Navigating Excellence: Surpassing financial targets in a constrained and complex product development landscape
The Situation
In a critical transformation role, I held accountability for achieving a substantial $9 million annual EBITDA saving within the first year of a comprehensive three-year product development plan. This ambitious initiative spanned across 11 intricate workstreams.
The Task
The enormity of the product development scope presented a unique challenge – the capabilities achievable in the first year were inherently limited, demanding a more strategic approach to meet the ambitious financial target. Additionally, the challenge was compounded by the need for monthly contributions towards the year 1 target.
The Action / Approach
I strategically prioritised the workstreams with the highest potential contributions. By focusing on these key areas, we could expedite the delivery of critical capabilities, providing an early boost to the EBITDA savings.
Simultaneously, recognizing the need for a multi-faceted approach, I engaged in collaborative efforts with regional Managing Directors. Together, we implemented updated processes and behavioural shifts within their teams, which drove direct contribution to the overall financial target. This parallel approach aimed to enhance the overall efficiency and effectiveness of the organisation.
The Result
Through meticulous planning, prioritization, and collaborative efforts, I not only met the demanding monthly targets but exceeded the $9 million annual target by the end of the year. The strategic alignment of workstreams and the collaboration with regional leaders proved to be a winning formula.
The story of “Navigating Excellence” demonstrates the success achieved when faced with a complex challenge. By strategically prioritizing and collaborating across multiple dimensions of the organization, the financial objectives were not only met but surpassed. This narrative highlights the importance of critical thinking, collaboration, and strategic foresight in achieving ambitious financial targets within the constraints of a multifaceted product development landscape.
Focus In On: Responsible for Project and Programme Delivery
New Areas of Value:
Higher proportion of projects fit for purpose, on time and on budget
Ability to clearly demonstrate value to the business
Greater financial control and predictability in delivery
Better support of business directives
Improvements around:
Disruption from business restructure or reprioritisations
Poor project/portfolio pipeline planning and estimation process
