Everyone is aware of present low oil prices and its impact.
While this situation has its own challenges such as tough market conditions, I consider that organizations can be proactive in mitigating such situations to their benefit. Few suggestions are made as follows to cope up with this challenge:
- Internal organizational adjustments – challenge the internal work practices, organization’s structure and explore possibilities to improve the processes and procedures, and any other measures for cost optimization,
- Project delivery – Review & challenge the way organization perform for the project delivery. Though, it is a known fact that smooth & flawless delivery of projects can be achieved through better planning and forward thinking. However, such planning and forward thinking depends on the assigned project teams and who have their own strengths and weaknesses. Organization’s strategic business teams can identify the project team’s weaknesses in all areas of project delivery along with any other potential risks and implement mitigating measures so as to avoid any extra financial burdens to the organization.
- Project operations – Designing projects at the outset and in timely manner will ensure successful execution of projects. Work on execution strategies, operations procedures and staff training should be completed in advance to ensure smooth & timely project completions.
- Collaboration – work collaboratively (internally and also with vendors & subcontractors) and get genuinely better efficiency.
- Alternative Models – explore new models and ways of working that could help improve the performance and growth.
While certain organizations commence their work on improvement initiatives but never complete such exercises or delays the implementation of any corrective measures. This defeats the objective and thus the strategic teams should be controlled & monitored under the sponsorship of executive management.
In conclusion, by continuously challenging the way we deliver and operate projects and working collaboratively with all stakeholders including vendors, contractors / subcontractors, the organizations can improve its performance and overcome the tough times.
