Transformation Insights

Article

Something’s coming: How US companies can build resilience, survive a downturn, and thrive in the next cycle

– The US economy continues to throw off mixed signals. But one thing is becoming clear: executives should prepare for an extended period of higher interest rates.
Article

Against the odds: How life sciences companies excel in large transformations

– Life sciences companies pursuing a step change in performance have obtained mixed results. Adhering to five principles can greatly... improve the odds of a large transformation program succeeding.
Article

Transforming government in a new era

– How engaged public servants, enabled by technology, can deliver better outcomes in a time of disruption.
Interview

You can’t move too fast: A conversation with Andy Penn

– As CEO of Telstra, Andy Penn reinvented the company’s product offerings, digital capabilities, overall structure, and performance.... Here’s how he transformed the organization to meet the moment.
Interview

Transforming through disruption: A conversation with Dan Antonelli

– Dan Antonelli, CEO and president of Ruiz Foods, takes us through his company’s transformation journey and shares hard-won... insights on how to drive sustainable and lasting change.

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Podcast

Charles Lowrey on putting purpose at the heart of Prudential Financial’s transformation

– The chairman and CEO of Prudential Financial talks about what it takes to keep a transformation on track.
Interview

Capability building for frontline workers: A conversation with Kevin Carmody

– Effective capability building programs enable organizations to develop the mindsets, behaviors, and skills needed to power a transformation... and achieve their full potential. McKinsey senior partner Kevin Carmody talks about the importance of building capabilities in frontline workers and their role in the success of a company’s transformation.
Interview

Transformation and ‘the more things change’: A conversation with Seth Goldstrom

– The definition of transformation has evolved over the years. McKinsey senior partner Seth Goldstrom discusses that evolution and... some of the core elements that remain essential to transformation success.
Interview

Applying transformation practices to business building and sustainability: A conversation with Seth Goldstrom

– Tried-and-true transformation methodologies are being increasingly applied to new topics outside of traditional performance improvement... efforts. McKinsey senior partner Seth Goldstrom talks about the influence of transformation approaches in two areas: business building and reaching sustainability goals.
Interview

Transformations and a hybrid workforce: A conversation with Seth Goldstrom

– Many organizations have adopted a hybrid or fully remote workforce in response to the COVID-19 pandemic. McKinsey senior partner... Seth Goldstrom talks about leading transformations in this new dynamic.
Interview

The role of the executive team in a transformation: A conversation with Jon Garcia

– In large-scale transformation programs, the tone is set at the top.
Interview

Three ways transformation has changed (and three ways it hasn’t): A conversation with Seth Goldstrom

– Recent global challenges have shown evolving approaches to transformation and some enduring transformation best practices.
Interview

A formula for transformation success: A conversation with Jon Garcia

– Organizations can learn from a three-part equation on the critical factors for a successful transformation.
Interview

Common pitfalls in transformations: A conversation with Jon Garcia

– When 70 percent of transformations fail, management teams must avoid the common pitfalls that undermine success.
Article

The powerful role financial incentives can play in a transformation

– Generous and specific financial incentives can help drive and sustain a rapid performance improvement. Seven principles can assist... in delivering the maximum benefit during a transformation.
Survey

Losing from day one: Why even successful transformations fall short

– Our latest transformations research confirms that success remains elusive and reliant on a holistic approach. Yet some actions... are especially predictive of realizing the financial benefits at stake.
Article

Accelerating transformation in Latin American companies

– When incremental gains are equivalent to standing still, executives must aim higher. The best organizations are focusing on both... growth and operational efficiency—and have the results to show for it.
Article

Emerging stronger from the crisis: What’s next for regional providers?

– Regional healthcare providers should address some familiar topics—with speed and all at once—to thrive in the next... normal.
Article

How many people are really needed in a transformation?

– Deciding how many employees to involve in an organization’s transformation shouldn’t be a guessing game. New research... can help.
Article

Banking on the ‘soft stuff’

– The lessons of transforming performance at one midsize US bank came down to shifting mindsets and behaviors.
Article

Unlocking cash from your balance sheet

– Opportunities to free up cash may be hiding in plain sight. Here are six strategies for releasing cash from your balance sheet.
Article

Road to recovery: The state of corporate restructuring in Europe

– As the next normal draws nearer, trends in corporate restructuring are coming into focus. Here’s how organizations can prepare.
Article

Transformation in uncertain times: Tackling both the urgent and the important

– A sprint-based transformation approach can help organizations achieve full potential.
Article

