Growth through transformation
Companies around the globe are searching for a new future – and in doing so are making dramatic breaks with their past. To name just two: Philips, Europe's biggest supplier of consumer electronics, is turning its focus to medical technology. And Swedish energy company Vattenfall, until recently a strong proponent of coal-burning power plants, will be making new investments only in renewable energy plants.
Being able to constantly remake, or transform, yourself seems to be imperative for companies today. Successful transformation requires embedding change in the organization. A new issue of "COO Insights" looks at how firms can institutionalize change and make it a permanent feature of their business models.
The Bostik model
The most recent COO Insights includes an enlightening interview with Bernard Pinatel, CEO of Bostik, who is also on the board of energy giant Total. Upon joining Bostik, a global market leader for high-tech adhesive and sealing solutions, Pinatel prescribed the firm a drastic remedy: a transformation project dubbed "Pegasus". Its goal was a global expansion based on specialized technology platforms and central marketing.
"We want to transform ourselves from the inventor to the manufacturer of pioneering products," Pinatel told French Partner Emmanuel Bonnaud, who conducted the interview. But, he noted, transformation was not an end in itself. "Its aim is to help us tap our tremendous growth potential." The transformation project at Bostik may well serve as a model for other companies entering high-growth emerging markets.
Other stories in the latest COO Insights feature Eberhard Sieger, COO of Fresenius Medical Care, who coordinates 20 large production sites around the world; the success story of chemical company Lanxess; and headhunter Thomas Tomkos, who explains why a streak of success is the right time to think about a new employer.