AKSA Acrylic Chemical
Announcement Excerpt:

AKSA Acrylic Chemical, a public company headquartered in Turkey, is the world’s leading producer of acrylic fibers, used in textile manufacturing. In an increasingly commoditized market, AKSA adopted a radical shift in strategy from operational excellence to one of R&D-driven innovation and product leadership. This required overhauling internal management processes, while simultaneously shifting focus from process management to strategy management, competing on value vs. cost, and moving from a regional producer to a global provider. With strong leadership, they adopted best practices in creating an Office of Strategy Management, scenario-based planning, customer product co-creation, and linking strategic objectives, measures, and targets to individual performance. In three years, and amid an economic downturn, sales increased 29%; profits, 450%; market share grew 50%, customer satisfaction increased 13%, and employee turnover dropped 50%. This change management effort was led by human resources. “One of the most important steps in strategic management is to ensure the deployment and ownership of strategy throughout the organization,” says Mustafa Yilmaz, board member and general manager at AKSA. “The Kaplan-Norton framework enables the linkage between strategy and process, accountability, and the mapping processes to strategic objectives.” For AKSA, a fiber-rich diet has delivered growth and strength.