How Australian companies can reinvent themselves in 2021

– To prosper in this new era of opportunity, Australian companies need to reinvent themselves. This article lays out a detailed... path forward.
Article

Seven principles for achieving transformational growth

– Dogged persistence and nimble execution underscore a set of proven ground rules for growth.
Article

How capability building can power transformation

– A well-designed program to promote productive behavior and skills can not only energize an organization’s workforce but... also become an essential element of any successful transformation.
Article

The CFO’s role in capability building

– Organizations developing new skills for the next normal must determine exactly how and where to invest in them. The finance leader... is uniquely suited to provide the necessary combination of insights.
Article

No middle ground: Reimagining G&A at midsize companies

– Radically improved G&A functions aren’t only for large organizations. Smaller ones can benefit too.
Article

Why 2021 will define the next decade for Australian companies

– Companies face increased threats and opportunities from disruption, but a return to business as usual won’t be sufficient... to generate outperformance. Now is the time to take ambitious action.
Article

How to transform higher-education institutions for the long term

– As financial pressures on higher-education institutions compound, a transformation approach focused on five best practices can... help leaders make lasting change.
Article

A data-driven approach to improving net working capital

– Better performance relies on greater visibility into processes and decisions. The right combination of technology, capabilities,... and mindsets can make all the difference.
Interview

Breathing new life into a struggling giant: An interview with Krakatau Steel’s Silmy Karim

– A strategic turnaround is helping Indonesia’s largest state-owned enterprise to stem eight years of losses, transform company... culture, and embrace a digital future.
Article

Scenario-based cash planning in a crisis: Lessons for the next normal

– Five best practices can ensure organizations are fully prepared for future challenges.
Article

When do you need a chief restructuring officer?

– When external shocks rock the business, a chief restructuring officer brings a specialized skill set to restructure the balance... sheet.
Article

Moving from cash preservation to cash excellence for the next normal

– Companies can build on their initial response to the pandemic to elevate their cash-management capabilities.
Article

Seeing the savings: Toward transparent management of portfolio companies

– Early in the COVID-19 crisis, sponsors and portfolio companies collaborated to find ways to conserve cash. The next step, delivering... the savings, requires heightened diligence and discipline.
Interactive - McKinsey Quarterly

Five Fifty: The changeable organization

– What does it take to transform corporate organizations? New research reveals the variables that matter most.
Article

The wisdom of transformations: How successful CEOs think about change

– What works and what doesn’t, from those who know.
Article

The secret to unlocking hidden value in the balance sheet

– For many companies, managing financial resources is a challenge. But combining analytics with a holistic approach to balance sheet... management can help capture the opportunity and improve performance.
Article

Completing a transformation in the consumer-goods industry

– In a dynamic environment, every organization must realign its operating model. Consumer-packaged-goods players are no exception.... But what’s the secret to a successful transformation? Here are six ideas.
Video

A primer in resilience: A conversation with Kevin Carmody

– Having a resilience plan in place can set a company apart from its competitors while simultaneously improving cash flow and strengthening... the balance sheet.
Article

Why isn’t your transformation showing up in the bottom line?

– The success rates of large change programs vary widely. Finance teams can make a big difference in the outcome of these initiatives... by articulating and validating the link between transformation efforts and long-term value.
Article

A primer in resilience: Maximizing value beyond earnings

– Empowering the finance organization to take decisive action to strengthen the balance sheet is critical to achieving organizational... resilience.
Video

Ensuring resilience and the strategic imperative: A conversation with Kevin Laczkowski

– A strategic transformation that focuses on resilience will allow a company to adapt to changing economic scenarios.
Video

Early strategic assessment: A conversation with Kevin Laczkowski

– By plotting strategy early in a strategic transformation, companies avoid making precise plans for the wrong future.
Video

Key success factors in a strategic transformation: A conversation with Kevin Laczkowski

– Leadership plays a critical role in building conviction and commitment for a sustained strategic transformation.
Article - McKinsey Quarterly

The numbers behind successful transformations

– Crunching the numbers on transformations suggests good news for companies that go broad, move fast and renew often, prioritize... health, and keep stretching their aspirations.
Video

The role of strategy in a transformation: A conversation with Kevin Laczkowski

– A holistic approach to transformation ensures that a company is positioning itself for long-term success.
Interview - McKinsey Quarterly

All in: From recovery to agility at Spark New Zealand

– Three members of the telco’s top team describe the challenges and rewards of implementing agile rapidly—and the power... of a “no plan B” approach to change.
Video

The role of growth in a transformation: A conversation with Duncan Miller

– Companies that grow the top line while simultaneously expanding their margins thrive and succeed.
Podcast - McKinsey Quarterly

What makes an organization ‘healthy’?

