PG Waray, who has led several mega projects in Thyssenkrupp, the 200-year-old German engineering company, spoke about the lessons the project team has learned from the company's transformation journey.

 

The company was facing several challenges including the unavailability of qualified engineers and demands of high and fast returns from investors. With shrinking project values and schedules, and a strain on engineering talent, the company launched a program called ‘Envisioning.’ It was aimed at helping Thyssenkrupp transition into the new market realities and improve its project execution.

 

The program gave both experienced and young engineers access to project management tools to share ideas and work out solutions. The company analyzed aspects like business strategy, organizational structure, operational and functional excellence, behavior and cultural aspects. This was followed by improvement projects across the organization with clearly defined activities, schedule, and cost. The company has achieved several benefits from this exercise such as cost management, reduced project cycle time, cash flow management, and change management.

 

Waray said, “Change is inevitable in life, whether you are in the engineering industry or the IT industry. How to drive this change in the organization is very important — only then can your organization get benefits from the PG Waray transformation.”