Connect with us

Business

Technology and Operational Excellence: Enabler, Not a Panacea (By Michael Okwusogu)

Published

2 years ago

on

Technology

Create a modular platform that enables you to use the right tech tools at the right time to meet your long-term goals and objectives

LONDON, United Kingdom, December 9, 2022/APO Group/ — 

By Michael Okwusogu, Founder and Managing Partner of ValueX Partners (www.ValueXadvisory.com)

Albert Einstein said: “Everything should be made as simple as possible, but not simpler.”

It is the leadership team’s role to set the vison and boundaries as to what is practical, achievable and within what time

In the case of technology and operational excellence, it could be argued that it has taken far too long. Techno-optimism is one of the greatest misconceptions when it comes to solving problems. Many of the problems that the world faces today are more complex than looking to some technological innovation to fix them.  As a start, we must delineate technology and technological tools. The two are not the same especially in this context.  I will explain why. Technology has been with us since the beginning of time. The wheel is a marvel of invention and a tool of technological ingenuity that has served humankind for millennia and will continue to do so. It is a technological tool that has enabled humankind in addition to other tools, to build the world we live in today. Technology’s greatest asset is its applicability and utility depending on what we are looking to achieve. One should always choose wisely when using technology.

In my experience, within the confines of operational excellence, there are four key points that should form your decision making.

  1. What are your key strategic long- term goals?  Usually, the objective has been to set goals for the short-term. To “put out the fires,” or meet the yearly objective, for example. Yet, this mentality usually leads the smouldering embers to flare up at a later stage. One should build for the future. Create a modular platform that enables you to use the right tech tools at the right time to meet your long-term goals and objectives –  it is a methodical and disciplined approach to building operational excellence.
  2. Do you need a digitised environment at the initial stage? In certain cases, what is required is not digitisation, but innovation and thinking around creating an environment that will prosper in a digitised format. That means conducting a thorough rip exercise and audit. Adopt the Five Why questioning methodology if need be, or any other similar framework. I have always found this to be particularly insightful when taking on new roles or dealing with ‘business as usual’ issues. It tends to be the case that what is required, amongst other things, is training, development, organisational restructure, elimination of redundant processes, procedures and documents, a back-to-basics approach – i.e. what exactly is our core function – delivering on that, and making everyone accountable and responsible for each and every action in their respective areas and also, across the value chain which they touch.
  3. Mission: Who are we? What do we do? How are we supposed to do it? It is critical that the right technological tools be used to support the whole organisation for the long-term. Leadership has an instrumental role to set the vision and strategy of the organisation, engage and align all stakeholders to the future target operating model or achievement of the strategic goals and objectives. It may come across as elementary, but leadership’s role is to understand the technological and business environment over the course of each stage in the long-term. A structure must be put in place that allows teams to perform as best as they can in their respective roles and in their careers with the utilisation of the most appropriate tech tools.
  4. Choosing the right tech at the right time. For this to be a successful endeavour you need to align several key stakeholders. These include technology, your teams, and key stakeholders (e.g. front office/business facing) and your leadership team. Each party has a crucial role to play.
  5. Technology. Their key role is to give advice and support to the business.  Technology should account for the current business infrastructure and the proposed infrastructure for the long-term. This will give the business an idea of available opportunities and any imminent challenges.  In addition, technology should support the business in identifying suitable vendors for any infrastructure programme and be part of the selection process at contract award time.
  1. Teams/end users. The end users are regarded as the most important stakeholder.  They must be part of the journey from the time of its inception. They must be thoroughly briefed, have accountability and ownership as to the objectives and what a successful outcome is expected to look like. Smart knowledgeable, and experienced individuals with a good work ethic and an ability to think out-of-the-box should be chosen across a wide spectrum of the organisation’s areas of responsibility (depending on the scope of the initiative), to be part of the core departmental project team.
  2. Leadership team. It is the leadership team’s role to set the vison and boundaries as to what is practical, achievable and within what time.   Transparency and honesty are key here. A roadmap must be developed that has clear quantifiable and qualifiable goals. Usually, end users will compromise if they can see some sort of progress for a better future. All senior management, as the budget holders, should be regularly updated.  These updates must be short, sharp and to the point. Furthermore, they will need to include key metrics, milestones, highlights, and lowlights in their regular reports.  This builds trust and credibility within the organisation and provides transparency for external stakeholders.   

These suggestions and recommendations are not prescriptive – they are my observations over the years and what has worked in many instances, and should be considered as rough and ready solutions. I have used these in many instances to achieve my goals and objectives, and I hope I have given you some insight that may prove to be of use in your respective roles.

Distributed by APO Group on behalf of ValueX Partners.

Related Topics:
Continue Reading
Advertisement

Business

Ministers among hundreds of energy-sector leaders to attend AOW event

Published

1 day ago

on

October 4, 2024

By

Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

Continue Reading

Business

Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

Published

1 day ago

on

October 4, 2024

By

PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

Continue Reading

Business

Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

Published

1 day ago

on

October 4, 2024

By

Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Trending