IMFA is India’s largest producer of ferro chrome (an alloy of iron and chrome). In early 2012, IMFA set out aggressive growth targets through a focus on strengthening the core and adjacent diversification. IMFA collaborated with Accenture Strategy to define its vision, articulate its strategy and identify key focus areas for strengthening its existing businesses, as well as de-risking its portfolio through diversification.
Accenture Strategy worked across multiple areas at IMFA including: business planning, organization design, leadership development, operational excellence and organization change.
To realize IMFA’s business aspirations, IMFA and Accenture Strategy together initiated Project ILA (Innovate, Lead, Accelerate). Project ILA covered multiple dimensions including defining the business strategy and strengthening the business foundation through operational excellence, risk management, business process reengineering and talent management. A subsequent business diagnostic run by Accenture Strategy identified leadership, talent and organizational structure as key imperatives for growth.
Accenture Strategy partnered with IMFA to help manage the long-term journey of Project ILA with a particular focus on Leadership Development and Performance Management.
Accenture Strategy worked with IMFA across critical talent and organization areas, supported by other workstreams in parallel such as strategic planning, joint-venture analysis, operational excellence, enterprise risk management and process reengineering.
Business planning: Accenture Strategy helped define the 3-year business plan for IMFA, refreshing it annually in line with the business environment and other parameters.
Organization design: Accenture Strategy worked with IMFA to design, plan and implement a shift from its legacy location-centric organization structure to a more forward-looking business-unit focused organization structure.
Leadership development: IMFA identified the need for a strong leadership pipeline to achieve a culture of learning and intrapreneurship, to improve accountability and decision making and to successfully lead IMFA’s growth journey.
Operational excellence: Accenture Strategy helped IMFA identify, design solutions for and implement operational excellence initiatives in areas such as procurement, logistics and operational efficiency.
Organization change: To enable a smooth rollout of the new organization structure and sustain the Leadership Development Program, the Accenture Strategy team planned and executed a comprehensive organization change program.
Accenture Strategy’s work in organization design, leadership development and other talent management initiatives has led to positive benefits for IMFA including moving toward developing the requisite mindsets and culture to aid in IMFA’s growth journey.
Organization design, accountability and responsibility have been shifted down the line into the business units providing IMFA’s senior management bandwidth to focus on strategic decisions and speed up decision making. The new structure was also supported by redesign of management and governance processes.
Accenture Strategy helped IMF design, institutionalize and implement a robust performance management process across all locations, covering all executives.
The leadership development program has helped hone talent available within the organization across identified leadership competencies. A Leadership Center of Excellence is helping IMFA sustain and cascade the benefits from the program.