Word: mckinseys
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Dates: during 2000-2009
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University President Lawrence H. Summers has plans to overhaul the University’s method of supplies procurement, opening the process to independent bidders in an effort to reduce costs. Summers’ plan was partially based on recommendations by consulting firm McKinsey and Company, and it shows great promise; using the methods on which this plan is based, Harvard has already cut $26 million a year from travel, office-supply, and temporary-help costs, according to University officials. When fully implemented, the overhaul may save as much as $100 million annually...
Whether--and how--Wal-Mart meets these challenges will be of vital importance to its customers, its 1.3 million worldwide employees, the owners of its widely held stock and even the U.S. economy. According to an independent study by McKinsey & Co., Wal-Mart's efficiency gains were the source of 25% of the entire U.S. economy's productivity improvement from 1995 to 1999. "When you become No. 1 and as big as we are, business has a tendency to complicate if you don't do things to force yourself to keep it simple," says Tom Coughlin, head of Wal-Mart...
...China's three main cities, according to a McKinsey study, increasing wealth will support 250 Supercenters among the competing retailers, each selling $24 million to $36 million annually. That's good. But a U.S. Supercenter sells four times as much...
...Into a New Era. ("My heart is filled with pride ... I long to tell you how deep my love for Wal-Mart is ... ") Wal-Mart plans to increase this year, from 25 to 40, the number of stores in China. In China's three main cities, according to a McKinsey study, increasing wealth will support 250 hypermarkets among the competing retailers. The company introduced the Walton Institute, a program to teach local managers the master's Three Basic Beliefs (respect for the individual, service to our customers, and to strive for excellence), the Sundown Rule (any employee or customer request...
...scale, are poorly managed, and use antiquated equipment and business models?all of which hurt productivity and increase prices. Take food processing: Without state-of-the-art market research and sales-tracking capabilities, food companies churn out endless variations of new products that no one winds up buying. McKinsey cites an example of one Japanese chocolate maker whose 101 products generated sales of $556 million in 1998. Compare that to U.S.-based Hershey, which generated $4.4 billion in sales with just 78 products. Or take health care: The Japanese government's generous hospital reimbursement criteria practically encourage health-care providers...