The architecture is a framework that integrates all the strategic processes at WorleyParsons, describing how they interact over the course of the financial year. It defines how they allow us to improve our collective performance, accelerate our revenue growth and address the dramatic change in our industry in a systematic way.
The objective is to balance strategic thinking with a bias for action by translating strategic conversations into real practical actions in the field. This will create a scheduled regular set of actions over the year for both strategic conversations and the review of strategic initiatives. The intent is that this will increase our ability to spot market and customer shifts early and to seize the opportunity or take corrective action in a timely manner.
The architecture is built around the following three pillars:
1. Operational excellence ensuring that we always maintain a viable and competitive business.
2. Grow the business in the near term by offering all of our value to all of our customers.
3. Position the business to grow as a key player in the new world.
We have distilled our strategy into a number of priority areas, which will be reviewed on a regular basis as part of the cadence of strategy review. The current priority areas are indicated on page 13.
Viable and competitive business
We need every single part of our business to pull its weight to ensure our overall collective performance. To this end we have adopted a more granular lens of approximately 80 units for reviewing performance. This will help us address previously hidden areas of potential underperformance.
We look to areas that are performing below average on a range of financial and non‑financial metrics and help them lift their performance to at least average. As these performance metrics are achieved new and higher level targets are introduced. This is a much more highly structured and disciplined approach to unit performance than we have adopted in the past.
Current performance = future business
The greatest way to ensure future work is to deliver superior performance on our existing projects. This involves ensuring that we have the best problem solving talent in the organization and that we work in smarter ways to exceed our customers’ expectations.
All our value to all our customers
Pillar 2 seeks to provide an action orientated framework for delivering all of our value to all of our customers.
In the first half of this financial year we brought all of our business development under new leadership, establishing our Global Sales and Marketing team (GSM). We recognized the need to ensure our customers were being offered the best of our global capabilities at all times. While we have been very focused on cost control in the business we have been also making sure that we are optimizing our ability to win work.
As part of this shift we needed to become much more systematic, particularly in our bids on large bespoke projects. We introduced our Swarm processes to ensure we were putting our best collective foot forward with every major bid and to raise our win-rate.
We also introduced our Sprint programs to take our proven offerings to known customers who are likely to need those offerings. This will ensure we take the best of WorleyParsons to all our customers.
Key player in the new world
There are several unstoppable trends in the world that will demand a new approach to the use of resources and sources of energy. Pillar 3 ensures that we are shaping the business for the outcomes of those trends including participating in the emerging resources and energy arenas, and enhancing how we work through automation and digitization of core processes for both WorleyParsons and our customers. As we automate our traditional activities, we will move more and more toward being a solution provider. This will require the development of alternate commercial models beyond tolling the man-hours that we provide to commercial models that reward us for the value that we bring to our customers.
We are positioning the business to be relevant and thrive in this new world.