if scenario analysis.
- Market Demarcation: Potential markets and demographic segments were identified, followed by the crafting of bespoke strategies to engage them.
- Prioritizing Initiatives: An evaluation was conducted on all potential initiatives, prioritizing them based on feasibility, competitiveness and forecasted returns. Business propositions were sculpted around the most promising avenues.
- Tactical Deployment: Post the broader strategic visioning, detailed blueprints detailing the step-by-step realization of objectives were sketched out along with engaging the mid-level teams to take over the plan for implementation.
During this period, updates on advancements were consistently relayed on a weekly cadence by the various working groups, ensuring harmonious strategic development.
results
- Sustained Growth: A roadmap was crafted that projected a threefold growth for the business.
- Quick-Wins: The team identified low-hanging fruits that promised an immediate growth potential, resulting in up to $10 million in new accounts during the project's initial six months.