– Research shows that companies can improve short- and long-term performance by focusing on a small number of carefully selected... management practices.
Video

How to ensure the sustainability of a transformation: A conversation with Alejandro Beltrán, Seth Goldstrom, and Matthias Winter

– To ensure the sustainability of a transformation, corporate leaders must address organizational health.
Video

Growth transformation: A conversation with Sara Prince

– A systematic approach gives companies a proven recipe for managing the complex process of transformative growth.
Video

Growth initiatives in transformation: A conversation with Chris Angevine and Darius Bates

– Successful transformations integrate growth plans to shift businesses and move them forward.
Video

Removing roadblocks: A conversation with Seth Goldstrom

– A well-functioning transformation office makes sure that activities produce results.
Video

The transformation office: Key success factors

– A great transformation office is like a winning coach who pushes and encourages everyone to reach their goals.
Video

The elements of success: A conversation with Jon Garcia and Wesley Walden

– Before embarking on a transformation journey, a company must have five prerequisites in place.
Video

Why do most transformations fail? A conversation with Harry Robinson

– When 70 percent of transformations fail, a company needs a proven strategy to beat the odds.
Article

Transformation 101: How universities can overcome financial headwinds to focus on their mission

– Troubled universities can reset their financial trajectory.
Article

How to transform your airline

– Airline transformations are often necessary—and always difficult. We lay out five rules for success.
Interview

Keys to a sustainable transformation: A conversation with Seth Goldstrom

– Transformations must truly change the trajectory of the organization to thrive over the long run. Here are four essential steps... to ensuring lasting change.
Article

Putting people at the heart of public-sector transformations

– Transformation in government is a hugely complex undertaking. That makes it critical to get the people component right.
Article

A tale of two agile paths: How a pair of operators set up their organizational transformations

– Different approaches illustrate the company and market conditions that guide the structure of teams around work, and the rapid... benefits that follow.
Interview

Why transformations fail: A conversation with Seth Goldstrom

– Transformations can fail for a variety of reasons, but most unsuccessful efforts share some of these ten weaknesses.
Interactive - McKinsey Quarterly

Five Fifty: The T-word

– Is your corporate transformation doomed to failure? Here’s advice for beating the long odds of success.
Podcast - McKinsey Quarterly

Disruption, friction, and change: The hallmarks of a true transformation

– A company transformation is a holistic, top-priority endeavor that requires aggressive focus from the management team to reach... the full potential of a business.
Article

Keeping transformations on target

– Analysis of high-stakes transformations reveals a few pragmatic lessons that increase the odds of meeting the organization’s... objectives.
Article - McKinsey Quarterly

Transformation with a capital T

– Companies must be prepared to tear themselves away from routine thinking and behavior.
Article

The role of the chief transformation officer

The individual charged with leading change must have multiple capabilities..
Article

Sustaining the momentum of a transformation

– Five elements can keep bad habits from reasserting themselves.
Article

Setting aspirational targets

– Companies should bear in mind four principles during the target-setting part of the transformation process.
Article

The ‘how’ of transformation

– In the consumer sector and in many other industries, transformation programs often fail. Creating a “performance infrastructure”... can help ensure that yours won’t.
Article - McKinsey Quarterly

How private-equity owners lean into turnarounds

– PE-backed companies outperform their public counterparts during periods of distress because the owners play a more active role... in management.
Article

Can we talk? Five tips for communicating in turnarounds

– In tough times, investors scrutinize every detail. Here’s how to manage the discussion.
Article

Maintaining a long-term view during turnarounds

– Changing course demands an intense focus on short-term performance, but success needn’t come at the expense of long-term... value.
Article

In need of a retail turnaround? How to know and what to do

– More than 50 retailers in Europe, the Middle East, and Africa have been in distress since the global financial crisis, and many... are in distress today. Some are in denial about their situation; others are busy fixing the wrong problems.
Article

Ten tips for leading companies out of crisis

– Even good managers can miss the early signs of distress, says McKinsey’s Doug Yakola, who’s been running recovery... programs for 20 years. The first step is to acknowledge there’s a problem.

Special Collections

Collection

Cash Excellence

This collection of articles and videos explores how to enhance an organization’s performance and resilience through the application of cash management best practices, mindsets, and capabilities.
Collection

Perspectives on transformation

How can companies overcome the odds and achieve long-term success with an organization-wide transformation? Our video series looks closer at all the moving parts.

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