The new strategic plan is set for nkt cables to become excellent in terms of shareholder value and in the eyes of both the customers and the employees
nkt cables recently launched its new strategy, EXCELLENCE 2020, with a detailed plan to drive excellence into every aspect of the business over the next 5 years.
The strategy is founded on a vision: “By driving excellence nkt cables will be the best power cable company by 2020 in the eyes of its customers and its people.”
This vision is intended as a clear focal point for a range of initiatives and concerted efforts throughout the company, driving significant benefits for stakeholders:
- For investors, the goal is to achieve a return on capital employed (RoCE) of at least 15 per cent
- For customers, nkt cables wants to be their preferred choice in every regard
- For employees, the company will aim for a trust rating of at least 80%
We aim at being excellent in everything we do. We have to be innovative, cost efficient and customer oriented. EXCELLENCE 2020 is a strategy that will require a lot of internal changes and internal effort, but it is also a plan with the target of becoming the customer’s preferred cable manufacturer,” says Michael Hedegaard Lyng, CEO of nkt cables.
To achieve the strategic goals, four overall “must-win battles” are defined for the organization in the coming years, along with a list of specific initiatives for each specific product segment. The four “must-win-battles” relate to the areas of:
- Safety, People & Organization
- Operational & Commercial Excellence
- Material and Product development
- Digitalization
“Our must-battles are there to create focus and energy around what really matters for us as an organization,” according to Michael Hedegaard Lyng, “but they are not just about achieving goals. They are also about sharing emotional commitment, building a solid team, and finding new ways of working together.”
To support the strategy, corporate values and purpose (a mission statement) have also been defined to support the new nkt cables culture and ‘excellence’ thinking.
You can find out more about the details of the EXCELLENCE 2020 strategy, which was presented at the NKT Group Capital Markets Day 23 September 2015, by downloading the presentation here.